Browsing: Allocating to Alts

Allocating to Alts

Bitcoin and Ethereum Derivatives – A First Step for Institutions?

Mar 23rd, 2021 | Filed under: Newly Added, Institutional Investing, What about beta?, Digital currencies, The Alts Industry, Commodities

By Keith Black, PhD, CFA, CAIA, FDP, Managing Director of Content Strategy, CAIA Association In February 2020, IPE asked whether the $200 billion cryptocurrency market was of interest to institutional investors. While the premise was tempting, few institutions made the allocation, due to challenges and uncertainty in custody while questioningRead More


The Art of Due Diligence, Part II: The Good News for Emerging Managers

Mar 2nd, 2021 | Filed under: Due Diligence Process, Newly Added, Asset Managers, Operations, Institutional Asset Management, Risk Management Strategies & Processes, Risk Management & Operations

By Keith Black, PhD, CFA, CAIA, FDP, Managing Director, Content Strategy, CAIA Association, and Mark S. Rzepczynski, PhD, CEO, AMPHI Research and Trading Managing alternative assets is especially competitive for small and emerging managers. At the end of 2020, HFR data shows that the private hedge fund industry had $3.6Read More


Why Lagging Pensions Should Consider Private Debt

Feb 23rd, 2021 | Filed under: Debt Types of Private Equity, Newly Added, Institutional Investing, Venture capital, Private Investments

By Zack Ellison, CFA, CAIA and Guy Pinkman, CPPT Watch our recent webcast series co-hosted with the CAIA SoCAL Chapter to hear more from these authors. Watch the replay of Session 1, featuring Guy Pinkman, or register to join Session 2, featuring Zack Ellison, on March 2 at 9:00 amRead More


Enhancing an Income Portfolio with Factor Design

Feb 21st, 2021 | Filed under: Newly Added, Risk management, Asset Allocation Models, Risk Management Strategies & Processes

By Daniel Fang, CFA, CAIA, Lead Portfolio Manager at Emotomy, and Sabrina Bailey, CEO at Emotomy Interest Rates to Stay Lower for Longer Since the Great Financial Crisis, central banks across all major economies have kept interest rates low to stimulate economic growth (See Exhibit 1). This trajectory took aRead More


Lenders: Project Financing Availability is Key to EGD’s Success

Jan 24th, 2021 | Filed under: Real Estate, Infrastructure, Newly Added, Institutional Investing, Other Issues in Private Investments, Operationally Intensive Real Assets, ESG, Institutional Asset Management, Private Investments, Real Assets

EUPOPEAN GREEN DEAL – TOWARDS A ZERO-CARBON URBAN ENVIRONMENT, Part 5 By Christos Angelis, CAIA – Director at Masterdam This is the fifth article in this series. For Part 1, please click here. LENDERS TO PLAY A MAJOR ROLE IN THE SUCCESS OF EGD As discussed in previous articles, theRead More


The New ESG Guardians: Sovereign Investment Funds to Shape the Future Digital Economy

Jan 12th, 2021 | Filed under: Newly Added, Institutional Investing, ESG, Institutional Asset Management, Allocating to Alts, Other Topics in Alts

By Winston Ma, CFA & Esq – Adjunct Professor, NYU School of Law Who holds the power in financial markets? For many, the answer would probably be the large investment banks, big asset managers and hedge funds that are often in the media’s spotlight. But more and more a newRead More


Private Equity and the Leverage Myth

Jan 6th, 2021 | Filed under: Private Equity, Debt Types of Private Equity, Newly Added, Asset allocation, Equity Types of Private Equity, Asset Allocation Models, Private Investments

By William Kinlaw, CFA This article offers commentary and highlights from “Private Equity and the Leverage Myth” by Megan Czasonis, William Kinlaw, Mark Kritzman and David Turkington in The Journal of Alternative Investments. You can read the full paper here.  The private equity market is on an astonishing growth trajectory.Read More


Finally, Hindsight Is 2020

Jan 3rd, 2021 | Filed under: Private Equity, Newly Added, Asset allocation, What about beta?, Asset Allocation Models, Alternative Investments in Context, Institutional Asset Management, Hedge Funds, Private Investments, Other Topics in Alts

