Asset Allocation – Page 129
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Special Report
Turning Japanese?
Technical signals from the bond markets and fundamental economic parallels have spooked some commentators about the ‘Japanisation’ of the world. Anthony Harrington asks if we should be bracing ourselves for the inevitable ‘lost decades’
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Special Report
The shipping news
The shipping business would seem to be directly linked to the health of the world economy. Why would you want to invest as the world slows down? Lynn Strongin Dodds finds that it is not that simple
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News
Sovereign funds stepped up direct investment in 2010, finds report
Emerging markets increasingly of interest for SWFs but Asia retains 41% of direct investments.
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News
PwC scheme maintains 40% allocation to insurance contract
Officials say unconventional investment has brought stability, decreased volatility.
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Features
How independent is the Old Lady?
Neil Record worries that the Bank of England’s bias towards low rates correlates with a political imperative to inflate away public and financial sector debts. So is monetary policy now controlled by Whitehall, rather than Threadneedle Street?
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News
BVK returns 4.9%, lowers fixed-income duration 'considerably'
Pension fund for Bavaria increases allocation to equities, alternatives to 9%.
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Features
Strategic dynamism
Optimal strategic asset allocation cannot be the same for investors with different levels of wealth at different moments in time, argue Philippe Aurain and Eric Bouyé
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Special Report
Asset Allocation: Slow and steady
They are not racy or sexy and they are certainly not the next hot thing. But Peter Taberner finds that ‘high quality’ equities might suit investors’ jaded palettes
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Special Report
Asset Allocation: Just got bigger
Euan G Munro discusses structural changes to the role of asset allocator and asks whether they should be empowered with further responsibilites within the investment process
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Special ReportAsset Allocation: Raincoat and sunglasses
Today’s distorted and correlated markets confound asset allocation. Martin Steward asks when normalisation will be restored, and how to manage the transition
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News
EDHEC outlines ideal investment strategy for sovereign wealth funds
GLOBAL – The investment strategy of a sovereign wealth fund (SWF) should consist of three basic building blocks, including liability hedging and an endowment-hedging portfolio, according to research by the EDHEC Risk-Institute.
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News
Austrian funds increase equity allocation in Q1
AUSTRIA – Official figures for the first quarter performance show a significant increase in the equity holdings of Austrian pensionskassen, which are the subject of further reform proposals.
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News
BVV to diversify through commodities
GERMANY – The €20.9bn BVV Pensionskasse for German banks saw returns from its bond-heavy portfolio drop last year and is now seeking to increase its diversification by investing in commodities.
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Special Report
Dark forces
Uncertainties govern any future projection of the equity risk premium, argue Wim Barentsen and Svetlana Rodionova, making scenario analysis essential to APG’s asset-liability matching process
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Special ReportPricing equity risk appetite
Historic excess returns from equities tell us little about the risk premium embedded in valuations at any given time. Toby Nangle and Hartwig Kos explain how a forward earnings-based model allows them to take account of extreme economic scenarios that could disrupt those earnings
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Special Report
Dynamic alpha risk budgeting
Dynamic management of core/satellite allocations might seem an ideal strategy for maximising return while minimising costs. But this approach can be difficult to execute, argues Daniel Wallick
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Special Report
SMART portfolio management
Static portfolio management techniques fail because they cannot respond to changing economic conditions. Arun Muralidhar offers an alternative
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Special Report
SWFs – case for ALM
Work needs to be done to develop optimal asset allocation and liability-management strategies for sovereign wealth funds, argues Lionel Martellini. The first step is to define each fund’s purpose and source of revenue
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Special Report
Surviving stagflation
As the dreaded ‘s’ word edges onto the periphery of economists’ radar screens, Martin Steward assesses the options for defending against it – and the risks those options present
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FeaturesInvestor case study: APG
The Dutch giant is not about to turn away from convertibles as a way to tap into equity upside while retaining some downside protection in a falling market, says Lynn Strongin Dodds
