Industry Voices

  1. ESG investing: momentum, barriers and drivers to action

    trueWhen it comes to factoring environmental, social and governance criteria into investment decisions, momentum keeps building in the investment community. From climate change to human rights, ESG issues matter more and more in today’s highly scrutinized stakeholder and global business environment, ...

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  1. Diversified portfolios of hedge funds for small and large asset allocators

    trueHedge funds — and any other asset or investment strategy for that matter — should be included in a portfolio until the marginal benefits of additional investment equal the marginal costs of additional investment.

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  2. Finally, a practical solution for decomposing returns into alpha and beta

    trueFor an industry that uses the word “alpha” like it's going out of style, I find it amazing the asset management profession has made so little progress when it comes to actually trying to measure it in practice.

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  3. Estimating future costs at public pension plans: Setting the discount rate

    trueLooking more closely at the views of financial economists, it becomes clear that using an estimated rate of return to discount future pension liabilities is not misleading.

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  4. Insurers' alternative imperative

    trueAlternative investments appear in many respects to constitute, for lack of a better term, the most plausible alternative for insurance portfolios today.

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  5. Why European equity markets deserve a second look

    trueEuropean growth is low by any standards. We expect 1.2% from the eurozone this year, in line with the latest International Monetary Fund forecast, while the fund is looking for 2.4% from the advanced economies as a whole and 3.6% from the U.S.

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  6. Feeling the pressure to raise the bar on multiasset-class portfolio risk analysis

    trueThere are hundreds of companies offering risk-related services to the financial services community. Yet it is not clear that any of them are effectively addressing one of the most pressing needs facing the industry today: how to accurately measure investment risk in a multiasset-class portfolio.

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  7. The big structural upside in Japanese equities

    trueThere is reason to believe that Japan is on the precipice of reordering its domestic savings structure as soon as this year, with potentially significant implications for its equity markets.

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  8. Beneath the ugly face of second half 2014 lies the beauty of opportunity in 2015

    trueIn our view, the coming year will resemble more the volatility of the second half of 2014 than the prolonged, virtually uni-directional (i.e., up!) market that leveraged credit investors have enjoyed over the past several years.

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  9. Credit's true role in asset allocation and portfolio construction

    trueCredit markets have reached a critical mass in the U.S., with $14 trillion of assets now outstanding compared to the $18.8 trillion in total capitalization of U.S. public equity markets.

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  10. Tail hedging review

    trueSince the start of 2014, we have witnessed increasing interest in tail hedging with large global institutions looking to develop tail hedge mandates. Recent bouts of turbulence since October 2014 have intensified that interest, especially since volatility levels have continued to fluctuate rapidly, ...

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  11. In defense of stock buybacks

    trueThere's a specter haunting the financial landscape. Or at least you might think so, judging from the mainstream financial press. The threat du jour is share buybacks, if you can believe that.

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  12. The rise of the multimanaged fund

    trueAs the pension landscape evolves, the question of optimizing returns from investments becomes ever more crucial.

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  13. Fair pricing, bubbles and crashes

    trueStock returns have a fat-tailed distribution; this means that large shocks are far more likely than one might expect. A few examples illustrate why this matters to investors.

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