By Aaron Filbeck, CFA, CAIA, CIPM, FDP – Director, Global Content Development at CAIA Association Well…we made it. This has been the longest decade year of our lives. Whether it’s been personal or professional circumstances, or simply having been an investor in this market, none of us could escape theRead More


Strategic Portfolio Construction with Private Equity

Dec 8th, 2020 | Filed under: Private Equity, Newly Added, Asset allocation, Equity Types of Private Equity, Asset Allocation Models, Other Issues in Private Investments, Private Investments

By Giulio Renzi-Ricci, Senior Investment Strategist, Vanguard  Investor interest in private equity has been rising over the last two decades. Today private equity represents a growing opportunity for multiasset portfolios, offering the potential to significantly outperform public investments. In a new research paper, we examine the role private equity canRead More


The New Generation of Behavioral Finance

Nov 26th, 2020 | Filed under: Newly Added, Risk management, Asset allocation, Behavioral finance, Socially responsible investing, Asset Allocation Models, ESG, Economics, Risk Management Strategies & Processes, Hedge Funds, Macroeconomics, Finance & Economics

Meir Statman, a professor of finance at Santa Clara University and a consultant to Avantis Investors, has focused his scholarly efforts for decades on behavioral finance, and those efforts have given us a recent book on the subject, Behavioral Finance: The Second Generation. In Statman’s view the first generation ofRead More


Measuring the Inflation Risk of Three ‘Inflation-Hedges’

Nov 24th, 2020 | Filed under: Newly Added, Risk management, The Global Economy & Currencies, ETFs, Economics, Risk Management Strategies & Processes, Macroeconomics, Commodities, Allocating to Alts, Finance & Economics

By Doris Bao, FRM and Alex Botte, CFA, CAIA, Client Solutions Research team at Two Sigma In our previous post on inflation, we covered how the Local Inflation risk factor in Venn, Two Sigma’s risk analytics platform, is constructed and we reviewed its historical performance. The primary conclusion was thatRead More


Starting Early: The Growing Need for Financial Literacy in the United States

Nov 22nd, 2020 | Filed under: Retail Investing, Newly Added, Alternative Investments in Context, Allocating to Alts, Other Topics in Alts

Dr. Greg Filbeck, CFA, FRM, CAIA, CIPM, PRM Investors are increasingly looking toward the private markets as an output for their investment dollars to increase risk-adjusted performance. Historically, such direct investment required an investor to qualify as an accredited investor. Recently, guidelines to qualify as an accredited investor have broadenedRead More


Keynes vs. Markowitz ‘Thrilla in Portfolia’

Nov 19th, 2020 | Filed under: CAPM / Alpha Theory, Financial Economics Theory, Newly Added, Risk management, Asset allocation, CAIA Alternative Viewpoints, Asset Allocation Models, Risk Management Strategies & Processes, Hedge Funds, Finance & Economics

By Hossein Kazemi, PhD, CFA, CAIA Association, FDP Institute, and Isenberg School of Management Introduction While Keynes vs. Markowitz is not as thrilling as Ali vs. Frazier, it has important implications for investors when selecting funds and investment managers when constructing portfolios.  In this “fight,” we have in one cornerRead More


What Is the Future of Alternatives?

Nov 17th, 2020 | Filed under: Private Equity, Newly Added, Institutional Investing, Asset allocation, Asset Allocation Models, ESG, Institutional Asset Management, Hedge Funds, Private Investments, Other Topics in Alts

By Grant Murgatroyd, senior writer EMEA at Preqin Preqin predicts that alternative assets under management will rise to $17.2 trillion in 2025. We believe the COVID-19 induced slowdown in 2020 will be temporary and lead to a larger, more efficient, and more sustainable industry. Assets under management (AUM) in alternativesRead More


Save (Us All) for Retirement

Nov 15th, 2020 | Filed under: Performance, Analytics & Metrics, Newly Added, Asset allocation, What about beta?, Asset Allocation Models, Allocating to Alts

