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The price and performance of wine
Because it’s nearly Christmas, and conexust1f.flywheelstaging.com will close down for the holidays, we thought this research piece was apt. Elroy Dimson, Peter L. Rousseau, and Christophe Spaenjers, have looked at the impact of aging on wine prices and the performance of wine as a long-term investment, using a unique historical database for five long-established Bordeaux
Are your managers as active as you think they are?
Measuring how active managers actually are is a useful tool for investors. A metric called “active share” can be used by institutional investors to assess active fees, measure and monitor managers styles and maintain portfolio diversification. By Thusith I. Mahanama, chief executive of Assette. Seven years ago, professors Martijn Cremers and Antti Petajisto introduced a
Benchmarking infrastructure a step closer
The first valuation and risk measurement model created for unlisted infrastructure debt has been developed, with the release of a paper showing the valuation of illiquid infrastructure project debt, taking into account its illiquidity and the absence of market price feedback, can be done using advanced, state-of-the-art structural credit risk modelling. The paper by EDHEC-Risk
Derivatives supervision helps in fight for right to food
The International Organisation of Securities Commissions (IOSCO) released principles for regulation and supervision of commodity derivatives markets last week. Effective supervision of these markets is necessary to avoid even the prospect that derivatives contribute to speculative price bubbles in commodities, which can increase the number of people driven into hunger.
HOOPP derives benefits to boost funding status
The extensive use of derivatives has been a big contributor to the C$35.7 billion ($37.4 billion) HOOPP reaching fully funded status. Jim Keohane, chief investment officer, explains how the fund manages its assets and liabilities through liability-hedging and return-seeking portfolios and the role derivatives play in dialling risk up, or down.
Winners emerge from crowded field in UN PRI race
Six candidates have gained election to the advisory council of the UN PRI in a close-fought election that for the first time saw asset managers and service providers included.
ABP sticks to plan and active management…
While many pension funds have fled to safety in recent months due to the turmoil in global markets, pulling their capital out of equities and into bonds and cash, the Dutch pension giant ABP has not felt compelled to follow that course, preferring to stick to its original strategy, as designed in 2006.
Hybrids: best of both worlds
The funding levels of US public pension funds, falling from 100 per cent in 2001 to 77 per cent now, is the result of bad governance, according to David Villa, chief investment officer of the $91 billion State of Wisconsin Investment Board (SWIB). He says irrational governance and imprudent management has resulted in the funding
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