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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Diversification is not enough for managing risk
Diversification alone is not enough to manage downside risk, rather academic research in dynamic portfolio theory suggests the three complementary techniques of diversification, hedging, and insurance can be used together to design customised investment solutions, that ultimately separate assets into performance seeking portfolios and liability hedging portfolios, according to EDHEC’s Felix Goltz and Stoyan Stoyanov.
CalPERS’ redesign creates CFO role
CalPERS will introduce a new leadership organisation design next year, which includes for the first time a dedicated chief financial officer function coordinating all corporate finance functions including cash flow. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3
Why politics and pension fund management don’t mix
Thomas P DiNapoli was given a little scare in the recent US mid-term elections but, in the end, was returned fairly comfortably to his position of New York State Comptroller and sole trustee of the New York State pension fund. What happens next, though, may be more interesting. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3
Ducks get in a row for UK’s NEST
If there was an opportunity for a clean slate, what investments and service providers would provide the optimal structure for your members? The UK’s National Employment Savings Trust is preparing to receive its first contributions next year. Amanda White spoke with chair Lawrence Churchill about that privilege and challenge.
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