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...Another legacy Golden is leaving is a cautious attitude towards the campaign to divest from businesses that contribute to global warming....
...The pension plan said the transaction served as a “rebalance measure” to cut its private equity allocations to its 9 per cent target, from 12 per cent last September....
...European investor allocations to environmental, social and governance exchange traded funds slowed down in the first quarter of 2024 as the sector endures an “existential crisis”, Morningstar research shows...
...But investors are increasing allocations to global equity funds, an indication that they are seeing opportunities outside of mega-cap stocks....
...And decisions made by index providers are increasingly shaping capital allocation....
...But as someone who uses her stocks and shares Isa predominantly to invest in low-cost global tracker funds, “exciting” wasn’t what I thought I had signed up for....
...The change started after the 2008 global financial crisis and has accelerated significantly since 2017....
...Like my pension fund — and yours probably — they can invest in a wide range of global assets. Which single benchmark to use? It is a good question and unfortunately there is no right answer....
...In the 10 years to the end of June 2023, 77 per cent of actively-managed sterling-denominated UK equity funds had failed to beat the index and 95 per cent of global equity funds had done the same....
...Still, cheap UK stocks are starting to grab the attention of fund managers....
...According to Morningstar, in the year to June 2023, 27 per cent of actively managed global large-cap equity funds beat the equivalent passive fund. Over a 15-year timeframe, only 3 per cent have....
...that even over a one-year measure ending in June 2023 only 40 per cent of such funds managed to outperform their benchmark....
...Fink said big pension funds that have large allocations to private equity have been particularly reluctant to invest because those funds have been slow to return money to investors amid a slowdown in takeovers...
...During the global financial crisis, funds such as Lansdowne Partners made millions betting against doomed UK lender Northern Rock....
...The return of normalised inflation that anyone over the age of 40 will remember will inevitably influence asset allocation as investors expect returns significantly above the risk-free rate....
...At the end of December, index funds and ETFs accounted for $6.6tn in assets under management, two-thirds of BlackRock’s $10tn in assets....
...US funds, family offices and asset managers are increasing gold’s allocation within their portfolios to 10-15 per cent, up from 5-7 per cent, says Habluetzel of Degussa....
...Of the 1,462 active Global Equity funds managed out of Europe, only 18 per cent beat their low-cost passively managed counterparts over three years after fees....
...BlackRock’s change in allocations in its popular model portfolios led to a surge on the equity side as well, according to Morningstar analyst Ryan Jackson....
...“Top asset managers are not saying ‘I’m king of the world’ and throwing money everywhere,” said Alain Bokobza, head of global asset allocation at French bank Société Générale....
...It has a catch-all Vanguard Global Bond Index GBP Hedged fund or there’s the more expensive actively managed M&G Global Macro Bond Fund instead....
...The fund will also host a Global Sovereign Debt roundtable, where it is hoped China and other big bilateral creditors can make progress on restructuring the debts of some of the world’s most vulnerable economies...
...The writer is a former global head of asset allocation at a fund manager Returns from equities have been so consistently and implausibly higher than government bonds over long time horizons that the phenomenon...
...In its annual white paper to parliament on the country’s two main wealth funds — the smaller domestic Government Pension Fund Norway and Government Pension Fund Global (which is managed by NBIM) — the Norwegian...
...“I understand the temptation [of cash],” says Joe Davis, global chief economist at Vanguard. “But if you are going to stay in cash, when are you going to get out?”...
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