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Portfolio policy
Feb 2017
Portfolio policy

Passively accepting market returns: Risky business for defined contribution...

Author: Chris Goolgasian, CFA, CPA, CAIA

Key points Low expected capital market returns call into question the adequacy of index-tracking passive investments alone to help participants become retirement-ready. As co-fiduciaries, we believe that...


Equity long/short funds: Are the good times gone or does skill still matter?

Author: Matthew Scales, CFA

Since the Global Financial Crisis (GFC), the world has been awash in liquidity. The prolonged and unprecedented use of monetary stimulus has stabilized growth, returned major developed markets to full...

File under: Desire for upside, fear of downside: Can alternatives help?, Preparing for reflation and rising rates


Tax reform and long bond supply: An "early mover" advantage for US corporate...

Authors: Bill Cole, CFA, CAIA, ...

Corporate tax cuts are a key component of President Trump's tax plan. While there are many details still to be ironed out, it seems likely that lower corporate tax rates are on the horizon. In this paper, we...

File under: New directions in liability-driven investing

Jan 2017
Portfolio policy

Narrowing the return gap: 10 steps in the right direction

Author: Adam Berger, CFA

Many institutional investors, from public and private pensions to endowments and foundations, are stuck between a rock and a hard place. Their return targets remain relatively high, while capital market return...

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