2012 Alternative Investment Survey of U.S. Institutions and Financial Advisors
|
|
- Audrey Anna Watson
- 6 years ago
- Views:
Transcription
1 Morningstar and Barron s Alternative Investment Survey of U.S. Institutions and Financial Advisors June 2013
2 2012 Survey Overview 2 3 Survey aims to capture trends in alternative investing among institutions and advisors. 3 7th annual nationwide survey, conducted in March institutional investors and 471 advisors participated. 3 Institutional survey included 20 questions; advisor survey had Five free-response questions tackling new topics like hedge fund gates,managed futures fees, and active ETFs.
3 Key Takeaways 3 Investor interest is turning to alternative mutual funds and away from hedge funds. 3 Mutual funds are becoming the dominant vehicle used by both advisors and institutions to access the majority of alternative strategies. Alternative mutual funds saw inflows of $19.7 billion in 2012, while Morningstar esti mates that among funds in its database, $7.6 billion flowed out of singlestrategy hedge funds. 3 While 61% of institutions said they accessed long-short strategies via hedge funds in 2010, only 26% indicated that they used hedge funds for that strategy this year. In contrast, more than 45% of institutions said they access long-short strategies via mutual funds versus 38 in 2010.
4 Key Takeaways (continued) 4 Institutions and advisors continue to see value in alternatives. 3 Among institutions, the number of heavy users of alternatives seems to be growing. More than 20% of institutions, compared with 17% last year, said they expect alternative investments to make up more than 40% of holdings over the next five years. 3 Only 4% of advisors said their typical client had no money in alternative investments, down from 17 percent in the 2008 survey.
5 Key Takeaways (continued) 5 Institutions maintain interest in equity long-short strategies, while advisors search for yield. 3 In 2012, the long-short equity and nontraditional bond categories saw the largest alternative mutual fund flows of $6.1 billion and $5.9 billion, respectively. 3 For the second year in a row, institutions again flagged long-short equity strategies as their top choice for increased allocation the strategy ranked second for advisors. 3 Advisors also expressed particular interest in yield-producing alternatives. They cited private real estate as their top strategy for planned future investment. In addition, advisors indicated that master limited partnerships (MLPs) drove significant portfolio growth over the last five years.
6 Key Takeaways (continued) 6 3 Advisors shied away from managed futures in 2012 after citing them as their top pick in the two previous surveys. Performance may have been a factor as managed futures ETFs and mutual funds lost 15.6% and 7.4%, respectively, in 2012, similar to their losses in Institutions and advisors also expressed distaste for the undisclosed performance fees managed futures funds frequently charge.
7 Key Takeaways (continued) 7 Diversification is still driving alternative investments, but high fees are now the primary concern. 3 High fees have overtaken liquidity and transparency as the primary reasons why advisors and institutions may choose to forego alternative investments.
8 Main Topics 8 3 Alternative Mutual Fund and ETF Growth 3 Institutional and Advisor Survey Participantion 3 Defining Alternative Investment Strategies 3 Past Growth and Future Growth 3 Alternative Investment Drivers and Disincentives 3 Hot Topics in 2012: Hedge fund Gates, Managed-Futures Performance Fees, Managed-Futures Expense Ratios, Active ETFs, and Hedge Fund Replication
9 9 Alternative Mutual Fund and ETF Growth
10 Alternative Mutual Fund and ETF Growth 10 3 All seven Morningstar alternative mutual fund categories have seen tremendous inflows over the past five years. 3 Nontraditional bond mutual funds have gathered the most assets, but long-short equity and multi-alternative strategies are also gaining steam. 3 The managed futures and multialternative mutual fund categories jumped in terms of new launches in 2012, adding 22 and 17 new funds, respectively. 3 Alternative ETFs have received net inflows of $41 billion since Commodities are the most popular alternative ETF categories. 3 Over the last several years, the Trading ETF categories have seen the most launches. These categories saw outflows in 2012.
