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Benchmark design for an active investment process

Choosing the appropriate benchmark for active managers is a common debate among institutional investors. Norges Bank Investment Management has produced a “discussion note’ on the benchmark design for an active investment process, in which it introduces a flexible modelling framework that aims to incentivise each portfolio manager to utilise their stock-picking skill.   The benchmark […]
Amanda WhiteNovember 28, 2014
Investor Profile

AP4 positioned for success

A strong belief in active management, trust in the skills and capabilities of its team, and a low-cost commercial approach has resulted in the Swedish AP4 producing its best ever performance – 16.4 per cent after expenses in 2013. Amanda White spoke to chief executive, Mats Andersson. It’s a neat story for the SEK260 billion […]
Amanda WhiteJuly 16, 2014
Research

Scale and skill in active management

This paper by the Becker Friedman Institute for Research in Economics at the University of Chicago finds that the active management industry has become more skilled over time. But despite this rise in skill, average fund performance has failed to improve. To access the paper click below Scale and skill in active management  
Amanda WhiteMay 21, 2014
Investor Profile

Better beta bets pay off for UTAM

The $6.6 billion University of Toronto Asset Management made some significant active tilts last year resulting in the return on the university’s main portfolio exceeding target return by about 10 per cent. Amanda White spoke to president and chief executive, Bill Moriarty.   Last year was a reasonably easy environment in which to make better […]
Amanda WhiteApril 16, 2014
Research

How active is your real estate fund manager?

Using detailed data from IPD, this paper looks at the holdings and performance of 256 UK commercial real estate funds from 2002-2011. It concludes the more active funds, those further from benchmark holdings, outperform but are not accompanied by higher risk.   To access the paper click here How active is your real estate fund […]
 February 28, 2014
Investment Think Tanks

Active management: turning the argument on its head

One of the enduring areas of asset management academic study, and practitioner query, is whether or not managers have skill. In his work, professor of finance at Stanford, Jonathan Berk, shows the answer doesn’t lie in returns but in manager compensation.   Determining whether active skill exists is not the same as looking at whether […]
Amanda WhiteFebruary 5, 2014
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