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Special Report on

Portable Alpha and Hedge Funds

portable alpha and hedge funds special research report Photo by
It seems that after losing their shirts in equity beta, a surfeit of pension funds are now swearing off portable alpha strategies.  Late last year, we discussed how the Pennsylvania State Employees Retirement System (SERS) had taken an equity bath during 2008.  And Pensions & Investments reports this week on two other major public plans – in Massachusetts and Colorado – that have opted to call it day when it comes to portable alpha.  Even the mythical California Public Employees Retirement System (CalPERS) has recently decided to wrap up its portable alpha program (Ed: Great reporting in these P&I pieces btw.  Well ...
though the merits of Bridgewater's investment philosophy took "20 years before [gaining] acceptance" within the investment industry. 6 Cite error: There are tags on this page, but the references will not show without a {{Reflist}} template or a tag; see the .
The Skorina Letter No. 12 « Charles Skorina & Company
transition from one CIO to another and there wasn’t much to see.  And that’s the point.  When you manage $13 billion of other people’s money, you want to do this kind of thing as quietly and seamlessly as possible. Mike Ross brought a cup of coffee to his successor, Eric Upin , then strolled on down the hall to another office.  Then Eric sat down in Mike’s chair without spilling a drop. This isn’t the first time they’ve done this drill.  Mike Ross was CIO at the Stanford Management Company until December 2005 when he was succeeded by… Eric Upin.  Déjà-vu all over again. Makena is one of ... market research, surveys and trends Ranks No. 1 Among Inc. 5000's Online Printing ...
The Power of COBOL, written by software and teaching expert Rui de Oliveira, is the most complete and user-friendly tutorial on the COBOL programming language currently available. Designed to be valuable for veteran programmers just as much as beginners new to the language, this book benefits from the author's many years of programming and instructional experience. Derided by some as an obsolete language that will eventually disappear, COBOL (COmmon Business Oriented Language) is proving itself -- since its official adoption in 1960 -- of being a remarkably powerful and resilient language that offers programmers worldwide ... market research, surveys and trends


How to Generate Alpha in a Predominantly Beta World - New York Times
Money managers have been stepping up their search for Wall Street's holy grail: an investment that consistently generates "alpha." While that may just be Greek to people far removed from Wall Street, when money managers talk about alpha, they are referring to investments that make money even when markets are slumping. It is the opposite of beta, the term applied to investments whose returns tend to track the market. With conventional beta investments in stocks and bonds earning low single digits, a growing list of money managers are pitching an alternative, known as portable alpha. This fancy sounding name refers ... industry trends, business articles and survey research
Russell Investments Global Survey: Alternatives Become Mainstream ...
Tacoma, WA — December 3, 2007 — Pension funds, endowments and foundations that responded to a recent survey across the world are forecasting that over the next two years they will dedicate an even larger slice of their total investment portfolio to private equity, hedge funds and real estate, according to the eighth global report on alternative investing released today by Russell Investments. As a percentage of total fund assets, institutional investors in North America, Europe, Japan and Australia expect increases in all of these alternative investments, with the one exception of Australian institutional investors ... industry trends, business articles and survey research
People moves
head of institutional clients UK and is responsible for developing relationships with UK institutions including family offices, fund of hedge funds, insurance companies and pension and endowment funds. Fitch joins from AXA Investment Managers where he was director of single strategy hedge fund sales with lead responsibility for the direct distribution of the single manager offering to institutional investors as well as providing specialist product support to the other distribution channels. Allison Yacker and Joseph Iskowitz have been elected as partners in Katten Muchin Rosenman ’s New York financial services group. ... market trends, news research and surveys resources
A Better Way To Do Asset Allocation
In the fall of 2003 I was sitting in the lobby of a major wealth manager. Curious, I picked up a copy of their latest research report and began reading the section on asset allocation. When finished, I remember thinking I had just read an art critic's review with lots of fancy words but no substance. As a long-time investment consultant and portfolio manager I certainly thought I knew all about asset allocation, yet, starting then, I came to realize I knew very little about the subject and, after years of polling, found few in the industry could define the process for portfolio optimization, explain the differences in asset ... market trends, news research and surveys resources


From portable alpha to alpha overlay
O'Hara, Neil, Portable Alpha and Hedge Funds - A Case Study, Futures. Industry, Sep/Oct 2005, 24-27. 5 For case studies see for example O'Hara (2005), ... technology research, surveys study and trend statistics
Massachusetts public retirement systems may consider “hedge funds” as a way to achieve additional diversification in their portfolios. The term “hedge funds” generally refers to unregulated investment products that seek absolute returns through the use of specialized investment strategies that are expected to have low correlation to the major financial markets. Products that involve strategies basically similar to those of traditional active management approaches will not be approved. Retirement systems seeking to invest in hedge funds should incorporate this sector into their long-term asset ... technology research, surveys study and trend statistics
Tilted Portfolios Hedge Funds and Portable Alpha 200605.indd
Tilted Portfolios, Hedge Funds, and Portable Alpha the three-factor model, is the average return on j that is not explained by the exposures ...
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What's the difference between private equity funds and hedge fund ...
I read in Business Weekly that pension funds, university endowments, and other big investors invest in hedge funds and private equity funds. An accompanying graph shows that private equity funds had much higher returns than hedge funds in 2006 and 2007, but also greater losses in 2008. What is the difference between the two? Do they invest in different products? If not, on what base would a pension fund choose whether to invest in one or the other? Thank you! Interesting question. The two represent different asset classes, with their own returns cycles. The pension funds and other endowments seek exposure to different asset ...
What is meant by a leveraged beta and structured beta? | LinkedIn ...
Equity Markets (3), Personal Investing (3), Job Search (1), Auditing (1), Planning (1), Bond Markets (1), Derivatives Markets (1), Hedge Funds (1), Retirement and Estate Planning (1), Ethics (1) Leveraged beta refers accounting for the degree of leverage ensconed in a capital structure, and making adjustments to the unlevered beta. Since beta is a measure of risk, this figure typicall will tell you the beta of the equity portion of the firm/stock you are looking at. Generally, the beta displayed for a stock is really the equity beta of the firm...which is the levered beta. I assume your question is in regard to estimating ...