By Aaron Filbeck, CFA, CAIA, CIPM We have not been shy in our assessment of the current state of retirement. As we know, defined benefit plans face a tough road ahead as lofty actuarial assumptions have barely budged and regular distributions are hardly being backfilled with contributions. But what aboutRead More


OECD Works on Sorting Through the ESG Ratings Systems

Nov 8th, 2020 | Filed under: Newly Added, Risk management, Socially responsible investing, ESG, ETFs, Risk Management Strategies & Processes, SRI and Clean Energy, Other Topics in Alts

A report from the Organization for Economic Cooperation and Development critiques “current market practices” in connection with Environmental, Social, and Governance investing. It says that the bewildering ratings, investment terminology, and individual metrics, “present a fragmented and inconsistent view of ESG risks and performances.” On the bright side, the OECDRead More


Retirement’s Mid-Life Crisis

Sep 22nd, 2020 | Filed under: Private Equity, Newly Added, Institutional Investing, Asset allocation, Asset Allocation Models, Other Issues in Private Investments, Alternative Investments in Context, Institutional Asset Management, Hedge Funds, Private Investments, Allocating to Alts

By Rob Croce, PhD – Managing Director and Portfolio Manager at Mellon & Aaron Filbeck, CAIA, CFA, CIPM – Associate Director of Content Development at CAIA Association In 2000, United States 10-year government bonds rates were 6% and the median U.S. public pension plan had an actuarial return assumption ofRead More


Size, Expertise, and What Really Matters in Fund Selection

Sep 15th, 2020 | Filed under: Industry Size & Managers, Newly Added, Institutional Investing

Lydia Ofori, CFA, CAIA Chief Executive Officer at Victoria Lion Partners Private assets have come of age, in part thanks to an over stretched liquid market which has led to little or no room for alpha generation, and also due to a growing familiarity of the concept of private ownershipRead More


AI, What Have You Done for Me Lately?

Sep 10th, 2020 | Filed under: Newly Added, Fintech, Artificial Intelligence, ETFs, Machine Learning, Hedge Funds, Allocating to Alts, Other Topics in Alts

By Nicolas Rabener of FactorResearch (@FactorResearch) INVESTING IN AI VERSUS AI INVESTING “AI will probably most likely lead to the end of the world, but in the meantime, there’ll be great companies.” – Sam Altman If investors are looking for that one great AI company that will also end theRead More


From impact intention to impact management: Are you ready for the change?

Sep 7th, 2020 | Filed under: Newly Added, Asset allocation, Asset Allocation Models, Other Issues in Private Investments, Alternative Investments in Context, ESG, Private Investments, Other Topics in Alts

By Sara Olsen and David Pritchard of SVT Group and Yuwei Shi of Middlebury Institute of International Studies at Monterey *Please take a moment to complete the brief survey at the conclusion of this article. Every investment generates or destroys social and environmental value, aside from financial return. One ofRead More


Regulatory Bread and Circuses 

Aug 31st, 2020 | Filed under: Retail Investing, Newly Added, What about beta?, Other Issues in Private Investments, Business News, Private Investments, Allocating to Alts, Other Topics in Alts

By Bill Kelly, CAIA Association CEO Pictured above is the bust and the borrowed line of Juvenal, a Roman poet from the late first century. His cynical reference to bread and circuses was simply to say: feed and entertain the masses and they will forget what they wanted in the first place. The announcement this week from the SEC regarding their final ruling on amendments to the definition ofRead More


Is the US Stock Market Overvalued? A Back-of-the-Envelope Calculation

Aug 16th, 2020 | Filed under: Performance, Analytics & Metrics, Financial Economics Theory, Newly Added, The Global Economy & Currencies, Economics, Macroeconomics, Finance & Economics

By Hossein Kazemi, The CAIA Association & The Isenberg School of Management In recent weeks, hundreds of research reports and many more blogs and commentaries have discussed the current valuation of the US stock market.  With the economy in a recession and corporate profits and GDP down by double digits,Read More


Applying Occam’s Razor to Factor Analysis

Aug 12th, 2020 | Filed under: Newly Added, Asset allocation, Asset Allocation Models, Allocating to Alts

By Alex Botte, CFA, CAIA, Vice President, Two Sigma The principle of Occam’s razor states that, in searching for explanations or solutions to problems, “entities should not be multiplied unnecessarily.” If one has various models that arrive at the same outcome, one should choose the one with the fewest assumptions. InRead More


Do You Know Your ABZ’s?

