In this episode, Alex Proimos, head of domestic content, Conexus Financial, chats with Veronica Klaus, general manager – investment consulting at Lonsec, about a range of topics including the advice gap, allocations for retirement, liquidity in private assets and income strategies for retirees.
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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Corporates walk funding tightrope as DB plans falter
An analysis of defined benefit schemes around the world reveal they all face the same issues of severe underfunding, but what should they do about it? In recent weeks, some of the world’s largest consultants have warned of the liability blow outs facing corporates with defined benefit (DB) pension plans. mrec4inarticleinline Sponsored Content scnative1 scnative2
Governance foiled by human folly at NY state fund
The third largest fund in the US, the $122 billion New York state pension fund, has recently been embroiled in a tale of greed, fraud, bribery and corruption, with a number of its alternative investment funds allegedly tainted by the wrong-doing of former employees of the state comptroller’s officer, including its former CIO. In this
Maybe it’s time to get back into the water, with a life jacket
Institutional investors have never been market timers, but in this editorial, publisher of conexust1f.flywheelstaging.com, Greg Bright, argues maybe now is the time for pension plans to take a bet. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3
Volatility sparks complete risk management review at CalPERS
Turmoil in financial markets and the need for greater transparency has triggered a review of the $174 billion CalPERS’ existing governance and risk management framework, with a new ad hoc committee tasked with reviewing the risk management framework across the entire business. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3
AustralianSuper aims for beta returns after big cuts to active equities
The A$28billion (US$20 billion) AustralianSuper terminated several mandates with active equities managers last week and directed most of the freed-up capital to passive exposures bringing its passive management in equities to more than 50 per cent, in an effort to simplify its portfolio by trimming excess managers. mrec4inarticleinline Sponsored Content scnative1 scnative2 scnative3
Refining portfolio construction when alphas and risk factors are misaligned
In this research insight MSCI Barra explores the mitigation of misaligned risk and alpha factors by modifying the optimisation process. Firstly it reviews how to decompose a set of alphas into two components – one that is related to risk model factors, and one that is not. Then it shows how penalising the residual alpha
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