The top 15 investment white papers in December 2015
Savvy Investor is a fast-growing knowledge network site with a key focus on curating the top pensions and investment white papers, articles, blogs and news from across the worldwide web.
These were our most viewed and trending papers from the last month:
1. Portfolio Rebalancing - The Hidden Factor Exposure (Frontier Advisors)
Regular, passive rebalancing of a portfolio (back to a static benchmark allocation) generates unintended negative exposure to the momentum factor. This eight page report examines the implications.
2. Front Office and Asset Management Salaries 2016 - New Surveys
What are you worth? New survey results reveal benchmark compensation across a wide variety of asset management roles in the UK, US, Canada, Asia and Australia.
3. The Cost of Investment Management - A Guide for Fiduciaries (Commonfund)
This 16 page paper provides asset owners with a better understanding of the costs paid by the funds for which they are responsible, exploring both disclosed and undisclosed types of costs and explaining their derivation.
4. Expected Future Asset Class Returns for 2016-2020 (Robeco)
In this insightful 120 page report, Robeco offer their forecast regarding the returns for major asset classes between 2016-2020. They also present the evidence and assumptions underlying these predictions.
5. The Investment Outlook for 2016 (Various Sources)
We have listed a variety of excellent 2016 investment outlook papers, from the likes of Vanguard, BlackRock, Glenmede, CitiBank, SEB and JP Morgan.
6. The world's 300 largest pension funds (Towers Watson, 2015)
This 47 page report from Towers Watson provides details of the world's largest pension funds, presenting data by region, type, DB/DC and regional asset allocation. According to this research, the top 300 pension funds worldwide now represent 43% of global pension assets.
7. If Factor Returns are Predictable, Why the Investor Return Gap? (Research Affiliates)
Jason Hsu asks: if there is considerable evidence to support factor return predictability, then why are investors not deriving excess returns in accordance with this knowledge?
8. A Comprehensive Guide to ETFs (CFA Institute Research Foundation)
This 200 page guide is designed to meet the needs of investors who wish to understand and more effectively use exchange-traded funds (ETFs) to meet their risk and investment return objectives.
9. North American PE Compensation Survey (Heidrick & Struggles)
Based on a survey of over 380 North American Private Equity firms (GPs), the results show base, bonus and carry by fund size, for a variety of different roles. Click this link also for Asian and EMEA surveys.
10. Rethinking Investment Performance Attribution (Rotman International Centre)
This paper follows the journey of Alberta Investment Management Corporation as they develop a performance attribution system to be used as an investment management tool.
11. Infrastructure Rising - An Asset Class Takes Shape (BlackRock)
This 14 page document provides a broad overview of the infrastructure asset class, and how institutional investors can navigate it.
12. Is Smart Beta just Monkey Business? (Edhec)
The “Monkey portfolio” proposition is that smart beta strategies can be deployed naively, with the assurance that all such strategies will add value. Edhec's research suggests otherwise.
13. UK Fiduciary Management Survey 2015 (KPMG)
Total assets under "fiduciary management" have now surpassed £100 billion. This survey presents results from thirteen of the more established UK fiduciary managers.
14. DC Pensions - Plan and Fee Survey 2015 (NEPC)
This 6 page paper from NEPC aims to help employers and plan sponsors understand the pricing and fee structures of their defined contribution plans.
15. An Analysis of US Public Pension Investments in Hedge Funds
This report, a collaboration between the American Federation of Teachers and the Roosevelt Institute, analyses whether hedge funds have provided volatility reduction and absolute return for pension funds.