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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Investors need better ways to measure and integrate ESG outcomes
Returns have been disconnected with the social returns of ESG-related and impact investments, leading to confusion around different targets and how to integrate them into an investment framework. A case study demonstrates how investors can better allocate their capital by explicitly incorporating impact preference and returns into portfolio theory.
CDPQ’s real estate arm Ivanhoé Cambridge talks agility and evolution
Two thirds of Ivanhoé Cambridge's real estate allocation used to be invested in return-dragging office and retail assets. Now, in a complete reversal, two thirds is invested in logistics and residential real estate alongside a growing allocation to alternative life sciences
Eyes on SE Asia, divergent views on China among global funds
Australia’s second-largest superannuation fund, the A$240 billion Australian Retirement Trust, will likely “do more, not less” investing in China, said the fund’s head of strategy, following significant internal debate over geopolitical developments and how they will impact the portfolio.
CIOs’ confidence wanes as agility becomes the focus
The 2023 CIO Sentiment Survey, a collaboration between Top1000funds.com and CaseyQuirk, finds asset owners focusing on agility as they observe dramatic market changes not seen in a generation. Only 36 per cent of CIOs are confident they will reach their return targets in 2023.
Funds build resilience with private assets while managing liquidity risks
Global pension funds are increasingly looking to private assets to build resilience, stress testing various scenarios to manage the liquidity risks that come with increasing private market allocations.
Muslim consumers a large, young market neglected by the West
Muslim consumers comprise a young and enormous population, and there is a growing opportunity for startups that cater to their needs, argues one of Asia’s most impressive venture capitalists, Thomas Tsao.
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