Nick Callil and Dante De Gori: Over the policy horizon

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CalPERS, La Caisse raise the bar for active managers

CalPERS, La Caisse raise the bar for active managers

CalPERS may have doubled the fees it pays for active management in public equities, but the alpha it generates has quadrupled, says global equity head Simiso Nzima, who has spent three years pruning a roster of nearly 100 managers down to a tightly scored handful. La Caisse's Mario Therrien describes a parallel discipline, using external managers not just for returns but as a "window to the world" on emerging strategies, from quant investing to AI.

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Texas ERS reallocates to managers to help navigate concentrated equity market

Texas ERS' CIO David Veal says the fund is re-allocating around a quarter of its public equity portfolio to external managers, away from the internal team. ERS plans to upsize with existing fundamental mandates but also allocate to new incremental relationships with diversifying strategies.

Border to Coast hunts strategic partners as private markets set to surge

The UK’s LGPS pool, £120 billion ($161 billion) Border to Coast, is hunting for strategic relationships with asset managers and global asset owners as it prepares to invest £40 billion in private markets. Chief executive Rachel Elwell speaks to Top1000funds.com about the fund's approach to finding long-term partnerships in the market.

China in ‘very precarious’ position as debt strains investment-led growth model

Michael Pettis, leading expert on China’s economy and financial markets, says investors should be concerned about the nation’s record total-debt-to-GDP ratio as it threatens to strangle the investment-led economic growth model it has maintained for decades. In the latest episode of the Top1000funds.com podcast, Pettis unpacks why China’s pivot to a consumption-led society will be painful.

Michael Pettis on China’s overinvestment paradox, and the Japan-style reckoning still to come

China's advanced infrastructure and ballooning debt are two sides of the same story, says Carnegie Endowment nonresident senior fellow Michael Pettis, who compares China's coming consumption-led rebalancing to Japan's in the 1980s. In conversation with Top1000funds.com Asia Pacific correspondent Darcy Song, Pettis unpacks what this means for institutional investors weighing China exposure over multi-decade horizons, and why he remains bearish on the country's outlook.

GPIF puts passive managers at the forefront of corporate stewardship

Passive equity managers accounted for 62.6 per cent of the engagement activity conducted on behalf of Japan's $1.86 trillion Government Pension Investment Fund last year, as the pension giant pushes index-tracking strategies to take on a bigger share of its stewardship load.

New Jersey’s $85 billion fund stockpiles cash, eyes PE secondaries

An underweight position across private markets, predicated on a view that geopolitics and inflation mean interest rates are not coming down any time soon, has positioned the New Jersey Division of Investment with plenty of dry powder and a cash position four times the policy allocation. It is now readying for opportunities in private equity secondaries and with emerging managers. Chief investment officer Shoaib Khan spoke to Top1000funds.com.

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