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Investor Profile

HOOPP’s strong funding status driven by liability hedging

The $51.6 billion Canadian fund, HOOPP, returned 8.55 per cent for the 2013 financial year, exactly half the return of 2012. But it finished the year in a better position than the year before, demonstrating that returns are only half the story. Amanda White spoke to Jim Keohane about the funds liability-driven investment style.   […]
Uncategorised posts

Blackrock looks favourably on equities

Blackrock has a favourable view on equities, relative to bonds, but within fixed income it advocates an unconstrained approach. Amanda White spoke to chief investment strategist, Russ Koesterich.   Equities look cheap relative to bonds or cash, says chief investment strategist for Blackrock and iShares chief global investment strategist, Russ Koesterich, with the manager recommending […]
Uncategorised posts

Howard Marks on alpha and making money

“It used to be easier to make money,” Oaktree Capital Management founder and chairman, Howard Marks muses as he discusses meeting the demands and goals of his clients in 2014. Marks is an avid communicator, and has been writing memos to clients for 24 years. The result is his book “The Most Important Thing”, which […]
Research

Manager risk contribution in a multi-manager portfolio

This paper by MSCI creates a framework in order to answer the question: given a portfolio of managers, how does the active risk of each manager relate to the active risk of the portfolio? Asset owners often measure manager risk (the active risk of each manager) and have difficulty relating it to the contribution each […]
Research

Persistently high equity risk premium unprecedented

This paper by the Federal Reserve Bank of New York looks at the equity risk premium information from 20 models and estimates the ERP for various time periods. Extraordinarily it finds that the (preferred) estimator places the one-year equity premium in July 2013 at 14.5 percent, the highest level in 50 years and well above the […]
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