In this episode, Alex Proimos, head of domestic content, Conexus Financial, chats with Amara Haqqani, director, insights and strategy at Milliman, about grassroots conversations about stopping the super guarantee, the industry’s Copernican moment of kicking product to the kerb, and what the real black swan event has been for super during the Coronavirus crisis.
Amara Haqqani: Super in 2020 – Copernicus, Warren Buffet’s swimming naked, and pitchforks in the street
New Jersey’s $85 billion fund stockpiles cash, eyes PE secondaries
An underweight position across private markets, predicated on a view that geopolitics and inflation mean interest rates are not coming down any time soon, has positioned the New Jersey Division of Investment with plenty of dry powder and a cash position four times the policy allocation. It is now readying for opportunities in private equity secondaries and with emerging managers. Chief investment officer Shoaib Khan spoke to Top1000funds.com.
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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.
The governance-performance link
Academics at Switzerland’s University of St. Gallen find that governance is positively related to both excess and risk-adjusted net returns but only marginally related to funds’ asset choices.
Fund braces for geopolitical risk
SEB has restructured its risk factor portfolio and raised the allocation to senior secure loans within its large alternatives portfolio. The changes address rising global uncertainty.
Calif. fund seeks ‘safe’ returns
San Bernardino County Employees’ Retirement Association seeks value assets with income and a contract. These qualities help ensure a return, while increasing holdings in cash and alternatives.
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