Fantastic conversation with Igor Halperin around the application of reinforcement learning into forecasting problem, and the limits to data and understanding the world.
The twin forces rewriting the rules of investing
Portfolios built for the old world will be severely tested as emerging forces rewrite the rules of investing. The Fiduciary Investors Symposium heard that geopolitical and macroeconomic upheaval, together with the disruption wrought by AI, should force asset owners to rethink the structure and composition of portfolios.
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Control shift in GP/LP dynamic: Cambridge Associates
In the headiness of the bull market, institutional investors generally took on more risk and enjoyed fewer rewards than alternatives managers. But the crisis has provided an opportunity for both counterparties to redefine the balance in the LP/GP relationship, in which institutions are entitled to demand a true alignment of interests on returns, lock-ups and
CalSTRS makes allocation changes at expense of equities
In the nine months to March 2009, the $111.6 billion US fund, CalSTRS has vastly altered its asset allocation, decreasing its equities allocation, with global equities now 6.8 per cent underweight the target allocation. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3
$100b mismatch in private equity secondaries demand and supply
Recessions are traditionally considered a good time to invest in private equity, but liquidity constraints and the growth of unlisted assets within portfolios is causing pension funds to sit on the sideline. Sally Collier, London-based partner at global private equity fund of funds Pantheon Ventures, said there was a US$100 billion “mismatch” between the funds
Liability-responsive asset allocation
Russell Investments’ latest research argues some pension plans should consider a dynamic approach to strategic asset allocation that ties pension fund investing policy to changes in liabilities and a plan’s funded status. For the full report click here mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3
More in-house management means lower costs, risks for Finnish fund Ilmarinen
The 21.7 billion (US$28.7 billion) Ilmarinen Mutual Pension Insurance Company is adopting a ‘back to basic’ approach to investment and relying on its internal investment team to steer it through unprecedented equity market volatility. Deputy chief executive, Timo Ritakallio, talks to Kristen Paech about the virtues of in-house management. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3
Managing opportunities and risks: insights from the world’s largest institutional manager
Richard Lacaille, chief investment officer of the world’s largest institutional investment manager, State Street Global Advisors, spoke with Amanda White about the economy, when markets will turn and the asset allocation and strategies that will best take advantage of that. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3
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