CalPERS mulls leverage
The board of the United States’ largest pension fund calls in the experts as it considers applying leverage in its portfolio, part of efforts to improve a 68 per cent liability-funding ratio.
Performance fees hardly worth it
An analysis of 218 Dutch pension funds has shown that paying performance fees has little impact on performance. Size of fund and specialisation were deemed more important for net returns.
Swiss MPK adds satellite assets
Migros-Pensionskasse CIO Adrian Ryser says the fund has added to its alpha-generating satellite assets with senior loans and other sub investment-grade credit, high yield and infrastructure.
‘Co-opetition’ among funds pays
A body of research demonstrates that a shift in mindset towards asset owners working together, while still maintaining genuinely productive competition, pays off for all stakeholders.
Factors trump skill: MSCI
MSCI research has shown that, among top-performing funds, more than half of active returns come from factors, rather than manager skill, and style factors have the biggest impact.
Equity risk premium appears intact
The equity risk premium will reflect long-term averages, based in part on a Financial Analysts Journal article that shows buybacks are now top drivers of equity returns, replacing dividends.
