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Lauderhill Firefighters plans to hire Invesco for international equity
trueLauderhill Firefighters’ Retirement System, Palatka, Fla., plans to hire Invesco to run $3 million in international growth equities.
CalPERS CIO warns of lower equity returns in the future
trueCalPERS' CIO warned members of the pension fund's investment committee Monday that the six-year equity bull market that helped produce strong investment results is likely coming to an end.
Cambridge Retirement launches passive large-cap equity, infrastructure searches
trueCambridge (Mass.) Retirement System is searching for a passive large-cap value domestic equity manager to run about $80 million and an infrastructure manager to run $30 million in a core open-end fund.
Knoxville moves into global bonds, goes passive on large-cap growth equity
trueKnoxville (Tenn.) Pension Fund hired Standish Mellon Asset Management to run a $27 million global fixed-income portfolio.
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.
Top Philippine pension fund seeks higher equity allocation as bonds sink
trueGovernment Service Insurance System, with 860 billion Philippine pesos ($19.4 billion) of investible funds, plans to ask its board to raise the cap on equities to 30% of assets from 20%.
86% of U.S. large-cap managers trailed benchmark in 2014
trueS&P Dow Jones Indices said 86.44% of large-cap domestic equity managers underperformed the benchmark (the S&P 500 index) in 2014. The index had a total return of 13.69% - its third straight year of double-digit gains.
Washington State Investment Board taps 2 for emerging markets equity
trueWashington State Investment Board hired Brandes Investment Partners to manage up to $300 million and AQR Capital Management to run up to $500 million in emerging markets equity.
Indiana Public Retirement hires 2 for credit allocations, terminates 4 equity managers
truendiana Public Retirement System hired active fixed-income managers Oak Hill Advisors and Oaktree Capital Management to run $250 million and $100 million, respectively, in credit strategies.
St. Louis Employees picks 2 emerging managers for large-cap equities
trueSt. Louis Employees’ Retirement System hired TWIN Capital Management and Mar Vista Investment Partners to run a total of $12.5 million in active domestic large-cap equities.
Philadelphia Gas Works issues call for value equity managers
truePhiladelphia Gas Works Retirement Reserve is seeking an active domestic large-cap value equity manager to run $39 million and an active domestic small-cap value equity manager to run $23 million.
Sector correlations to Treasury yields during the current bull market
trueSince the bull market began in March 2009, weekly stock prices of seven S&P 500 companies have been negatively correlated with 10-year U.S. Treasury yields. Not surprisingly, the overwhelming majority (six of the seven companies) are utilities.
50 years of Berkshire Hathaway returns
trueBerkshire Hathaway’s 21.6% annualized return for the 50 years through 2014 was 11.7 percentage points higher than the S&P 500 index. The stock produced an astounding 1,826,163% overall gain during that period, compared to 11,196% for the S&P 500, according to the firm’s 50th anniversary letter to ...
Haverhill Retirement seeks passive U.S. large-cap core manager
trueHaverhill (Mass.) Retirement System is searching for a passive U.S. large-cap core equity manager to run about $13.6 million.
Top 15 Nasdaq companies when the index peaked in 2000
trueWith the Nasdaq composite eclipsing 5,000 for the first time since March 2000, P&I took a look at the makeup of the index the last time it was over 5,000. According to Nasdaq, on the day the index peaked (March 10, 2000), the combined valuation for composite companies was about $6.6 trillion. At ...