This paper discusses the qualified professional asset manager (QPAM) exemption, an established, ERISA-approved exemption related to private investing programs. The US Department of Labor (DOL) published its Final Amendment of the exemption on April 3, 2024 which will be effective as of June 17, 2024. Plans wishing to undertake a QPAM transaction should consult with […]
November 2023
The shifting geopolitical realities between the United States and China have already impacted trade and investment flows. In this two-part series of VantagePoint, we review this reality and consider investment implications alongside those of other key factors—such as domestic structural developments, macroeconomic conditions, and valuations. In Part I, we focused on opportunities in China specifically. […]
November 2023
The shifting geopolitical realities between the United States and China have already impacted trade and investment flows. In this two-part series of VantagePoint, we review this reality and consider investment implications alongside those of other key factors—such as domestic structural developments, macroeconomic conditions, and valuations. In Part I, we focus on opportunities in China specifically, […]
October 2023
The importance of portfolio diversification gained new currency following the down market of 2022, which showcased the frailties of the traditional 60/40 portfolio and left many investors scrambling for protection. For pension funds looking to meet this need, we believe insurance-linked securities (ILS) can be a good fit. While implementation and benchmarking are less straightforward […]
October 2023
Yes. Municipal (muni) bonds have recently outperformed taxable equivalents before taxes and the tax advantage of high-quality munis has grown as interest rates have gone up. We recommend a neutral allocation to high-quality munis in taxable portfolios. Beyond the high-quality space, muni closed-end funds (CEFs) have the potential to deliver compelling after-tax returns. The previous […]
October 2023
Creating portfolios that are customized to a family’s unique investment goals and risk tolerance requires ingenuity and flexible thinking. However, the execution of risk management should be more systematic. It depends on setting clear frameworks to monitor risks, consistently implementing those frameworks to ensure one’s understanding of the portfolio remains current, and regularly communicating the […]
October 2023
Lucrecia Tam, a senior investment director at Cambridge Associates, discusses the importance of stewardship with Andrew Holt, Deputy Editor at portfolio institutional. What for you are the key component parts of effective stewardship? The way we approach stewardship is to evaluate the culture that is set in the context of long-term ownership – our […]
October 2023
To accelerate net zero objectives, investors are well placed to leverage their voice as asset owners through stewardship and engagement activities with investments not aligned with a net zero pathway. Climate-related engagement can yield significant positive outcomes, and there are multiple ways to engage depending on an investor’s capacity and resources. Recent research shows that […]
October 2023