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Managing volatility and inflation: Constant rebalancing shores up UK’s lifeboat fund
A keen focus on rebalancing, and best in class systems, allows the UK’s £31.2 billion Pension Protection Fund to effectively implement a dynamic hedging strategy for one of the UK’s biggest LDI portfolios. Sarah Rundell reports.
Velliv reset: More Danish funds lean into low cost DC model
In Denmark’s fiercely competitive commercial pension industry, Velliv was quick to take action with a root-and-branch overhaul of its pension provision when it experienced a drop in returns in the first half of 2024. It sacked its active equity managers and scaled up internal active strategies and low-cost, index-based investments instead, and stopped allocating to its $4.3 billion alternatives allocation. Thor Schultz Christensen, deputy CIO at Velliv, unpacks the change.
Ohio sounds warning bells on PE liquidity logjam
Farouki Majeed, CIO of the $23 billion Ohio School Employees Retirement System has highlighted worrying signs in private equity that resulted from a backlog of exits, including industry murmurs that some GPs are having to borrow money to operate their business because LP fees are drying up. Though in an interview with Top1000funds.com, Majeed unpacks why its 12 per cent PE allocation is shielded from the rout.
Temasek likely to miss 2030 climate target dragged by aviation, energy investments
Temasek chief executive Dilhan Pillay says the sovereign investor is likely to miss its 2030 interim climate target, as exposures to the aviation and power generation sectors are crimping the investor’s ability to reduce portfolio target emissions. But the $339 billion fund is sticking to its net zero by 2050 goal, stressing the slower decarbonisation pace “reflects the realities of the broader global economy.”
Funds SA cuts active risk as CIO puts stable beta first
Australia’s $36 billion Funds SA has slashed tracking error in its equities book and is reorienting its philosophy around stable beta, as chief investment officer Con Michalakis argues the role of alpha in a multi-asset portfolio needs a fundamental rethink.
Funds SA cuts active risk as CIO puts stable beta first
Australia’s $36 billion Funds SA has slashed tracking error in its equities book and is reorienting its philosophy around stable beta, as chief investment officer Con Michalakis argues the role of alpha in a multi-asset portfolio needs a fundamental rethink.
CalPERS, NY pensions challenge SpaceX’s ‘unfireable’ CEO provision ahead of mammoth IPO
Three of the largest US pension funds, managing a combined $1 trillion in assets, have demanded a meeting with SpaceX executives ahead of its speculated blockbuster IPO warning that its proposed corporate plan could be “the most management-favourable governance structure ever brought to the US public markets”.
Australian allocators revisit China as AI race heats up
Top Australian allocators have conceded it is time to rethink the underweight positions to China which have characterised their portfolios, as the Asian superpower’s intensifying AI race with the US creates attractive opportunities.
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