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Forget sovereign debt as a safe haven: Mercer
The status of sovereign debt as a safe-haven investment has been put into question and the whole approach to bond investing may need to be revisited, according to Mercer, which has urged institutional investors to focus in the coming year on the ‘new realities’ of the global marketplace, which includes sufficient flexibility in their portfolios.
Kellogg Foundation hunts AI investments
The CIO of the $3.5 billion foundation is looking to augment a legacy built on the famous cereal company’s stock by beating most of the US to the punch on adopting AI and machine learning.
Refining portfolio construction when alphas and risk factors are misaligned
In this research insight MSCI Barra explores the mitigation of misaligned risk and alpha factors by modifying the optimisation process. Firstly it reviews how to decompose a set of alphas into two components – one that is related to risk model factors, and one that is not. Then it shows how penalising the residual alpha
Wisdom: The jewel in the dirt-pile of intelligence
In his regular column for Top1000funds.com, Tim Hodgson, co-founder of the Thinking Ahead Institute at WTW, reflects on the dangers of unconstrained action, the limits of efficiency, and why long-term sustainability may depend on knowing when not to act.
Keynesians and Austrians slug it out in debate
There are two very different schools of thought on how to exit from the economic crisis. Rob Prugue, senior managing director from Lazard Asset Management Asia Pacific, discusses what investors need to understand from these two diverging economic views.
Radical overhaul for $120bn New York pension funds
New York will radically overhaul its pension system, consolidating the investment strategies for its five pension funds and reforming the governance structures of the funds.
Texas ERS boosts cash allocation as higher rates end era of dead money
Texas ERS has bumped up its allocation to cash to 10 per cent, and revamped its global equities around a core fund with an overweight to AI and other Magic Seven themes, drug manufacturers and aerospace. Another key development in equities includes reducing the number of stocks by half.
Is low-volatility equity for real?
Low-volatility equity approaches have delivered for 10 years. As their popularity rises, Mercer looks at potential uses, causes for concern, and whether it’s time to move in another direction.
California dreamin’ of responsible funding
Relief for Californian state fund investment chiefs, their bosses and their members – with CalSTRS and CalPERS both returning 20+ per cent for the financial year – has been usurped by a reminder to politicians that the funds cannot invest their way to good health and a responsible funding strategy is required.
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