11 Alternative Mutual Fund Flows 11 $50,000,000,000 40,000,000,000 30,000,000,000 20,000,000,000 10,000,000, ,000,000,000 Nontraditional Bond Market Neutral Long/Short Equity Bear Market Multialternative Managed Futures Currency
12 Total Net Assets in Alternative Mutual Funds 12 $160,000,000, ,000,000, ,000,000, ,000,000,000 80,000,000,000 60,000,000,000 40,000,000,000 20,000,000, Nontraditional Bond Market Neutral Long/Short Equity Bear Market Multialternative Managed Futures Currency
13 Alternative ETF Flows 13 $50,000,000,000 40,000,000,000 30,000,000,000 20,000,000,000 10,000,000, ,000,000,000 Volatility Multialternative Managed Futures Currency Bear Market Trading Market Neutral Long/Short Equity Commodities
14 Total Alternative ETF Assets 14 $160,000,000, ,000,000, ,000,000, ,000,000,000 80,000,000,000 60,000,000,000 40,000,000,000 20,000,000, Volatility Multialternative Managed Futures Currency Bear Market Trading Market Neutral Long/Short Equity Commodities
15 Alternative Mutual Fund Launches by Category Nontraditional Bond Multialternative Market Neutral Managed Futures Long/Short Equity Currency Bear Market
16 ETF Launches by Category Volatility Trading Multialternative Market Neutral Managed Futures Long/Short Equity Currency Commodities Bear Market
17 Survey Participation
18 Institutional Investor 2012 Survey Participation: 235 Responses 18 Respondents % Bank 11.1 Endowment 3.8 Foundation 3.8 Insurance Company 2.6 Investment Company 41.0 Private Pension Plan 5.6 Public Pension Plan 7.3 Other 24.8
19 Institutional Investors AUM by Year 19 % >$30 billion $16 $29.9 billion $11 $15.9 billion $1 $10.9 billion <$1 billion
20 Advisor Investor 2012 Survey Participation: 271 Responses 20 Respondents % Broker/Dealer Wirehouse 2.8 Regional 3.2 Independent 19.4 Insurance 2.6 Bank 2.8 Financial Planner 13.6 RIA SEC Registered 29.9 RIA State Level 22.0 Other 3.8
21 Advisors AUM Compared to Previous Years 21 % $500M or more $100M $499M $51M $99M <$50M
22 Advisors 2012: Most Serving 100 or More Clients 22 Respondents % 20 or fewer or more 30
23 23 Defining Alternative Strategies 2012
24 Institutions: What are Alternative Investment Strategies? Top 12, ranked by 2012 % agreement 24 % Agreement % Agreement Arbitrage/ market neutral Commodity futures Private equity/ venture capital Commodities (physical) Managed futures (CTAs) Private debt Private real estate (direct or nonlisted REIT) Collectibles (including art) Long/short (equity or debt) Distressed securities Volatility/option strategies Infrastructure
25 Institutions: What are Alternative Investment Strategies? Bottom 12, ranked by 2012 % agreement 25 % Agreement % Agreement Foreign exchange/ currency Public (listed) real estate / Frontier markets Leveraged/inverse ETF/ETN Emerging market bonds Commodity equities Emerging market stocks Capital protected strategies/ principal guarantee TIPS GTAA (Global Tactical Asset Allocation) International small cap
26 Institutions: Other Alternative Strategies 26 3 Event-driven, global macro, structured credit 3 Natural resources, farmland, and timberland 3 Master Limited Partnerships (MLPs) 3 Floating rate loans 3 Hedge funds 3 Several participants listed hedge funds under other strategies, highlighting the confusion between alternative strategies and the vehicles in which they are offered.
27 Advisors: What are Alternative Investment Strategies? Top 12, ranked by 2012 % agreement 27 % Agreement % Agreement Managed futures (CTAs) Long/short (equity or debt) Commodity futures Foreign exchange/currency Arbitrage/market neutral Private debt Private equity/ venture capital Volatility/option strategies Private real estate (direct or nonlisted REIT) Collectibles (including art) Commodities (physical) Leveraged/inverse ETF/ETN 52 49
28 Advisors: What are Alternative Investment Strategies? Bottom 12, ranked by 2012 % agreement 28 % Agreement % Agreement Commodity equities Infrastructure Distressed securities Frontier markets Public (listed) real estate Emerging market bonds / Emerging market stocks Capital protected strategies/ principal guarantee TIPS GTAA (Global Tactical Asset Allocation) International small cap
29 Advisors: Other Alternative Strategies 29 3 Timber and farmland 3 MLPs, precious metal, oil & gas 3 Absolute return 3 Business Development Companies (BDCs) 3 Equipment leasing 3 Structured notes
30 30 Past and Future Alternative Growth
31 Institutions: Average Annual Growth in Alternative AUM Over Last Five Years 31 % Respondents Greater than 30% 21 30% 11 20% 1 10% No Growth Usage has Declined
32 Advisors: Estimated Average Annual Growth in Alternative AUM Over Last Five Years 32 % Respondents Greater than 30% 21 30% 11 20% 1 10% No Growth Usage has Declined
33 Institutions: Strategies Representing Largest Alternative Allocation Over Last Five Years 33 Long-short (equity or debt) 21 % Other alternative investment(s) Private equity/venture capital GTAA (Global Tactical Asset Allocation) Arbitrage/market-neutral Private real estate (direct or nonlisted REIT) Public (listed) real estate
34 Institutions: Other Alternative Investment Strategies 34 3 MLPs 3 Global Macro Strategies 3 Absolute Return 3 Multi-Strategy 3 Oil, Gas, and Natural Resources 3 Fund of Funds and Hedge Funds 3 Structured Credit
35 Advisors: Alternative Strategy That Provided Greatest Growth to Business Over Last Five Years 35 % Respondents Private real estate (direct or nonlisted REIT) Other alternative investment(s) Long-short (equity or debt) GTAA (Global Tactical Asset Allocation) Public (listed) real estate
36 Advisors: Other Growth-Driving Alternative Strategies 36 3 MLPs 3 Structured Notes 3 Risk Parity 3 Oil and Gas 3 BDCs 3 Multi-Strategy 3 They have no impact on the growth of my business 3 I do not use alternative investments
37 Institutions: Allocation to Alternative Investments Over Time 37 % Respondents % Respondents 0% % % % % Over 25% %
38 Institutions and Advisors: Allocation to Alternative Investments in % Respondents % Respondents 0% Institutions Advisors % Institutions 5 Advisors 9 1 5% % % % % % % Over 40% 21 4
39 Institutions: Allocation to Alternatives Over the Next Five Years 39 % Respondents % Respondents 0% % % % % Over 25% %
40 Institutions: Top Alternative Strategies for Increased Allocation 40 % Respondents Long-short (equity or debt) Private equity/venture capital Other alternative investment(s) Arbitrage/market-neutral Managed Futures Volatility Public (listed) real estate
41 Advisors: Anticipated Annual Growth in Alternative AUM 41 % Respondents 0% % 11 20% 21 30% Greater than 30%
42 Advisors: Top Alternative Strategies for Growth of Business 42 % Respondents Other alternative investment(s) Private Real Estate Long/Short Equity or Debt Global Tactical Asset Allocation Private Debt Emerging-Markets Stocks
43 Alternative Investment Growth: Conclusions 43 3 Institutions were more extreme in their usage of alternative investments than advisors in 2012; 21% responded that they allocated over 40% of their portfolios to alternative investments, while 43% allocated 10% or less to alternatives. 3 On the other hand, 63% of advisors allocated somewhere between 6% and 20% of their clients portfolios to alternative investments. Only 15% of advisors anticipated allocating over 20% to alternative investments over the next five years. 3 Institutions are considering primarily long-short equity and private equity for increased allocation over the next five years, while advisors are interested in private real-estate and long-short equity.
