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Costs cast increasing doubt over hedge fund relevance

The inability to scale hedge fund exposures and risks, has led many large investors, like CalPERS this week and ATP last year, to exit their hedge fund programs. Complexity continues to be a drain on the relevancy of hedge funds, but importantly cost is driving the agendas of these investors. As AQR’s Cliff Asness admits, […]
Amanda WhiteSeptember 17, 2014
Asset Classes

Why Sunsuper likes hedge funds

One of Australia’s largest superannuation funds, the $27 billion Sunsuper, is adamant that it gets value out of its large hedge fund program. This is against the grain in Australia, where many large funds (with the exception of the Future Fund) choosing not to invest in hedge funds. So why does Sunsuper favour hedge funds? […]
David RowleyAugust 20, 2014
Uncategorised posts

Foundations and endowments flock to long duration

The risk of a US equity market decline and concerns over the future direction of interest rates has been driving US foundations and endowments’ asset allocation decisions in the past year, with a distinct move away from US equity to global allocations and away from US-focused core to longer duration and high yield. The latest […]
Amanda WhiteMay 28, 2014
Research

Macroeconomic risk and hedge fund returns

This paper estimates hedge fund and mutual fund exposure to newly proposed measures of macroeconomic risk that are interpreted as measures of economic uncertainty. The academics, from Georgetown and Stern, find the resulting uncertainty betas explain a significant proportion of the cross-sectional dispersion in hedge fund returns. However, the same is not true for mutual […]
Amanda WhiteMarch 21, 2014
Uncategorised posts

Cardano and Monty Python collaborate on the crisis

Chief executive of Cardano UK, Kerrin Rosenberg, is a Monty Python fan. In the same eccentric vein as the famous satirists he has a healthy disrespect for the status quo and a quirky view of how pension assets should be managed, which for most funds includes a radical change in asset allocation. In 2010 Cardano, […]
Amanda WhiteJanuary 15, 2014
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