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...Rabe said it might be an opportune moment for a “bigger step” to scale up BMG, which has already sought to expand its catalogue through a partnership with KKR, the private equity firm....
...By June 2023, its private equity investment was double the average allocation for large US university endowments. But that over-allocation seems to be coming back to bite it....
...It has also faced criticism over its allocations to private companies, which began in 2012 and contributed to a boardroom bust-up last year....
...For this reason, investors build multi-asset strategic asset allocations, sometimes known as policy benchmarks. And this is the biggest investment decision an investor will make....
...But I don’t know what that theory is, and it’s not in the slide decks from the office’s recent asset allocation review or its 2023 trust level review....
...Ben Rogoff, fund manager of the tech-focused Polar Capital Trust, is not convinced that all seven “Magnificents” can stay on the right side of the AI trade for much longer, and is positioning his portfolio...
...But a strategic allocation to commodities can still make sense as a diversifier, especially in the context of intensifying geopolitical strains....
...UK pensions have lower allocations to domestic equities than pension funds in many other countries....
...Some equity trusts have focused on providing a generous income, with year-to-year dividend growth a priority for the board....
...But the Budget documents state: “The government will review what further action should be taken if this data does not demonstrate that UK equity allocations are increasing.”...
...One adviser to private capital groups said the Eurovita episode meant it was “one step forward, three steps back” for private equity’s standing with regulators after years of trust-building....
...The writer is an FT contributing editor The belief that stocks outperform bonds over the long run sits behind almost every strategic asset allocation process and is backed by centuries of empirical data...
...South Korea has world-class tech companies; Singapore high quality real estate investment trusts; and Indonesia and Australia energy and metals including nickel, copper and lithium....
...However, higher borrowing costs have also weighed on private equity dealmaking....
...Vanguard’s FTSE Developed World ex-UK Equity Index Fund would plug the gap neatly, while JPMorgan Global Growth and Income Trust is a decent option that is rivalling passives with its charge of 0.22 per...
...“It seems inevitable that we see more asset allocation approaches that incorporate bitcoin exposure in that package.” Rosenbluth said....
...If so, then hurrah: the government has effectively extended the Isa allowance by 25 per cent and set a floor of a 20 per cent allocation to UK equities....
...The additional amount must be spent on UK investments including equities and bonds....
...There are more stakeholders to placate but there are fewer people you can trust to resolve problems....
...The state fund added that it “fully recognises the allocation value of the current A-shares market”....
...For Spencer, now is not the time to make a large, bold strategic allocation, but a nibble may make sense. World-weary emerging-markets specialists, however, suggest even that is a stretch....
...This is leaving a lasting mark on asset allocation decisions. Whenever advisers recommend looking at potentially more lucrative long-term investments, the pushback is the same....
...“I think we will certainly see some of the narrowly focused players finding strategic partners,” said David Hunt, chief executive of PGIM....
...Where a trust has a large allocation to private equity, investors may have doubts about the true value of unlisted holdings....
...“However, we acknowledge that plenty of investors are likely to be unmoved unless there is a deeper strategic rethink around capital allocation,” he added....
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