44 44 Alternative Investment Drivers and Disincentives
45 Institutions: Importance of Alternative Investments Relative to Traditional Investments 45 % Respondents Much Less Important Somewhat Less Important As Important Somewhat More Important Much More Important
46 Advisors: Importance of Alternative Investments Relative to Traditional Investments 46 % Respondents Much Less Important Somewhat Less Important As Important Somewhat More Important Much More Important
47 Institutions and Advisors: Top Drivers of Investments in Alternatives 47 % Respondents Diversification/Low Correlation Enhance Risk-Adjusted Profile Absolute Returns Offer clients investments they wouldn t find on their own Enhance Yield Poor Bond Market Outlook Institutions Advisors
48 Institutions and Advisors: Top Reasons to Hesitate Investing in Alternatives 48 % Respondents Fees Lack of Liquidity Lack of Transparency Benefits are Uncertain Lack of clarity on how strategy works in portfolio framework Institutions Advisors
49 Advisors: Top Reasons to Hesitate Investing in Alternatives 49 % Respondents Fees Lack of Liquidity Lack of Transparency Benefits are Uncertain
50 Institutions: Top Reasons to Hesitate Investing in Alternatives 50 % Respondents Fees Lack of Liquidity Benefits are Uncertain Lack of Transparency
51 Institutions: Investment Vehicles Used to Access Alternative Strategies /30 Hedge Funds/Private Pools 6 Commodity Futures Arbitrage/ Market Neutral Mutual Funds ETFs/ETNs Managed Accounts % Respondents % Respondents Distressed Securities Hedge Funds/Private Pools Mutual Funds ETFs/ETNs Managed Accounts Capital Protected Strategies Emerging Markets Bonds Collectibles (Including Art) Emerging Markets Stocks Commodities (Physical) Foreign Exchange/Currency Commodity Equities Frontier Markets
52 Institutions: Investment Vehicles Used to Access Alternative Strategies 52 Global Tactical Asset Allocation Infrastructure International Small Cap Leveraged/Inverse ETF/ETN Hedge Funds/Private Pools Mutual Funds ETFs/ETNs Managed Accounts % Respondents % Respondents Private Debt Private Equity/VC Private Real Estate Public/Listed Real Estate Hedge Funds/Private Pools Mutual Funds ETFs/ETNs Managed Accounts Long/Short (Equity or Debt) TIPS Managed Futures (CTAs) Volatility/Option Strategies
53 Advisors: Investment Vehicles Used to Access Alternative Strategies /30 Hedge Funds/Private Pools 1 Commodity Futures Mutual Funds ETFs/ETNs Managed Accounts % Respondents % Respondents Hedge Funds/Private Pools Mutual Funds ETFs/ETNs Managed Accounts Arbitrage/ Market Neutral Distressed Securities Capital Protected Strategies Emerging Markets Bonds Collectibles (Including Art) Emerging Markets Stocks Commodities (Physical) Foreign Exchange/Currency Commodity Equities Frontier Markets
54 Advisors: Investment Vehicles Used to Access Alternative Strategies 54 Global Tactical Asset Allocation Hedge Funds/Private Pools Mutual Funds ETFs/ETNs Managed Accounts % Respondents % Respondents Private Debt Hedge Funds/Private Pools Mutual Funds ETFs/ETNs Managed Accounts Infrastructure Private Equity/VC International Small Cap Private Real Estate Leveraged/Inverse ETF/ETN Public/Listed Real Estate Long/Short (Equity or Debt) TIPS Managed Futures (CTAs) Volatility/Option Strategies
55 Drivers and Disincentives: Conclusions 55 3 Fees and lack of liquidity remain the foremost concerns regarding alternative investments for both institutions and advisors. 3 Both institutions and advisors are seeking diversification and enhanced risk-adjusted returns from alternative investments over absolute returns. 3 Institutions are increasingly using mutual fund vehicles for many types of alternative strategies (arbitrage/market neutral, long-short equity, managed futures, and global tactical asset allocation, for example) and asset classes (commodities or emerging markets stocks and bonds, for example).