Aug 10th, 2020 | Filed under: Retail Investing, Newly Added, Institutional Investing, What about beta?, Other Issues in Private Investments, Smart Beta, Institutional Asset Management, Liquid Alternative Investiments, Private Investments

By Bill Kelly, CEO, CAIA Association Perhaps the most prescient definition of alpha is simply undiscovered beta, and if you look at this idea through the quinquagenarian endowment model, you might just see the point. In the good old days, investment performance and alpha were one in the same. Along cameRead More


Putting 2020 into Perspective: Diversification May Work Better than You Think

Aug 6th, 2020 | Filed under: CAPM / Alpha Theory, Financial Economics Theory, Newly Added, Risk management, Asset allocation, Asset Allocation Models, Alternative Investments in Context, Institutional Asset Management, Risk Management Strategies & Processes, Hedge Funds, Allocating to Alts

By Rodney Sullivan, CFA, CAIA, Executive Director, University of Virginia Darden School of Business US recessions are typically accompanied by declines in stock market returns and, of course, 2020 has been no exception. We are once again reminded that investing is not easy leaving many investors to wonder how bestRead More


Will the DOL Decision on Private Equity Impact the Democratization of Alternative Investments?

Aug 4th, 2020 | Filed under: Retail Investing, Private Equity, Newly Added, Asset allocation, Equity Types of Private Equity, Asset Allocation Models, Liquid Alternative Investiments, Private Investments, Allocating to Alts

By Rashad Kurbanov, CEO & Co-Founder at iownit capital and markets Alternative investments have been around for decades and have been a part of institutional investment portfolios for the majority of the time. Institutional investors have increasingly allocated their investment capital to these investments with an expectation that they willRead More


Understanding the Limitations of Liquid Alternatives

Jul 30th, 2020 | Filed under: Retail Investing, Hedge Fund Strategies, Newly Added, Alternative Mutual Funds, 130/30, Liquid Alts, Alternative Investments in Context, Smart Beta, Hedge Funds, Liquid Alternative Investiments, Allocating to Alts

By Shana Sissel, CAIA, Spotlight Asset Group More than a decade ago the world of alternative investments witnessed hedge-fund-inspired Investment Act of 1940 (40 Act) funds appear on the scene. Much like their private alternative counterparts, liquid alternatives offer valuable diversification benefits within traditional portfolios, but it’s important to keepRead More


Hedge Funds and Private Equity—Building Bridges—Or Not

Jul 27th, 2020 | Filed under: Private Equity, Debt Types of Private Equity, Newly Added, Asset Managers, Institutional Investing, Venture capital, Asset allocation, Equity Types of Private Equity, Asset Allocation Models, The Alts Industry, Institutional Asset Management, Hedge Funds, Private Investments

Alternative investment managers were evolving in the context of changing market conditions even before the Covid-19 pandemic, although the virus has speeded up the process. What is emerging is an alternatives landscape where pure-play hedge funds will be rare. That is one of the conclusions of a new study byRead More


An ‘Alternative’ Safe-Haven

Jul 26th, 2020 | Filed under: Performance, Analytics & Metrics, Newly Added, Risk management, Asset allocation, Asset Allocation Models, Risk Metrics and Measurement, Risk Management Strategies & Processes, Allocating to Alts

By Karl Rogers, ACE Capital Investments Abstract: The sovereign bond market has traditionally been a widely used tool for portfolio construction given its dual characteristics of returning a real yield with a negative correlation to equity markets – providing both a real return expectancy and portfolio protection. Given the zero-lower-boundRead More


