The author explores the advantages and disadvantages of the outsourced CIO model relative to non-discretionary models and suggests how investors might think about choosing between the two models.
In this FOX Fall Forum presentation, Donald Putnam considered how families and family offices are increasingly focused on risk and their own goals when managing portfolios. This has implications for modern portfolio theory and the widely followed endowment investment model. Putnam shared his thoughts about how to look at a portfolio’s risk profile and whether current practices in the private wealth management industry offer an adequate way forward.
The authors offer insight into how to minimize the down side and maximize recovery in failed investments by providing an initial framework to ensure the right alternatives are identified and evaluated and the most appropriate courses of action are selected.
Senior security, floating interest payments and covenant protection make these loans a unique asset class. Their historically steady returns, low volatility and negative correlation with investment-grade fixed income could enhance returns while reducing portfolio volatility.
This presentation was orignially delivered at the 2010 Global Family Forum. It features insights regarding investment past performance and investor outlook on risk in the wake of the global financial crisisas well as a view on risk-taking and the future role of hedge funds in private investment portfolios.
This white paper describes what CLOs are and how they fit into the broader basket of financial structured products. Keeping in mind that the arena of structured credit has changed much over the past couple of years, this paper refers to a 2006 CLO structure to describe the essentials of CLO structures. Bank loans are briefly described, followed by a section on how CLOs are managed. A brief history of CLOs is introduced with a section on the changing investor profile over the past few years, dovetailing into the role of rating agencies in the CLO market.
While oil prices are likely to be range-bound across the next few years, natural gas prices are establishing new, higher support levels after experiencing multi-year lows. Natural gas prices are likely to get a boost from politics as well as the weather and speculation.
BlackRock's latest quarterly guide includes the price tickers, index tickers, annual total expense ratios, dividend policy, fund structure, assets under management and websites for index providers and exchanges around the globe, enabling investors to compare the various exchange-traded funds available.
While the merits of investing in convertible securities have been exhibited over time, the market is particularly compelling today. Convertibles offer much better risk/reward characteristics than equities, with stronger appreciation over the intermediate and long term but at meaningfully lower levels of risk and volatility.
Deutsche Bank researchers address four questions in this study of responsible investments: How are these investments different from more conventional forms of investment? What products are available? Do sustainable investments offer lower returns? How will the market for sustainable investments evolve?