56 56 Hot Topics in Hedge Fund Gates 3 Managed-Future Performance Fees 3 Managed-Futures Expense Ratios 3 Active ETFs 3 Hedge Fund Replication
57 Hot Topic: Hedge Fund Gates 57 Has the recent attention surrounding hedge fund redemption gates (Salient Endowment Fund, Perella Weinberg Partners, Alden Global Distressed Opportunities, etc.) caused you to reconsider hedge fund vehicles? % Respondents Yes, gates cause me to seriously reconsider investing in hedge funds at all. Yes, gates make me somewhat more reluctant to invest in hedge funds. No, I don t invest in hedge funds anyway. No, redemption gates do not deter me from investing in hedge funds. Institutions Advisors
58 Hedge Fund Gates 58 3 Most institutions and advisors responded that hedge fund gates were not an issue, because they do not invest in hedge funds in the first place, preferring liquidity. 3 Advisor comments: 3 Liquidity is a huge issue for our clients. Operationally, we know many hedge fund strategies don t require lock-ups/gates. That is why we see so many moving to 1940 mutual fund structures. 3 After with the gates coming down most of our high net worth investors were done with the old platform, but they realize they need these type of strategies in their portfolios and although they realize they are giving up some of the juice (leverage, private equity), they are more comfortable with a liquid mutual fund exposure
59 Hedge Fund Gates 59 3 Institutions that did invest in hedge funds were concerned about hedge fund gates. 3 Institution comments: 3 Always something we concern ourselves with, but hasn t changed the feeling that we should invest in hedge funds. 3 Gates makes us more cautious of certain types of hedge strategies that are more likely to impose gates 3 They make us truly look for an illiquidity premium when investing
60 Hot Topic: Managed-Futures Performance Fees 60 Do you believe managed-futures mutual funds should be able to charge performance fees? % Respondents Yes, they should be allowed to charge performance fees. No, they shouldn t be allowed to charge performance fees, as other mutual funds cannot. Institutions Advisors
61 Managed-Futures Performance Fees 61 3 The majority of advisors and institutions responded that managed-futures mutual funds should not charge performance fees. 3 Those who believed performance fees should be allowed were concerned about transparency and performance benchmarks. 3 Both groups believed that the market would decide whether paying performance fees are worthwhile.
62 Managed-Futures Performance Fees 62 3 Advisor comments: 3 All the mutual funds should be treated equally. If managedfutures wants to get into mutual funds arena, they should follow the same rule. 3 Institution comments: 3 They should be able to charge performance fees, but the transparency of fee disclosure is a concern. 3 Yes, above the manager specific benchmark. 3 All funds should have the discretion to charge whatever level and type of fees they want. The marketplace can decide whether to pay them.
63 Hot Topic: Managed-Futures Expense Ratios 63 Do you believe managed-futures mutual funds performance fees should be included in their expense ratios? Yes Institutions 86 Advisors 89 No % Respondents
64 Managed-Futures Expense Ratios 64 3 The vast majority of advisors and institutions believed that performance fees should be included in a fund s expense ratio. 3 Advisor comments: 3 By including it in the expense ratio, it provides more transparency and allows investors to compare the investments on equal footing. 3 There should be a separate line item in any analysis that shows the performance fee for each year in order to give investors a true representation on how performance affects compensation.
65 Managed-Futures Expense Ratios 65 3 Institution comments: 3 [Performance fees] should be disclosed in same area as expense ratios but broken out and aggregated. 3 A performance fee by nature will be variable, so including it in a static expense ratio would not be appropriate. It must however be disclosed.
66 Hot Topic: Active ETFs 66 Now that the SEC has lifted the moratorium on derivative usage in ETFs, and now that actively managed ETFs (PIMCO Total Return BOND, for example) have gained some traction, are you interested in gaining access to more alternative strategies through ETFs? % Respondents Yes, I am interested in gaining access alternatives through ETFs. No, I prefer other vehicles to gain access to alternative strategies. Institutions Advisors
67 Active ETFs 67 3 Advisors, and to a lesser extent institutions, are interested in gaining access to more alternatives strategies through ETFs, now that derivatives can be used in these vehicles. 3 Advisor comments: 3 Pricing on Managed ETFs has not been favorable, but the tax efficiency an ETF can provide, especially in the alternative space, would be attractive. 3 Institution comments: 3 If they are truly fee advantageous. 3 We prefer other vehicles to gain access to alternative strategies, but alternative ETFs would be an option in gaining access to this asset class for certain clients.
68 Hot Topic: Hedge Fund Replication 68 Now that more and more hedge fund strategies can be directly accessed through mutual funds or ETFs, do hedge fund replication strategies still appeal to you or your clients? % Respondents Yes, I am still a big proponent of hedge fund replication strategies. Yes, hedge fund replication strategies still have some appeal. No, I am no longer interested in hedge fund replication strategies. No, I was never interested in hedge fund replication strategies. Not applicable I m not sure what a hedge fund replication strategy is. Institutions Advisors
69 Hedge Fund Replication 69 3 Despite the availability of direct hedge fund strategies in mutual funds and ETFs, hedge fund replication is still of interest to some advisors and institutions. 3 Advisor comments: 3 Regulation, Tax Transparency, Liquidity, and Transparency are the keywords. 3 I am concerned that, while beta may be replicated, the opportunity of alpha will be lost. 3 Institution comment: 3 Replication holds good promise, but has yet to deliver in a way that would cause serious consideration. Still we re keeping an eye on it.
