Fantastic conversation with Igor Halperin around the application of reinforcement learning into forecasting problem, and the limits to data and understanding the world.
NZ Super cuts benchmark return expectation on US valuation concerns
A view that the US stock market is overvalued and equity risk premia will be lower over the long term has driven New Zealand Super to lower the return expectations for its reference portfolio following its recent five-yearly review of the benchmark. Co-chief investment officer Brad Dunstan also flags underweight commodity exposure as an area to address and explains why the fund remains sceptical of illiquidity premia despite seeing a growing case for private markets.
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BT Pension offers innovative solutions for UK funds battling value leakage
The BT Pension Scheme has rebranded as Brightwell to offer its asset management expertise to the UK's DB funds. Morten Nilsson argues the case for ditching a complex landscape of advisory and asset management services and the buyout model for Brightwell's holistic offering.
AP7 shifts gears as boosted alternatives allocation comes to life
Sweden’s SEK 900 billion ($84 billion) AP7 can finally invest up to 20 per cent of its assets in alternative, illiquid investments. A new allocation to infrastructure and targets to double private equity are in the offing following the fund dipping a first toe in real estate.
The politicisation of investments at US public funds
Attempts by multiple Republican states to restrict where US pension funds can invest are symptomatic of bad governance. Top1000funds.com takes a deep dive into the quagmire of US state pension funds to assess the impact on CIOs, highlighting the need prevent the politicisation of investments.
How CPP’s active equities team delivers pure alpha
The active equities team at CPP Investments has abandoned antiquated investment categorisations, such as style and size, and views companies through a more holistic “domain” interpretation. Global head Frank Ieraci discusses the team’s approach and the contributions it makes to the total fund, including capital efficiency, agility and pure alpha.
A net-zero check-in – how are we doing?
The net-zero investing journey passed a milestone this May, having already ticked one third of the way towards 2030 goals and one twelfth of the way to 2050 goals. Roger Urwin, co-founder of the Thinking Ahead Institute, enquires how investors and the real economy are really doing.
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