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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UN Pension Fund back on track after 2022, as low costs pay off
The United Nations Joint Staff Pension Fund, UNJSPF, is clawing back 2022 losses with assets under management currently valued at $82 billion and the fund experiencing a positive return of 5 per cent so far this year.
Norway’s Ministry of Finance warns ESG may get more challenging
Democratic erosion, protectionism, inter-country rivalry and economic decoupling will have implications for economic growth and financial returns ahead, warns a recent White Paper from Norway’s Ministry of Finance, guardian of the giant $1.3 trillion Government Pension Fund Global (GPFG). Both financial and non-financial risk will increase as the economic centre of gravity increasingly shifts towards
Partnering for impact: Institutional investors and the net-zero transition
Partnering for Impact: Institutional Investors and the Net-Zero Transition mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3
China’s Next Chapter: Reopening, Recovery and Beyond
Key Takeaways China’s economic policy has shifted to growth, COVID-19 restrictions have been lifted, regulatory rhetoric has relaxed and the tone toward the property and private sectors has become more supportive. While we expect China’s growth momentum to improve further in the coming months, a hard-hit property sector, aging demographics and geopolitics remain headwinds to
All About Alpha: Portfolio Construction in a New Reality
Key Takeaways Unpredictable markets and elevated economic uncertainty may call for a more deliberate approach to portfolio construction. A stronger tilt toward dynamic active strategies may help deliver alpha on a more consistent basis. Allocations that mix traditional public equities and fixed income with hedge funds and private alternatives such as infrastructure, real estate and
West Virginia CIO fears anti-ESG politics threaten fiduciary independence
Like many other US pension funds, West Virginia Investment Management Board’s (IMB) proxy vote has been a lightning rod for anti-ESG sentiment. CEO/CIO, Craig Slaughter explains why he fears recent legislative changes could herald the beginning of a threat to the fund's fiduciary independence.
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