Asset owners that are long-term investors should be wary of the conventional model of assessing the stock-bond correlation that is based on several “implicit assumptions”, the Fiduciary Investors Symposium has heard. Instead, the question investors should be asking is: are bonds a hedge or a risk?
ATP's Christian Kjær explains the rationale behind two new overlays to better navigate the risk of future correlations between bonds and equities which wrong footed the risk parity investor in 2022.
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FIS Stanford 2024