Impact Investing Won’t Save Capitalism, But Its Example Might

Jul 22nd, 2020 | Filed under: Private Equity, Social investing, Newly Added, Asset allocation, Socially responsible investing, Equity Types of Private Equity, Asset Allocation Models, Other Issues in Private Investments, ESG, Private Investments, SRI and Clean Energy, Other Topics in Alts

By Michael O’Leary and Warren Valdmanis GIIN’s 10th Anniversary report highlights new records, but what’s the endgame? When the Global Impact Investing Network (GIIN) issued its first survey a decade ago, the term “impact investing” had only been coined three years earlier. Just 24 investors responded. In GIIN’s tenth anniversaryRead More


‘Expectations Will Increase’ on E(E)SG

Jun 30th, 2020 | Filed under: Newly Added, Asset allocation, Asset Allocation Models, ESG, Allocating to Alts, Other Topics in Alts

 Adam O. Emmerich of the corporate and securities law firm Wachtell Lipton in a recent memo cautioned the firm’s corporate clients that the expectations on them with regard to transparency on environmental, social, and governance matters will increase in the months ahead. His emphasis is on the social part ofRead More


The Inflation-Deflation Debate and its Implication for Asset Allocation 

Jun 28th, 2020 | Filed under: Newly Added, Risk management, Asset allocation, Asset Allocation Models, Alternative Investments in Context, Risk Management Strategies & Processes, Allocating to Alts, Finance & Economics

By Alan Dunne, Managing Director, Abbey Capital One of the key questions facing investors at the moment is whether inflation or deflation represents the bigger risk for the coming years. Economists are split on this and one of the reasons for the uncertainty is that COVID-19 represents both a supplyRead More


The Allusivity Premium

Jun 22nd, 2020 | Filed under: Retail Investing, Newly Added, Institutional Investing, What about beta?, Liquid Alts, Alternative Investments in Context, Smart Beta, Institutional Asset Management, Liquid Alternative Investiments, Other Topics in Alts

By Bill Kelly, CEO, CAIA Association Since this What About Beta column started about two years and almost 75 entries ago, the goal has always been to take a CAIA article, a relevant news story, or an industry trend and amplify it, replete with an occasional catchy title, and maybeRead More


SAVING THE WORLD BY ‘TECHNOLOGIZING’ INSTITUTIONAL INVESTMENT

Jun 21st, 2020 | Filed under: Newly Added, Alternative data, Institutional Investing, Technology, Artificial Intelligence, Alternative Investments in Context, ESG, Endowments & Foundations, Climate change, Institutional Asset Management, Machine Learning, Other Topics in Alts

By Ashby Monk, Executive and Research Director at Global Projects Center, Stanford University & Dane Rook, Research Engineer at Global Projects Center, Stanford University “The world needs institutional investors to save society as we know it.” Say these words to your mother, and she may check your temperature; say them at aRead More


UK Stewardship Code: Stepping Up as Corporate Guardians

Jun 14th, 2020 | Filed under: Newly Added, Institutional Investing, ESG, Institutional Asset Management, Other Topics in Alts

It has been 10 years since the United Kingdom introduced a Stewardship Code, drawn up by its Financial Reporting Council (FRC), a quasi-governmental agency. The code was meant to remedy some of the inadequacies in the system of corporate governance that, it was thought, the crises of 2007-2008 had revealed.Read More


A Target Date for Target Dates

Jun 8th, 2020 | Filed under: Consultants, Retail Investing, Private Equity, Newly Added, Alternative Mutual Funds, Asset allocation, Equity Types of Private Equity, What about beta?, Asset Allocation Models, Other Issues in Private Investments, Institutional Asset Management, Private Investments, Allocating to Alts

By Aaron Filbeck, CAIA, CFA, CIPM | Associate Director, Content Development at CAIA Association While every retirement plan participant has unique life and planning circumstances, they generally (and almost evenly) split into two broad categories regarding investment philosophies: the do-it-yourself crowd and the do-it-for-me crowd. The do-it-yourself crowd typically followsRead More


Hedge Funds and 2 Economic Crises: Focus on Systematic and Algorithmic Hedge Funds