70 Credits 70 Editors Nadia Papagiannis, Director of Alternative Investments Josh Charney, Alternative Investments Analyst Alexa Auerbach, Director of Corporate Communications, Institutional Business Beverly Goodman, Mutual Fund Editor at Barron s Survey Results Analysts Joyce Chen Caroline Gorman David McFarlin Julia Wu Design Claire Gaynor Bojan Radojcic Alexander Hayashi
71 Questions? 71 Josh Charney Alexa Auerbach
Alternative Investment Survey of U.S. Institutions and Financial Advisors
Morningstar and Barron s 2014-2015 Alternative Investment Survey of U.S. Institutions and Financial Advisors July 2015 2015 Morningstar, Inc. All rights reserved. 2014 2015 Survey Overview g Survey aims
More informationUnlisted Closed-End Funds: Platform Perspectives and Market Update MAY 2018
Unlisted Closed-End Funds: Platform Perspectives and Market Update MAY 2018 Table of Contents Foreword from UMB Fund Services...2 Introduction.... 3 Drivers of Growth... 3 Platform Perspective.... 3 Market
More informationFinancial Institutions Topical Research Series. Alternative Investments: The Broad Set of Investments Beyond Public Securities. (Table of Contents)
Financial Institutions Topical Research Series Alternative Investments: The Broad Set of Investments Beyond Public Securities (Table of Contents) April 26, 2017 TABLE OF CONTENTS Evolution of the Alternative
More informationHedge Funds and Alternative Investments
Hedge Funds and Alternative Investments A Two Day course This course can also be presented in-house for your company or via live on-line webinar The Banking and Corporate Finance Training Specialist Course
More informationMorningstar Reports Hedge Fund Performance for April 2009; Asset Flows Through March
Media Contact: Alexa Auerbach 312-696-6481, alexa.auerbach@morningstar.com FOR IMMEDIATE RELEASE Morningstar Reports Hedge Fund Performance for April 2009; Asset Flows Through March CHICAGO, May 20, 2009
More informationCHAPTER 1 Introduction Outline of This Book Studying for the CAIA Level II Examination 3
Contents Preface Acknowledgments About the Authors xv xxi xxv CHAPTER 1 Introduction 1 1.1 Outline of This Book 1 1.2 Studying for the CAIA Level II Examination 3 PART ONE Asset Allocation and Portfolio
More informationZero Beta (Managed Account Mutual Funds/ETFs)
2016 Strategy Review Zero Beta (Managed Account Mutual Funds/ETFs) December 31, 2016 The following report provides in-depth analysis into the successes and challenges of the NorthCoast Zero Beta investment
More informationAll Alternative Funds are Not Equal
May 19 New York All Alternative Funds are Not Equal Patrick Deaton, CAIA, Senior Vice President, Alternatives, Neuberger Berman David Kupperman, PhD, Managing Director, Alternatives, Neuberger Berman Today
More informationMedia Contact: Alexa Auerbach, or FOR IMMEDIATE RELEASE
Media Contact: Alexa Auerbach, 312-696-6481 or alexa.auerbach@morningstar.com FOR IMMEDIATE RELEASE Morningstar Reports Hedge Fund Performance for September, Asset Flows Through August CHICAGO, Oct. 24,
More informationMutual Funds and Exchanges Traded Funds Regulation
Praticising Law Institute Corporate and Securities Law Library Mutual Funds and Exchanges Traded Funds Regulation Third Edition Volume 1 Clifford E. Kirsch This material has been published as part of Mutual
More informationAlternative Strategies in the 40 Act World: Opportunities and Obstacles for Multi-Manager Registered Mutual Funds
INVESTOR SERVICES Alternative Strategies in the 40 Act World: Opportunities and Obstacles for Multi-Manager Registered Mutual Funds Alternative strategies have become a steadily growing part of the asset
More informationFortigent Alternative Investment Strategies Model Wealth Portfolios Fortigent, LLC.
