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NZ Super cuts benchmark return expectation on US valuation concerns
A view that the US stock market is overvalued and equity risk premia will be lower over the long term has driven New Zealand Super to lower the return expectations for its reference portfolio following its recent five-yearly review of the benchmark. Co-chief investment officer Brad Dunstan also flags underweight commodity exposure as an area to address and explains why the fund remains sceptical of illiquidity premia despite seeing a growing case for private markets.
Sampension: Why there are many reasons to be optimistic
Now is not the time to reduce risk, argues Henrik Olejasz Larsen, chief investment officer of Sampension, Denmark’s $50 billion pension fund for public and private sector employees. In an interview with Top1000funds.com, he says corporate profits have not deteriorated, and although the market has been tested from multiple directions, the underlying optimism driving equities is strong enough to overrule the negative impact of geopolitical risk.
France’s Banque des Territoires looks for data centre opportunities
France’s Banque des Territoires, a subsidiary of Caisse des Dépôts, the country’s €323 billion state-owned financial institution, plans to invest more in data centres in France. The push is in line with government policy to build out AI infrastructure off the back of the country’s access to cheap, green, nuclear energy that uniquely positions France to provide power to the AI industry while maintaining net zero credentials.
Why NYC pensions CIO hasn’t drunk the ‘TPA Kool-Aid’
Three decades of investing have given Monte Tarbox sharp eyes for recognising risk and opportunities, and he’s putting it to use as the new permanent chief investment officer of the $306 billion NYC Bureau of Asset Management. In an interview with Top1000funds.com, Tarbox outlines his vision for the fund, why he’s bullish on infrastructure but “nervous” on PE, and why he hasn’t drunk the TPA “Kool-Aid”.
Returns, resilience and reinvention: What private markets’ top brass are worried about
Senior executives from some of the world’s largest private market managers gathered in Berlin this month with a collective understanding: managers who move slowly on AI face not just weaker returns but the risk of owning businesses that have been competitively displaced before they can exit.
What a brief encounter with Elon Musk taught me about the limits of capitalism
In 2013, on the sidelines of the Milken Conference at the Beverly Hilton, my friend and then-colleague Sean Scallan and I found ourselves in a seven-minute private conversation with Elon Musk. He was not yet the figure he is today. Tesla was struggling. SpaceX had launched but not yet proven itself. The idea of humans
Impact investing’s case for scale
Impact investing has come a long way in the past two decades, going from a niche strategy to a $1.5 trillion industry, but there are still challenges for it to reach institutional scale due to the lack of products and insufficient evidence of outperformance in some parts of the market.
How CIOs are building portfolios for an unpredictable world
As opposing macroeconomic and geopolitical forces collide, chief investment officers at leading pension funds say that trying to predict the future is a “loser’s game”. The question today is no longer what comes next, but how to build a portfolio that holds together in any investment regime.
Assault on universities fracturing the ‘social compact’ behind US growth
The breakdown of a decades-old bargain between the US government and its research universities threatens the engine that has driven American productivity and economic growth since the end of World War II, the Top1000funds.com Fiduciary Investors Symposium at Harvard heard.
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