risk

Opinion

Risk depends on your mental model of reality

A lot of words have been written to explore what risk is, but Tim Hodgson of the Thinking Ahead Institute makes the case that risk looks different to different models of reality. This column is the first of a six-part series exploring risk management for investment systems, or ‘risk 2.0’.

Tim HodgsonNovember 4, 2025

Investor Profile

Dynamic allocation earns alpha: CalSTRS’ one fund approach pays off

In an interview with Top1000funds.com, CalSTRS chief investment officer Scott Chan says the one fund approach has already started to produce alpha. Sarah Rundell looks at the drivers of success including the ability to move more dynamically and cross-asset class collaboration to take advantage of opportunities.

Sarah RundellAugust 21, 2025

Technology

Responsible AI: Railpen lays out the risks

Much is written extolling the investor opportunities inherent in AI at a time policy makers continue to prioritise deregulation and innovation over safety, but a new report from £34 billion Railpen on the risks AI holds for investors' portfolio companies provides a valuable reality check.

Sarah RundellAugust 14, 2025

Asset Allocation

France’s FRR ups risk in line with longer term investment horizon

Fonds de reserve pour les retraites (FRR), France’s €21 billion ($24 billion) pension reserve fund, has increased its weighting to equity in line with a new strategic asset allocation to reflect the investor's longer return horizon. It is also eyeing more unlisted assets including private equity, private debt and infrastructure.

Sarah RundellAugust 7, 2025

Investor Profile

Finland’s Ilmarinen prepares to increase risk ahead of new pension rules

Ilmarinen, Finland’s €63 billion ($73 billion) pension insurer, is laying the ground to significantly increase its equity allocation ahead of new pension rules in the country. CIO Mikko Mursula is preparing for a sharp increase in volatility of annual returns and the enhanced role and importance of diversifying the portfolio.

Sarah RundellJuly 14, 2025

Digital assets

North Carolina opens the door to bitcoin but state treasurer remains wary

North Carolina state treasurer Brad Briner tells Top1000funds.com in an interview that bitcoin will need to be less volatile for it to attract state investment, and points to a longer-term worry in digital assets that could have “a profoundly negative implication for our country”.

Sarah RundellJune 26, 2025

Opinion

Risk depends on your mental model of reality

Investor Profile

Dynamic allocation earns alpha: CalSTRS’ one fund approach pays off

Technology

Responsible AI: Railpen lays out the risks

Asset Allocation

France’s FRR ups risk in line with longer term investment horizon

Investor Profile

Finland’s Ilmarinen prepares to increase risk ahead of new pension rules

Digital assets

North Carolina opens the door to bitcoin but state treasurer remains wary

California Public Employees Retirement System (CalPERS)

ABP/APG Asset Management

California State Teachers Retirement System (CalSTRS)

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