Key Takeaways
- • The primary source is a Top1000funds.com page index rather than a single article, listing several institutional investor interviews and reports, with the headline topic (PMT on infrastructure equity and stock concentration risk) not covered in the extracted body text.
- • Australian Retirement Trust's real estate head Mark Lee argues investors wrongly treated real estate as an easy asset class, as the A$20 billion portfolio prepares to double in five years.
- • Danish pension ATP received a 536-page external review urging it to cull risk, set formal portfolio benchmarks, and reduce private markets exposure after an 18-month review.
- • TfL Pension Fund reports hundreds of millions of pounds added through a bespoke benchmark in its Bridgewater Pure Alpha mandate and has cut equities to 18 per cent of the fund.
- • CalPERS' new deputy CIO for private markets, Anton Orlich, says its July total portfolio approach will not disrupt the private equity commitment pacing.
Summary
The Top1000funds.com page carrying the headline on PMT's infrastructure equity and stock concentration risk does not include that article's body text in the material available. The surrounding content covers a range of institutional allocator themes instead.
Australian Retirement Trust real estate head Mark Lee says the COVID downturn showed that treating real estate as an easy asset class was a key mistake for investors, and that property is not simply a "bond replacement with a slightly higher yield." With the A$20 billion portfolio preparing to double in five years, Lee argues future returns will depend increasingly on investors' ability to "sweat the assets."
Danish pension giant ATP has been urged by an external review committee to cull risk, establish formal portfolio benchmarks and reduce private markets exposures. The 536-page report followed an 18-month review of the fund's investment operations, and co-author Andrew Ang discussed the findings with Top1000funds.com.
Transport for London Pension Fund says a bespoke benchmark in its Pure Alpha mandate with Bridgewater has added hundreds of millions of pounds to the portfolio, according to chief investment officer Padmesh Shukla. He also explained the rationale for reducing equity to 18 per cent of the total fund and why emerging markets no longer offer the diversification or returns they once did.
CalPERS' deputy CIO for private markets, Anton Orlich, said the fund's July adoption of the total portfolio approach will not impede its private equity strategy launched in 2022. He argued that short-term relative-value calls would be expressed in liquid markets rather than through oscillating private markets commitments.
Australian Retirement Trust real estate head Mark Lee says the COVID downturn showed that treating real estate as an easy asset class was a key mistake for investors, and that property is not simply a "bond replacement with a slightly higher yield." With the A$20 billion portfolio preparing to double in five years, Lee argues future returns will depend increasingly on investors' ability to "sweat the assets."
Danish pension giant ATP has been urged by an external review committee to cull risk, establish formal portfolio benchmarks and reduce private markets exposures. The 536-page report followed an 18-month review of the fund's investment operations, and co-author Andrew Ang discussed the findings with Top1000funds.com.
Transport for London Pension Fund says a bespoke benchmark in its Pure Alpha mandate with Bridgewater has added hundreds of millions of pounds to the portfolio, according to chief investment officer Padmesh Shukla. He also explained the rationale for reducing equity to 18 per cent of the total fund and why emerging markets no longer offer the diversification or returns they once did.
CalPERS' deputy CIO for private markets, Anton Orlich, said the fund's July adoption of the total portfolio approach will not impede its private equity strategy launched in 2022. He argued that short-term relative-value calls would be expressed in liquid markets rather than through oscillating private markets commitments.
Go deeper than the headline
Research every firm in this story, track the ones that matter and get the daily briefing — free for 7 days.