All IPE articles in November 2001 (Magazine) – Page 2
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Features
Pension funds hit hard by equities slump
The growth of an equity culture has been one of the success stories of continental European investment over the past 10 years, and pension funds have been an important part of this. Funds in Scandinavia, Switzerland and the Netherlands in particular have steadily increased their exposure to equities to take ...
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Features
Markets have embraced 'V' shaped recovery
Equity markets, which plunged in the aftermath of the terrible events of 11 September, have more than made up the lost territory in the past few weeks. On the surface, this suggests that nothing material happened on the day of the attacks. Obviously, this is wrong. The world has changed ...
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Features
High-yield at low ebb
The Merrill Lynch High Yield Master Index in September suffered its biggest monthly fall since its inception. It declined –6.42% during the month, taking its third-quarter fall to –6.07%, which in itself was the biggest such drop since the third quarter of 1990. In addition, the spread versus Treasuries at ...
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Features
Dipping a toe in the water
As hedge funds continue to win a measure of acceptance from pension funds and other institutional investors, they seem set to change the dynamics of the relationship between consultants and their pension fund clients. Across the board, consultants are finding that their larger, more active clients are expressing curiosity about ...
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Features
Tracking the differences
The main marketing problem faced by index-tracking investment managers is the difficulty of differentiating themselves from the competition. Understandably, index-tracking investment management is often regarded as a commodity product and, like most of these products, it is price that matters. For index-trackers, the price is specifically the ongoing management charge ...
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Features
The hunt for 'decorrelation'
In a climate of low interest rates and low growth, pension funds are finding it increasingly difficult to earn a reasonable return without an unacceptable increase in risk. A bull market in equities is now a distant memory, and returns from equities and bonds continue to converge. This is creating ...
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Special Report
Exploiting the correlation
Compelling evidence is emerging that strong financial performance and sound financial management are increasingly linked. Much has been written over the past few years about the presence or absence of a relationship between the environmental and financial performance of companies. On balance, most evidence suggests that a positive relationship does ...
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Features
Construction of a customised and diversified portfolio
Hedge funds still present a number of difficult analytical problems for those who wish to integrate them into a traditional approach. To achieve success, it is important to ensure that the objective of the hedge fund allocation is clearly defined at the outset and that expectations regarding return potential and ...
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Features
Climbing the wall of worry
There is far too much liquidity in the markets but at long last some positive signs beginning to seep into economic data. This is the view of John Dreyer, head of equities at Fortis Investment Management (FIM) in Paris. “We are very happy right now. Basically, the bullish stance that ...
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Features
Clamour for information
Over the past year hedge funds have boomed. An estimated $8.4bn (€ƒ9.2bn) flooded into the sector in the second quarter of this year, and new alternative investment firms seem to appear on a weekly basis. But as capital flows towards hedge funds, there is a growing demand for greater transparency ...
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Features
Cutting the cake
When considering how the assets of a pension fund should be split, remember that ancient proverb: “Have your cake and eat it too.” In my view, a pension fund should aim to maximise returns over the long term without taking egregious degrees of risk. If we look at the returns ...
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Features
What's needed for bond indexation
The reputation of full-blown active portfolio management waned during the 1970s: the reliance on the manager’s gut feeling proved too narrow and insecure a basis to build consistent performance on. Furthermore, the sponsors wanted to exert a stricter risk control on their fund managers. There are several reasons for considering ...
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