Fortigent Alternative Investment Strategies Model Wealth Portfolios Important Disclaimers The information provided is for educational purposes only and is not intended to be, and should not be construed
More information(cpt) (jhb) (w) (e)
What Hedge is funds, Portable funds Alpha? of hedge funds 01 and platforms 01 Investros, Hedge funds, Trustees funds and of hedge ESG investing funds and platforms 02 02 Hedge funds, funds of hedge funds
More informationGlobal Markets. Global Markets Alternative Investment Survey. Hedge Fund Capital Group. July 2005
Hedge Fund Capital Group Hedge Fund Capital Group Global Markets July 2005 Global Markets 2005 Alternative Investment Survey Deutsche Bank s 2005 Alternative Investment Survey is the largest comprehensive
More informationDIVERSIFIED EQUITY FUND REVIEW
DIVERSIFIED EQUITY FUND REVIEW Small Cap Equities JOINT PENSION BOARD PRINCIPLES CHOICE FAIRNESS LIQUIDITY WELL INFORMED DECISIONS Adding small cap equities doesn t increase or reduce the choice available
More informationAn Introduction to Dynamic Overlay
Tactical investment strategy striving to preserve and grow client wealth An Introduction to Dynamic Overlay www.mrminv.com 12444 Powerscourt Drive Suite 350, St. Louis, MO 63131 1-(800) 233-1944 Q4 2018
More informationLiquid Alternatives: Dispelling the Myths
January 11, 2013 Topic Paper May 14, 2015 PERSPECTIVE FROM K2 ADVISORS KEY POINTS The requirement to invest at least 85% in liquid assets does not appear to have a negative impact on historical performance
More informationIntention versus practice: factors limiting downside protection in portfolio models
July 2016 Intention versus practice: factors limiting downside protection in portfolio models Few portfolios in our study Leo M. Zerilli, CIMA Head of Investments John Hancock Investments John P. Bryson
More informationCapital Advisory Group Institutional Investor Survey
INSIGHTS Global Capital Advisory Group 2018 Institutional Investor Survey Capital Advisory Group This material is provided by J.P. Morgan s Capital Advisory Group for informational purposes only. It is
More informationDIVERSIFIED EQUITY FUND REVIEW
DIVERSIFIED EQUITY FUND REVIEW Small Cap Equities JOINT PENSION BOARD PRINCIPLES CHOICE FAIRNESS LIQUIDITY WELL INFORMED DECISIONS Adding small cap equities doesn t increase or reduce the choice available
More informationFirst Half Liquid Alternative Investments MAPS. Market Analysis & Performance Summary
Liquid Alternative Investments MAPS Market Analysis & Performance Summary First Half 217 This material is provided for educational purposes only and should not be construed as investment advice or an offer
More informationThe Rise of Liquid Alternatives
Citi Investor Services : Business Advisory The Rise of Liquid Alternatives Presentation to CAIA in Chicago May 21 st 2014 Hedge Fund Industry: 1994-2013 How investors are using hedge funds continues to
More informationMorgan Stanley Pathway Alternative Strategies Fund (TALTX)
Morgan Stanley Pathway Alternative Strategies Fund (TALTX) Objective: Seeks to Generate Long-Term Growth Across Market Cycles with Reduced Correlation to the Equity and Fixed Income Markets KEY STATISTICS
More informationThe State of the Hedge Fund Industry
INSIGHTS The State of the Hedge Fund Industry September 2017 203.621.1700 2017, Rocaton Investment Advisors, LLC EXECUTIVE SUMMARY Hedge fund strategies have faced increased scrutiny post-financial crisis
More informationTable of Contents. Section I: Executive Summary Section II: Introduction and Methodology... 13
Table of Contents Section I: Executive Summary... 8 Section II: Introduction and Methodology... 13 Section III: How Advisors Approach Portfolio Construction... 16 A. How do advisors make investment decisions?...
More informationAlternative Assets: The Next Frontier for Defined Contribution Plans
Research Presented by HEK s Idea Development Forum: Alternative Assets: The Next Frontier for Defined Contribution Plans September 2013 Hewitt EnnisKnupp, An Aon Company 2013 Aon plc Consulting Investment
More informationHedge Funds, Hedge Fund Beta, and the Future for Both. Clifford Asness. Managing and Founding Principal AQR Capital Management, LLC
Hedge Funds, Hedge Fund Beta, and the Future for Both Clifford Asness Managing and Founding Principal AQR Capital Management, LLC An Alternative Future Seven years ago, I wrote a paper about hedge funds
More informationSTARTING A FUND MUTUAL FUNDS FUNDS SOLD ON INSURANCE PLATFORMS EXCHANGE-TRADED FUNDS
STARTING A FUND MUTUAL FUNDS FUNDS SOLD ON INSURANCE PLATFORMS EXCHANGE-TRADED FUNDS P O O L E D I N V E S T M E N T S O L U T I O N S 6916-GFS-8/2/2016 TABLE OF CONTENTS MUTUAL FUNDS...................................................................................