May 28th, 2020 | Filed under: Hedge Fund Industry Trends, Hedge Fund Strategies, Newly Added, CAIA Alternative Viewpoints, Hedge Funds, Structure of the Hedge Funds Industry, Allocating to Alts

By Hossein Kazemi, PhD, CFA, Senior Advisor at CAIA Association During the Global Financial Crisis (GFC), the role of hedge funds and their potential to provide significant downside protection was hotly debated. The same debate has resurfaced earlier this year again when markets for risky assets experience double-digit declines withinRead More


Nowcasting Endowment Returns

May 21st, 2020 | Filed under: Newly Added, Institutional Investing, Asset allocation, CAIA Alternative Viewpoints, Asset Allocation Models, Endowments & Foundations, Institutional Asset Management

By Hossein Kazemi, PhD, CFA, Senior Advisor at CAIA Association, and Aaron Filbeck, CAIA, CFA, CIPM, Associate Director, Content Development at CAIA Association “There are at least two kinds of games. One could be called finite, the other infinite. A finite game is played for the purpose of winning, an infiniteRead More


Time-varying Equity Volatility Markedly Affects Hedge Fund Performance

May 19th, 2020 | Filed under: Performance, Analytics & Metrics, Hedge Fund Strategies, Newly Added, Risk management, Benchmarking & Performance Attribution, Risk Management Strategies & Processes, Hedge Funds, Structure of the Hedge Funds Industry

By Masao Matsuda, CAIA, FRM, Founder, Crossgates Investment and Risk Management One would think hedge funds can weather market gyrations better than long-only equity investments as hedge funds have greater flexibility in determining the levels of market exposure.  However, while some individual hedge funds may have been successful in adverse marketRead More


ETFs, Systemic Risks, and a Real-Time Test

May 5th, 2020 | Filed under: Retail Investing, Newly Added, Liquid Alts, ETFs, The Alts Industry, Liquid Alternative Investiments

ETFs are one of the routes by which once alternative and elite-access-only strategies have become democratized or gone retail. As a result of this trend, we have synthetic ETFs, smart beta ETFs, leveraged ETFs, and inverse ETFs. A recent study study provides some reassurance about concerns that have motivated kickbackRead More


Time-varying Volatility Adds a Critical Dimension to Diversification

Apr 21st, 2020 | Filed under: Newly Added, Risk management, The Alts Industry, Risk Management Strategies & Processes, Allocating to Alts

By Masao Matsuda, CAIA, FRM, Founder, Crossgates Investment and Risk Management In January 2020, the CAIA New York Chapter organized an event titled “Volatility? Downside Protection? Asset Allocation & Factor Management Tools for the Coming Decade.”[i] In retrospect, the event was uncannily prescient, as just a few months into the newRead More


Next Customer!

Apr 20th, 2020 | Filed under: Newly Added, Institutional Investing, Asset allocation, What about beta?, Asset Allocation Models, Alternative Investments in Context, Institutional Asset Management

By Bill Kelly, CAIA Association CEO Our story starts with a former Eagle Scout known as Barber. While his name had absolutely nothing to do with his ultimate professional calling, Barber Conable did, perhaps unwittingly, become the Sweeney Todd of the defined benefit plan. Barber Conable lived a noble lifeRead More


Peeling Back the Wrapper of Hedge Fund Strategies

Apr 13th, 2020 | Filed under: CAPM / Alpha Theory, Hedge Fund Strategies, Alpha & Beta, Equity Hedge Funds, Newly Added, Institutional Investing, Alpha Strategies, Event-Driven Hedge Funds, CAIA Alternative Viewpoints, Liquid Alts, Institutional Asset Management, Macro and Managed Futures Funds, Hedge Funds, Relative Value Hedge Funds, Liquid Alternative Investiments, Allocating to Alts, Other Topics in Alts

By Aaron Filbeck, CAIA, CFA, CIPM, Associate Director, Content Development at CAIA Association During CAIA Association’s most recent Virtual Chapter event, Keith and I (virtually) sat down with Chris Tidmore, CFA, CPA at The Vanguard Group to discuss Vanguard’s recent whitepaper, “The Wrapper Matters: Comparing Liquid Alternatives to Hedge Funds”Read More


Where has all the diversification gone?

