The Latest
Equities

LD innovates on equities, fees

Danish pension fund Lønmodtagernes Dyrtidsfond has embraced innovation, introducing four buckets for a more dynamic equities portfolio and co-investing with peers to get top value for fees.
FIS Yale

Better balance your beta

The most important thing investors can do given the investment environment is to balance their beta to account for the wide range of potential outcomes, says Greg Jensen, Bridgewater co-CIO.
Research

The power of knowledge management

Funds management is often discussed in the context of it being part art and part science, however most of the literature centres around the science, the finance, of funds management. The premise of active management is that skills and knowledge are paramount to capturing excess returns above the benchmark. But despite this premise, little is […]
INVESTMENT THINK TANK LONDON

Hedge funds: sheep in wolves’ clothing

Hedge funds are sheep in wolves’ clothing, they are claiming their returns to be alpha, but a large part of it is driven by beta, Narayan Naik, professor of finance, London Business School told delegates at an investment think-tank in London last week. The good news, Naik says, is a new era has dawned in […]
Analysis

Benchmark design for an active investment process

Choosing the appropriate benchmark for active managers is a common debate among institutional investors. Norges Bank Investment Management has produced a “discussion note’ on the benchmark design for an active investment process, in which it introduces a flexible modelling framework that aims to incentivise each portfolio manager to utilise their stock-picking skill.   The benchmark […]
Research

Breaking down emerging markets active returns

New research by MSCI shows a rare insight into whether the factor phenomenon, driving development market equities beta, is at play in emerging markets. The research uses the Barra Emerging Markets Equity Model to look at the drivers of performance of emerging markets, and analyses the returns of active emerging market managers to identify the […]
Investor Profile

Better beta bets pay off for UTAM

The $6.6 billion University of Toronto Asset Management made some significant active tilts last year resulting in the return on the university’s main portfolio exceeding target return by about 10 per cent. Amanda White spoke to president and chief executive, Bill Moriarty.   Last year was a reasonably easy environment in which to make better […]
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