More informationAmended as of January 1, 2018
THE WALLACE FOUNDATION INVESTMENT POLICY Amended as of January 1, 2018 1. INVESTMENT GOAL The investment goal of The Wallace Foundation (the Foundation) is to earn a total return that will provide a steady
More informationevestment: The evolution of hedge fund investing Institutions evolve investments at varying speed The challenges of manager selection and fee pressure
April 2015 evestment: The evolution of hedge fund investing Institutions evolve investments at varying speed The challenges of manager selection and fee pressure Guide to strategic direction of asset flows
More informationWhy and How to Pick Tactical for Your Portfolio
Why and How to Pick Tactical for Your Portfolio A TACTICAL PRIMER Markets and economies have exhibited characteristics over the past two decades dissimilar to the years which came before. We have experienced
More informationAlternatives 101. Tools for Enhancing Asset Allocation ALTERNATIVES 101: TOOLS FOR ENHANCING ASSET ALLOCATION 1
Alternatives 101 Tools for Enhancing Asset Allocation ALTERNATIVES 101: TOOLS FOR ENHANCING ASSET ALLOCATION 1 Your financial advisor may recommend an alternative investment to enhance your portfolio s
More informationFixing Morningstar: There Aren't as Many Liquid Alternative Mutual Funds as You Think
16 Jun 2016 Fixing Morningstar: There Aren't as Many Liquid Alternative Mutual Funds as You Think Confusion around classifying liquid alternatives has created misunderstandings of this innovative area
More informationA Guide to ALTERNATIVE INVESTMENTS
A Guide to ALTERNATIVE INVESTMENTS W W W. E N T E R P R I S E U K. C O. U K 2 CONTENTS I. What is an alternative investment?... 3 II. Why do we need them?... 5 III. Types of Alternatives Institutional
More informationASSET ALLOCATION REPORT
2018 ASSET ALLOCATION REPORT INTRODUCTION We invite you to review Omnia Family Wealth s 2018 report on expected asset class returns for the next 10 years. While we believe these forecasts reflect a reasonable
More informationInvestment Research: Alternative Investments in Defined Contribution Plans
Investment Research: Alternative Investments in Defined Contribution Plans Mari Tsagareishvili Investment Analyst, Cammack Retirement Group The financial crisis of 2008 sparked investors interest in finding
More information2015 HEDGE FUND INDUSTRY OUTLOOK
2015 HEDGE FUND INDUSTRY OUTLOOK evestment, Dec. 30, 2014 Executive Summary evestment s 2015 highlights data-driven predictions of hedge fund trends for the upcoming year. A few key points include: Barring
More informationBenchmarking Accessible Hedge Funds: Morningstar Broad Hedge Fund Index and Morningstar Nexus Hedge Fund Replication Index
Benchmarking Accessible Hedge Funds: Morningstar Broad Hedge Fund Index and Morningstar Nexus Hedge Fund Replication Index Morningstar White Paper June 29, 2011 Introduction Hedge funds as an asset class
More informationTHE 3 STYLES OF MONEY MANAGEMENT WHICH IS RIGHT FOR YOU?
THE 3 STYLES OF MONEY MANAGEMENT WHICH IS RIGHT FOR YOU? by Keith Springer The financial planning process can be confusing and difficult, especially in retirement or as you are getting close. Your days
More informationINVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS
INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS 1 TABLE OF CONTENTS CHAPTER PAGE I. GENERAL INFORMATION 3 II. FUND OBJECTIVES & EXPECTATIONS 4 III. RISK MANAGEMENT & GUIDELINES 6 IV. INVESTMENT MANAGERS
More informationDemystifying the Role of Alternative Investments in a Diversified Investment Portfolio
Demystifying the Role of Alternative Investments in a Diversified Investment Portfolio By Baird s Advisory Services Research Introduction Traditional Investments Domestic Equity International Equity Taxable
More informationAn Alternative to Rescue the Middle Class Fund Family
An Alternative to Rescue the Middle Class Fund Family Russell Campbell Q1 2016 Your Second Opinion, LLC Executive Summary Liquid alternatives in mutual fund form have attracted a lot of attention in recent
More informationThe Next Wave of Hedge Fund Investing. Today s Discussion
The Next Wave of Hedge Fund Investing Adam L. Berger, CFA Vice President and Head of Portfolio Solutions AQR Capital Management, LLC December 6, 2007 Today s Discussion Hedge Funds Today Bifurcation of
More informationASSET MANAGEMENT. Why Cidel? Our risk approach.
ASSET MANAGEMENT GLOBAL Why Cidel? Our risk approach. At Cidel, our primary focus is managing risk to ensure each client s assets are protected. Our proactive risk approach ensures that as risks change
More informationConnecticut Hedge Fund Association. Alternative Investment Institute
Connecticut Hedge Fund Association Alternative Investment Institute Institutional Investor Survey Fall 2014 Fall 2014 Osman Kilic, Ph.D. Professor of Finance Director, Alternative Investment Institute
More informationThe Evolution of Alternative Beta: Using Index-Based Investment Strategies
Filed pursuant to Rule 433 Registration Statement No. 333-180300-03 Investor Solutions The Evolution of Alternative Beta: Using Index-Based Investment Strategies This presentation may not be altered except
More informationTHE IMPACT OF ALTERNATIVE ASSETS ON THE ROLE OF DIRECT PROPERTY IN AUSTRALIAN MIXED-ASSET PORTFOLIOS
THE IMPACT OF ALTERNATIVE ASSETS ON THE ROLE OF DIRECT PROPERTY IN AUSTRALIAN MIXED-ASSET PORTFOLIOS GRAEME NEWELL and CHYI LIN LEE University of Western Sydney ABSTRACT Australian superannuation funds
More informationAlternative Investments in a Changing World
NORTHERN TRUST 2010 PROGRAM SOLUTIONS CONFERENCE Investment Solutions in an Uncertain World: WHAT S NEXT? Alternative Investments in a Changing World Andrew C Smith, CFA, Chief Investment Officer, NTGA
More informationActive vs. Passive Money Management
Active vs. Passive Money Management Exploring the costs and benefits of two alternative investment approaches By Baird s Advisory Services Research Synopsis Proponents of active and passive investment
More informationAlternative Investments: Risks & Returns
Alternative Investments: Risks & Returns THE FAMILY ALTERNATIVE INVESTMENT CONFERENCE February 2007, Monaco Hossein Kazemi, PhD, CFA Managing Partner, AIA Professor of Finance, Univ of Massachusetts kazemi@alternativeanalytics.com
More informationInvestment Management Philosophy
Investment Management Philosophy Executive Overview The investment marketplace has grown increasingly complex and unpredictable for individual investors. This reality may make it difficult for many people
More informationInvestment Policy Statement and Guidelines
Investment Policy Statement and Guidelines MISSION The Rhode Island College Foundation, established in 1965, is a separate but affiliated enterprise that is devoted to raising funds for Rhode Island College,
More informationMutual Fund Directors Forum
Mutual Fund Directors Forum Alternative Investments: What are They? November 28, 2012 Devin McCune, Head of Board Reporting and Compliance, Thomson Reuters Laurie Thomsen, Independent Trustee, MFS Funds
More informationHedge Funds and Hedge Fund Derivatives. Date : 18 Feb 2011 Produced by : Angelo De Pol
Hedge Funds and Hedge Fund Derivatives Date : 18 Feb 2011 Produced by : Angelo De Pol Contents 1. Introduction 2. What are Hedge Funds? 3. Who are the Managers? 4. Who are the Investors? 5. Hedge Fund
More informationYOUR GUIDE TO INVESTING IN LIQUID ALTERNATIVES
YOUR GUIDE TO INVESTING IN LIQUID ALTERNATIVES TABLE OF CONTENTS Alternative Investments 3 Defining alternative investments.............. 4 Alternative assets.................... 4 Alternative strategies..................
