The Latest
Analysis

Costs cast increasing doubt over hedge fund relevance

The inability to scale hedge fund exposures and risks, has led many large investors, like CalPERS this week and ATP last year, to exit their hedge fund programs. Complexity continues to be a drain on the relevancy of hedge funds, but importantly cost is driving the agendas of these investors. As AQR’s Cliff Asness admits, […]
Analysis

Breaking bad habits: why investors aren’t good at asset allocation

Institutional investors act like momentum investors, chasing returns, even over longer time horizons according to Asset Allocation and Bad Habits, a new research paper that looks at the impact of past returns on asset allocation. The paper commissioned by Rotman-ICPM and authored by Amit Goyal professor at Univeriste de Lausanne, Andrew Ang professor at Columbia Business […]
In Conversation

The power of innovation

From allocating assets in order to achieve a healthy funding status, to keeping up with technology that analyses portfolio risk, the challenges of asset owners are relentlessly evolving. For asset managers, like AQR, the key to their own evolution and success is how to be more relevant to clients. AQR keeps clients’ needs firmly within […]
Investor Profile

Seeking partners in Alaska

The $46-billion Alaska Permanent Fund Corporation (APFC) will launch PCIO, a private equity version of its successful external chief-investment-officer partnerships, and is looking for partners now. When the fund moved to a risk-based factor allocation a few years ago, it allocated mandates under its special opportunities bucket to five managers – PIMCO, GMO, Bridgewater, AQR […]
In Conversation

Breakfast with AQR’s Cliff Asness

Having a breakfast meeting with Cliff Asness is a wake-up call. He will let you know if you’re late – something he holds in very little regard. He admits he has to constantly remind himself that just because he’s 20 minutes early to everything that others are not automatically then 20 minutes late. Asness is […]
Editorial

Smart beta: where is the value?

I’ve been contemplating the “smart beta” wave the industry seems to be riding at the moment. Cynically, part of that contemplation asks whether there is any innovation at play or whether it’s simply the industry playing with nomenclature once again. The answer is confusing, for while I’d like to be able to write it off […]
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