Nick Wade from Northfield and the Curious Quant discuss the impact of COVID on risk modeling frameworks, assumptions, and how the recent movements in asset markets may or may not impact the short and long-term assumptions of asset owners.
COVID Popup Podcast: Curious Quant and Nick Wade discuss if risk models have something to say about pandemic risk.
WTW’s Urwin defends TPA value-add as attribution scrutiny intensifies
Roger Urwin, one of the industry’s most well-known proponents of TPA, has defended it against the growing scepticism of its reported performance edge over SAA, saying “TPA is a system” and any performance attribution is difficult to isolate from the broader context each fund operates in. In an interview with Top1000funds.com, he also weighs in on whether some funds are inherently unsuitable for implementing TPA.
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Beyond asset classes: Active credit becomes the test case for Florida’s portfolio evolution
Florida State Board of Administration has built an active credit portfolio spanning public and private markets, CIO Lamar Taylor says the initiative could be the first step in a broader shift away from traditional asset-class investing towards a framework centred on return drivers and risk exposures.
Why sustainability pays for US timberland manager RMS
Alabama-based timber manager RMS has developed its own index to measure biodiversity in its forests. The move is in response to a jump in the number of asset owners asking biodiversity questions.
Aware Super maps AI exposure as it sharpens whole-of-portfolio risk focus
Australia’s third-largest pension fund Aware Super is taking stock of its investment exposure to AI and the initial analysis suggests at least 15 per cent of the fund’s assets are exposed to the thematic. In a project deep dive, head of investment strategy Michael Winchester says finding the portfolio's true concentration around AI will require looking beyond simple dollar aggregation.
Japan University Fund doubles alternatives book as direct fund investing ramps up
The $75 billion Japan University Fund is furthering its push to direct fund selection in alternatives alongside the fund-of-funds approach it has favoured so far. Naoya Sugimoto, co-CIO and head of global investment, says it’s a “natural direction” in the fund’s journey as the young endowment looks to take more control of the manager selection process.
Silver is the new gold: France’s UMR targets opportunities in ageing economy
French pension organisation UMR has launched a multi-asset thematic program that will target opportunities in Europe’s ageing economy. It’s part of a broader strategy to increase diversification in private markets where it sees secondary markets as an increasingly important tool.
CPP: Why doing the right thing in TPA can look like losing
CPP Investments has argued that a TPA portfolio has a high chance of appearing to have underperformed when evaluated against traditional SAA benchmarks, even when the underlying investment decisions are sound. In a recent paper, the fund argues TPA portfolios should be judged on a broader scorecard.
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