Asset Allocation – Page 135
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Special Report
A matter of survival
A deeper understanding of environmental, social and governance issues will allow you to make better-informed investment decisions
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FeaturesHarness the winds of change
Ben Funk, Tzvety Petrova, and Dominik Nagly of Liongate Capital argue that recent unprecedented volatility can create opportunities for carefully selected hedge fund strategies
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FeaturesAdvantages of a naïve approach
Dirk Soehnholz and Marcus Burkert find that ‘naïve’ strategic asset allocation offers improved risk/return characteristics over traditional ‘pseudo-optimised’ asset allocation
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Features
An area that needs more light
Pension funds should be more concerned about investment managers’ asset allocation skill, but there’s no easy way to measure it, says Joseph Mariathasan
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FeaturesMoves to maintain the balance
Spain’s €57bn reserve fund is intended to help plug the anticipated deficit in the social security budget. Diego Valero Carreras explains the background
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Special ReportGetting the correct balance
Javier Aibar Bernard is the general director of the Social Security Treasury, which oversees Spain’s €55.9m Reserve Fund, the Fondo de Reserva de la Seguridad Social (FRSS). He explains to George Coats how the fund is run and discusses its ability to fulfil its role
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FeaturesBeware Japanese proverbs
The experience of Japanese pension funds in the 1990s provides an interesting lesson for Western investors, finds David White
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FeaturesRediscover common sense virtues
In the second in a series of articles on a new report, Amin Rajan argues that asset allocation is more about mindsets than models, as pension funds move from calendar time to real time
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FeaturesPension funds see crisis role
Europe’s mighty central banks are being stretched to their limits, not only in the range of problems they need to fix, but also in their financial firepower. In some countries, pension funds have stepped in as the new investors of last resort, transforming themselves almost overnight into Pension Fund plc ...
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Features
Get down to the detail
Transaction proposals for collateralised finance trades are still not acknowledging the appropriate risks, says Jeroen Wilbrink. Pension funds should only make their balance sheet available at the right price
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Special Report
Diary of an Investor: Problems, problems, problems
Problems, Problems, Problems, and this time from the one area that we thought had been relatively immune from the financial chaos, namely custody. Let me be clear; our relationship with our custodian has been good. Their ability to provide standardised reporting and ancillary services is fine, and the matter-of-fact and ...
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FeaturesEdgy on equities but eager for infrastructure
In many areas Norway has carved out its own distinct path. Kjetil Houg, finance director at Oslo Pensjonsforsikring, tells Nina Röhrbein how this has helped the country’s largest local authority pension scheme to navigate the market crisis
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Features
Not an exact science
To begin at the beginning with actuarial science: it ain’t perfect. Most pension managers have probably already twigged this after years of data revisions by their appointed scheme actuary. In spite of any appearances to the contrary, actuaries are human, not divine. Yet they qualify and are consequently paid to ...
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FeaturesMinus five is the new zero
Absolute return strategies do not always produce absolute returns, and alternative investments are not always decorrelated from the mainstream. Long/short investors do not always have skill in shorting, let alone the long. Convertible arbitrageurs are not always able to arbitrage their convertibles. Leveraged strategies have seen their leverage dry up ...
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FeaturesHold or fold?
Small and mid caps have taken a beating in the market downturn. Joseph Mariathasan assesses their outlook
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FeaturesNow for the hard work
The credit crunch has finally exploded in the face of European pension funds. Georg Inderst looks at the problems this has created as investment managers make asset allocation decisions and offers potential solutions
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FeaturesHedging in practice
The focus of liability driven strategies has so far largely been on interest rate and inflation risk. Solutions to longevity risk have been slow both in creation and take-up, finds Nina Röhrbein
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Special ReportSupervision of Portugal’s market
New regulations came into force last year. Gert Verheij assesses their implementation at a challenging time for pension funds and their sponsors
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Features
Two paths to passive tactics
There are more and more ways to access passive investment strategies – in terms of fund types, approaches to benchmark replication and the range of providers. Here, Liam Kennedy looks at sampling and synthetic approaches to indexation
