All liquidity articles – Page 3
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Features
Liquid alternatives: How diversified is your DC default?
Analysis: Defined contribution default funds are facing the unenviable task of constructing diversified portfolios with limited budgets and a requirement for liquidity. Could liquid alternatives help?
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Features
Are diversified growth funds the place to be?
Analysis: Experts remain divided over the value offered by diversified growth funds. While DGFs offer a source of return that comes with reduced risk and daily pricing, they have come in for criticism in recent years over a perceived lack of performance and value.
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OpinionHow to prepare for the next stock market crash
Who knows whether another stock market crash is days, months or years away? Trying to call the top or the bottom of a market with perfect timing is, in general, a futile exercise.
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OpinionAre real assets the answer for cash flow negative schemes?
As more schemes think about how to invest for cash flow, real assets appear well placed to fill the space. But how are concerns over liquidity addressed, and what are the latest developments in the infrastructure market? Five experts share their views.
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OpinionLiquidity risk is here to stay
From the blog: Market liquidity is reducing. It's been an issue for a while, and it is only going to intensify. As such, it holds serious ramifications for investors globally.
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Opinion
What role does credit play in a portfolio?
How can schemes of different sizes get the best exposure, and is the asset class liquid when it needs to be? Bestrustees’ Bob Hymas, PGIM’s Jonathan Butler, PTL’s Richard Butcher, Redington’s Greg Fedorenko and Willis Towers Watson’s Chris Redmond discuss credit investment.
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Opinion
How can LDI be combined with cash flow delivery?
How should maturing pension schemes adapt their LDI strategies to meet increasing cash flow demands, and what solutions can help them navigate collateral issues? Axa Investment Managers' Jonathan Crowther, Barnett Waddingham's Sophia Heathcoat, Dalriada Trustees' Simon Cohen, Hymans Robertson's Alen Ong, Law Debenture's David Felder and Standard Life Investments' Mark Foster discuss.
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OpinionSeeing the wood for the trees: The ins and outs of investing in forestry
Analysis: Whether investing in the UK or overseas, forestry and timberland can be an attractive addition to a pension fund portfolio. So what should trustees be aware of before branching out into this asset class?
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FeaturesReuters scheme simplifies strategy in liquidity search
As part of a push to simplify its asset allocation and achieve greater liquidity, Reuters Pension Fund is exiting its property investments, putting some of the proceeds into a new buy-and-maintain mandate and an existing diversified growth fund.
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News
Monitoring crucial as transfer requests could creep up
Defined benefit schemes could see increased levels of transfer quotation requests as low gilt yields push values higher. Experts have said trustees should monitor request numbers and manage their liquidity accordingly.
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OpinionDC members and illiquid assets – a perfect match?
If you ask members of defined contribution pension schemes what they want, they would typically list, perhaps with some prompting: high investment returns, certainty, no negative performance, low charges and immediate access.
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OpinionTransaction costs – is there a problem, and how can it be solved?
A combination of increased regulation, a chastened banking sector, and large-scale bond market purchases by central banks (thereby reducing the available supply of readily tradeable securities) has led to a material reduction in market liquidity since the financial crisis in 2008.
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News
Illiquidity premiums move up agenda, but questions over cash flow remain
The new market liquidity regime will make it harder for pension schemes to access credit, says a new report, which recommends they take steps – in particular, to exploit illiquidity premiums – to protect themselves.
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Opinion
Innovation within the charge cap
DC Investment Quarterly: Ever since defined contribution funds have had to demonstrate value for money to members, they have sought to drive up performance of the investment strategy while controlling volatility.
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Opinion
What about cash flow: Balancing LDI and growth assets
Roundtable: Liability-driven investment can tie up a lot of cash. In the second part of this roundtable series, Bestrustees’ Huw Evans, HR Trustees’ Giles Payne, Aviva Investors’ Rakesh Girdharlal, KPMG’s Simeon Willis, Cambridge Associates’ Benoît Jacquemont and P-Solve Asset Solutions’ Barbara Saunders discuss if there is still room for schemes to absorb illiquidity.
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NewsIs your scheme in the know about securities lending?
Investment experts have laid out the steps schemes should take to minimise risks when allocating to securities lending, and warned of the potential they face for illiquidity and loss of voting rights.
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OpinionEmerging markets: Out of adversity comes opportunity
Emerging market equities have for the most part delivered stellar returns since the turn of the century, having enjoyed a prolonged period of strong economic growth, fast-growing domestic consumption and appreciating currencies.
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Opinion
What fixed income ETFs can bring to your portfolio
Investors in fixed income markets are having to deal with persistently low or even negative yields, the potential for increased volatility – such as recent worries about China – and a lack of clarity over when the US Federal Reserve will start raising rates.
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News
East Riding moves deeper into niche alts in hunt for yield
East Riding Pension Fund has pushed further into the alternatives space over the past 12 months with an £80m investment in social housing plus increased allocations to aircraft leasing and healthcare royalties.
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OpinionEditorial: Confronting liquidity risk
Appraisals from audience members exiting the auditoriums at last week’s National Association of Pension Funds’ investment conference was that the sessions were ‘interesting’ or ‘insightful’ – for some, so much so that they were fizzing with enthusiasm.
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