All articles by Martin Steward – Page 17
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Interviews
Concentrating on value
“Believe it or not,” says David Barse, president and CEO of Third Avenue Management, “I think we’re boring. Our portfolio might look interesting, but we never change our style or basic investment philosophy for different markets, or even for different asset classes, market-caps or regions.
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Interviews
Concentrating on value
“Believe it or not,” says David Barse, president and CEO of Third Avenue Management, “I think we’re boring. Our portfolio might look interesting, but we never change our style or basic investment philosophy for different markets, or even for different asset classes, market-caps or regions. I once overheard an investor who thought he’d muted the conference phone say, ‘This guy says the same damn thing every time’. I thought that was the greatest compliment.”
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Special Report
Stock responses
The speed and extent of this year’s equity bull market has arguably made it trickier to position for the longer-term economic recovery. Martin Steward asks portfolio managers about the courses they are setting
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News
Long-term investing could be dead, says FRR chief
[15:00 CET 10-12] EUROPE - Antoine de Salins, chief executive of FRR, France's national pension reserve fund, has urged institutional investors to lobby for greater macro-financial stability, as he warned greater incidence of extreme “tail events” could otherwise leave long-term investing “dead”.
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News
Investors uncertain about private equity future
[15:30 CET 07-12] The latest quarterly Global Private Equity Barometer from Coller Capital suggests European institutional investors have mixed feelings about the asset class. Half said they have an unfavourable view of private equity and few expect the bumper bull market returns to come back, but a big majority say ...
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Features
Global macro lessons
They may seem worlds apart, but global macro managers might have some useful things to teach pension funds, writes Martin Steward
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Interviews
American half-century
f you are wondering why it took 50 years for American Century Investments to open its first offices outside the US, it is instructive to look at who owns the business. Among the partners, primary control is held by the cancer research group associated with the Stowers Institute for Medical Research in the firm’s home town of Kansas City. About eight years ago American Century’s founder, Jim Stowers, now an octagenarian cancer survivor, donated almost all of his wealth to establish the institute. Since 2000, 40% of the firm’s profits have been paid as an annual dividend to the institute – a total of more than $750m.
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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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News
Gauzès proposes 138 changes to AIFM Directive (additional comment)
[16:55 CET 27-11] EUROPE - Jean-Paul Gauzès, rapporteur for the European Parliament’s Committee on Economic and Monetary Affairs has proposed 138 changes to the European Commission’s Directive on Alternative Investment Fund Managers (AIFM), in a draft report published yesterday.
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News
Time is ripe for LDI, says Union's Neumann
GLOBAL - Active management and risk management are key parts of a pension fund's armoury in the post-crisis financial environment, according to Union Investment's head of quantitative strategies Thorsten Neumann, and liability-driven investment (LDI) will take on renewed importance.
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News
Active managers should be performing by now - Halbis
[16:15 CET 24-11] GLOBAL - Many active asset managers have underperformed the market this year despite almost perfect conditions, according to Ian Barnett, global head of investment risk at Halbis.
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News
Man Group sees managed account business surge
[16:55 CET 06-11] GLOBAL - Pension funds and other institutional investors are behind a surge in managed account demand at Man Group’s newly-created multi-manager business.
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Special Report
Refashioning beta
The emergence of alternative systematic equity indices raises profound questions about how we define ‘the market’, and how pension funds should benchmark and invest their core portfolios, writes Martin Steward
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Interviews
Hedge fund hermeneutics
Although pension funds and their consultants are weaning themselves off their obsession with three-year track records, few would choose to park $1.3bn with a brand new fund of hedge funds – even if its founding partners bring two decades of experience from hedge fund stalwarts like Olympia, Pioneer and Momentum.
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Country Report
Home advantage
Last year’s equity sell-off interrupted Nordic investors’ progress towards more international exposure, but there are good reasons to like this home bias anyway, writes Martin Steward
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Features
Easy riders
Portfolios of minimum variance stocks appear to reproduce a true risk factor beta that can outperform cap-weighted benchmarks. Martin Steward asks why no-one uses them in the real world
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News
Governance for Owners CEO calls for engagement levy
[15:30 CET 26-10] UK - Companies and institutional pension and saving funds should be made to pay a levy to support effective shareholder engagement, Peter Butler, CEO and founding partner of Governance for Owners, told IPE last week.
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News
Bond manager warns of 1994 re-run
[16:00 CEST 15-10] GLOBAL - Paul Griffiths, the newly-appointed global head of fixed income at Aberdeen Asset Management, has warned that central banks are walking a “very fine line” with regard to the timing of rate rises and their withdrawal of liquidity from markets, drawing comparisons with the market turmoil ...
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Special Report
Slow and steady
Martin Steward discusses how to win big from controlled risk with Majedie’s Tortoise fund
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Features
Is credit due?
Corporate bond managers insist that active management is no luxury in their asset class. Martin Steward asks if they are just talking their book
