Raising the bar for rebalancing
Simple mechanical rebalancing, unless structured correctly and applied narrowly, has the potential to damage performance
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Allocation Spotlight
Commentary, insights and strategic perspectives for today's institutional investors
In a low return environment, institutional investors are facing a myriad of challenges. The Allocation Spotlight aims to shed light on asset allocation themes that can help investors achieve their portfolio objectives.
Jared Gross
LATEST COMMENTARY
Beyond the core: A new model for allocations to fixed income supersectors
As the market transitions through a phase of inflation and rising rates, investors have an opportunity to reorient their fixed income strategy while taking advantage of a far more diverse opportunity set.
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Crowding-in, feedback loops and tipping points: The self-sustaining case for ESG
The alignment of vast pools of long-term capital with environmental, social and governance principles has the potential to generate positive returns for both society and portfolios.
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Deep Roots and New Branches: A Strategic Perspective on Timber Investing
Amid volatile markets, the capacity of timber to deliver steady returns with low volatility can improve portfolio efficiency while offering resiliency in the face of inflation and rising rates
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The Myth of Open-end Fund Underperformance
While the TWR for open-end funds is often about half the level of the IRR for closed-end funds, the multiples for both over a ten-year horizon are roughly the same.
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Bridging the tactical gap: Active management across beta sectors
As investors balance the need to take more risk in an environment of lower returns, tactical asset allocation strategies can increase returns, reduce risk concentrations and preserve valuable liquidity.
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Unlocking liquidity in real estate: The strategic case for REITs
Leveraging the transparency and liquidity of the public markets, REITs provide dynamic diversification across sectors and geographies, and incorporate flexibility within portfolios to move across the capital structure.
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Inflation is a problem; TIPS are not the answer
Making use of capital efficient inflation swaps in lieu of TIPS offers direct exposure to realized CPI inflation, positive real returns and risk, along with high liquidity that will allow for opportunistic rebalancing down the line.
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New Pathways to Income: Optionality
Combining disciplined call-writing with an active low volatility equity portfolio can provide institutional investors with a new and diversifying source of income.
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New pathways to income: Taking advantage of capital structure
Capital structure is an underutilized mechanism for generating income and the benefits real estate mezzanine debt offers investors, including attractively priced assets and superior risk diversification.
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How to approach ETF program design
Developing and implementing an ETF program may seem daunting, but the process—which makes use of common investment mechanisms—is relatively straightforward.
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Enhancing Tactical Flexibility with ETFs
The combination of using a highly liquid ETF vehicle alongside a traditional separate account may allow for both optimal liquidity management and active alpha generation.
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The ABCs of capital-efficient investing: Alpha, beta and collateral
Opportunities to add return in a low return world may be too valuable to pass up. Investors should consider the potential use of leverage to enhance the efficiency of scarce capital.
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Private Equity: Braced for a turn in rates?
A key question for investors today is how they should position their private equity portfolios for the next decade, given some tailwinds may soon turn into headwinds.
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