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DC should look to DB for improvement
The defined contribution-dominated Australian superannuation market could do well to borrow the investment philosophy of its defined benefit cousins to better accommodate an individually-targeted retirement income strategy, a new paper finds.
CalSTRS to vote on tactical asset shift, new “innovation portfolio”
The US$161 billion California State Teachers’ Retirement System (CalSTRS) is set to vote next week on a proposal which would see $6 billion tactically invested in the debt markets, as well as the conception of a new “innovation portfolio”.
Specialised short positions challenge beta behaviour
Long/short funds with specialised short positions have greater beta convexity and present greater liquidity strain in rebalancing, according to new research by Morgan Stanley.
Eisman doesn’t see another Big Short
Steve Eisman, whose bet against subprime mortgages was chronicled in a popular movie and book, says reforms have reined in the leverage that led to his ‘end-of-the-world’ short from a decade ago.
Tail risk hedging should be part of broader strategy
With bond yields at historic lows, particularly in the US, pension funds have been searching for new forms of downside protection to reduce tail risk, boosting demand for certain types of hedge funds in the process. In the US, too, where demand is invariably met by a quick supply of new products, specialist ‘tail-risk funds’
POBA performance reflected in funding level
The $15 billion fund for Korean public officials, POBA, has reached new heights including a diversified, resilient portfolio, full funding and a stellar return due to a global alternatives program. Amanda White spoke to CIO Dong Hun Jang.
Defensive setting, anaemic growth
Global pension funds continue to have a defensive asset allocation, reflected in the anaemic growth in the total assets of the world’s largest 300 pension funds by less than 2 per cent in 2011, new Towers Watson research reveals. The P&I/ Towers Watson Global 300 research reveals that concerns about ongoing uncertainty in global markets
CalSTRS positions for global volatility with allocation changes
The volatility in global markets has prompted the $154 billion CalSTRS to an underweight global equities position, moving assets into cash, its chief investment officer, Chris Ailman, said.
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