Linda Gruendken: Cycling in Cambridge and the randomness of markets

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US endowment returns rocket on SpaceX windfall

US endowment returns rocket on SpaceX windfall

Early venture bets on SpaceX have ballooned into major portfolio positions at some US university endowments, with new analysis estimating the aerospace firm contributed as much as 10.6 percentage points to annual returns. Michael Markov, founder of US quantitative researcher Markov Processes International, says the windfall is now creating a concentration risk that investors cannot ignore.

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WSIB edges towards standalone private credit, eyeing best GPs

Unlike many other US institutional investors, Washington State Investment Board has not built out a large private credit allocation. This autumn the board will decide on the size and shape of a standalone allocation in which partnering with top quartile GPs will be essential.

Canada’s CAAT pension fund ups real assets

The $23 billion Toronto-based Colleges of Applied Arts and Technology Pension Fund (CAAT) is increasing its allocation to real assets in line with a new asset liability study completed last year, finding rich pickings in Canadian transition infrastructure.

If good pain exists, private markets are feeling it

Uncertainty surrounding the impact of the US administration’s policy plans weighed on markets, including the implementation and reversal of tariffs, job cuts across the federal workforce and tightened immigration enforcement.

Why NYC Retirement Systems fears for emerging managers

NYC Retirement Systems' expanding diverse and emerging manager program is supporting returns but Taffie Ayodele, director of DEI and emerging manager strategy at the pension fund's asset manager, the Bureau of Asset Management, fears the number of diverse founders spinning out in the future could be diminished.

Dismantling DEI: Investors weigh the risks

Six months on from President Trump's executive order to dismantle once mainstream DEI programs, institutional investors reflect on concerns regarding returns, recruitment and engagement. Top1000funds.com surveys a variety of views amongst the disruption arguing it is an opportunity to reframe the issue and articulate what DEI means.

Bond allocations increase as diversification benefits come to the fore

Asset owners are, on a net basis, increasing allocations across fixed income sectors, seeking geographical diversification – particularly those in Asia-Pacific and EMEA – and trusting bonds to provide ballast against equity risk in portfolios.

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