Australia’s sovereign wealth fund has revamped its equities portfolio to take on deliberate factor risk and target idiosyncratic risk. The fund’s head of equities, Björn Kvarnskog, explains.
INVESTOR PROFILE
Future Fund revamps equities
ANALYSIS
CalPERS says consultants could do better
CalPERS is happy with its consultants, except for their performance in recommending ways to control fees and costs and their presentation of new investment ideas, a board rating reveals.
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OTPP’s private equity revolution
A deep dive into the world-class private capital division of OTPP, led by Jane Rowe, reveals a strategy of buying large direct stakes in companies, and a commitment to innovation.
ANALYSIS
Factors trump skill: MSCI
MSCI research has shown that, among top-performing funds, more than half of active returns come from factors, rather than manager skill, and style factors have the biggest impact.
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Texas Teachers bears down on fees
The $140 billion Teacher Retirement System of Texas is renegotiating its deals with hedge fund managers including moving to a 1-and 30 fee model as it looks to realign fees across the board.
INVESTOR PROFILE
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.
ANALYSIS
UK watchdog set to back pension mergers
The UK Financial Conduct Authority’s upcoming report is expected to call for consolidation in pension funds, tighter controls on active management fees and greater transparency.
ANALYSIS
Time to make value judgements
Keith Ambachtsheer says net value added for members, not absolute cost, is the way to evaluate funds, and points to a report from Australia’s Productivity Commission as a sensible blueprint.
INVESTOR PROFILE
Ilmarinen sheds bonds for real value
Ilmarinen CIO Mikko Mursula looks to shrink its holdings in bonds while adding real estate and equity away from Europe, as the fund seeks protection from potential interest rate moves.
ANALYSIS
Asset owners zero in on managers’ fees
Funds will look to pressure fund managers to put more skin in the game with fee structures as they try to control costs and expectations in a low-return world, our third annual CIO survey finds.
NEWS
Year in review
Analysing the most read stories of 2016 reveals some interesting trends. Overwhelmingly the most popular investment stories have been about fees and issues of sustainability.
ANALYSIS
ILPA template adoption rate grows
ILPAs private equity fee template has gathered momentum, with some funds like New York State Common Fund making fee disclosure via the template a condition of investment in all new PE investments