Apr 7th, 2020 | Filed under: Newly Added, Liquid Alts, The Alts Industry, Liquid Alternative Investiments, Allocating to Alts, Other Topics in Alts

By Beth Anne Byrne and Kara O’Halloran, FS Investments Warren Buffett’s famous quote reads “You only learn who has been swimming naked when the tide goes out”. The tide is most certainly out now, and many portfolios have been exposed. The historic bull market has ended, and with it theRead More


Be Direct with Me, Please!

Mar 19th, 2020 | Filed under: Private Equity, Newly Added, Institutional Investing, Venture capital, Equity Types of Private Equity, CAIA Alternative Viewpoints, High-net-worth investors, Endowments & Foundations, Family Offices, Private Investments

By Aaron Filbeck, CAIA, CFA, CIPM Associate Director, Content Development at CAIA Association Original Article: “Direct Investments” by Paul Kenny, AIAR Volume 8, Issue 3 Viewpoint Author: Aaron Filbeck, CFA, CAIA, CIPM Excerpted from the Alternative Investment Analyst Review, Volume 8, Issue 3 The Alternative Investment Analyst Review is theRead More


‘Access to private capital benefits should not require premier status’

Mar 19th, 2020 | Filed under: Newly Added, Asset allocation, CAIA Alternative Viewpoints, Asset Allocation Models, Institutional Asset Management

John Bowman, CFA, Senior Managing Director at CAIA Association “If the devil can quote Scripture, in his spare time he might be working on private capital return methodology.” So uttered Bill Elfers in 1995, founder of Greylock Capital and arguably modern venture capital itself. Eleven years later in 2006, HowardRead More


Diversification: The Only Free 3-Course Meal?

Mar 17th, 2020 | Filed under: Newly Added, Asset allocation, CAIA Alternative Viewpoints, Asset Allocation Models, Allocating to Alts

By Aaron Filbeck, CAIA, CFA, CIPM | Associate Director, Content Development at CAIA Association Depending on the day this blogpost is published, equity markets could be up 10% or down 10%. I guess timing blogposts is just as hard as timing the market these days. We often refer to diversificationRead More


ESG ETFs: A Warning About Opacity

Mar 15th, 2020 | Filed under: Newly Added, Liquid Alts, ESG, ETFs, The Alts Industry, Liquid Alternative Investiments, Other Topics in Alts

A recent paper by two legal scholars warns of the absence of transparency, of the opacity, that investors may face in ESG funds and ESG exchange-traded funds. “Buyer Beware: Variation and Opacity in ESG ad ESG Index Funds,” is the work of Dana Brackman Reiser and Anne M. Tucker, whoRead More


Diversification Strikes Back!

Mar 13th, 2020 | Filed under: Real Estate, Private Equity, Hedge Fund Strategies, Newly Added, Asset allocation, CAIA Alternative Viewpoints, Asset Allocation Models, Institutional Asset Management, Real Estate Equity Investments, Risk Management Strategies & Processes, Hedge Funds, Private Investments, Real Assets, Allocating to Alts

By Aaron Filbeck, CFA, CAIA, CIPM, Associate Director, Content Development at CAIA Association, and Keith Black, PhD, CFA, CAIA, FDP, Managing Director, Content Strategy at CAIA Association “Diversification is back” – now that’s not a phrase we’ve heard in a long time…long time. Considering recent market performance, we thought thatRead More


Positioning for Late Cycle with Defensive Equity

Mar 12th, 2020 | Filed under: Newly Added, Allocating to Alts

By Aaron Filbeck, CFA, CAIA, CIPM, Associate Director, Content Development at CAIA Association Excerpted from the Alternative Investment Analyst Review, Volume 8, Issue 2 The Alternative Investment Analyst Review is the official publication of the CAIA Association. Access to the most current issue is an exclusive benefit of CAIA MembershipRead More