More informationAsset Allocation and Fund Performance of U.S. Defined Benefit Pension Plans ( )
Asset Allocation and Fund Performance of U.S. Defined Benefit Pension Plans (1998-2011) Alexander D. Beath, PhD Senior Research Analyst CEM Benchmarking About CEM Benchmarking Client base of over 500 large
More informationFor professional investors and advisers only. Schroders. Liquid Alternatives
For professional investors and advisers only Schroders Liquid Alternatives Introduction What are liquid alternatives? 4 How do they work? 5 Performance characteristics 6 How to apply liquid alternatives
More informationIQ GLOBAL RESOURCES ETF (GRES) AND IQ REAL RETURN ETF (CPI) BOTH OUTPERFORM BENCHMARKS AT 3-YEAR ANNIVERSARY
IQ GLOBAL RESOURCES ETF (GRES) AND IQ REAL RETURN ETF (CPI) BOTH OUTPERFORM BENCHMARKS AT 3-YEAR ANNIVERSARY GRES has proven itself as an outperforming commodity ETF with low volatility; CPI has proven
More informationCHAPTER 17 INVESTMENT MANAGEMENT. by Alistair Byrne, PhD, CFA
CHAPTER 17 INVESTMENT MANAGEMENT by Alistair Byrne, PhD, CFA LEARNING OUTCOMES After completing this chapter, you should be able to do the following: a Describe systematic risk and specific risk; b Describe
More informationInvestment Committee Charter
Investment Committee Charter Mission Statement The Investment Committee (the Committee ) of the Northern Arizona University Foundation (the Foundation ) will assist the Board of Directors in fulfilling
More informationActive vs. Passive Money Management
Active vs. Passive Money Management Exploring the costs and benefits of two alternative investment approaches By Baird s Advisory Services Research Synopsis Proponents of active and passive investment
More informationAdvisor Briefing Why Alternatives?
Advisor Briefing Why Alternatives? Key Ideas Alternative strategies generally seek to provide positive returns with low correlation to traditional assets, such as stocks and bonds By incorporating alternative
More informationEvaluating Performance of Alternative Investments
INSIDE THIS PAPER Overview 1 Basic Alternative Investment Classifications 2-3 Performance Measurement Challenges with Alternative Investments 4 GIPS Guidance for Alternative Investment Performance 5 Investments
More informationUpdate on UC s s Absolute Return Program. 603 Committee on Investments / Investment Advisory Committee February 14, 2006
Update on UC s s Absolute Return Program 603 Committee on Investments / Investment Advisory Committee February 14, 2006 AGENDA Page I. Understanding of Absolute Return as an Asset Class 3 II. Review of
More informationThe Waco Foundation. Investment Strategy/Performance Update Investing During Uncertain Times. December 8, 2010
The Waco Foundation Investment Strategy/Performance Update Investing During Uncertain Times December 8, 2010 1 Goals for the Day Audience to Gain Clarification and Understanding of: How Waco Foundation
More informationINVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS
INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS 1 TABLE OF CONTENTS CHAPTER PAGE I. GENERAL INFORMATION 3 II. FUND OBJECTIVES & EXPECTATIONS 4 III. RISK MANAGEMENT & GUIDELINES 6 IV. INVESTMENT MANAGERS
More informationRisk-Based Performance Attribution
Risk-Based Performance Attribution Research Paper 004 September 18, 2015 Risk-Based Performance Attribution Traditional performance attribution may work well for long-only strategies, but it can be inaccurate
More information2014 ISRAEL HEDGE FUND SURVEY. Tzur Management
2014 ISRAEL HEDGE FUND SURVEY Tzur Management May 2014 2 Tzur Management 2014 Israel Hedge Fund Survey May 2014 CONTENTS INTRODUCTION 04 ABOUT TZUR MANAGEMENT 04 METHODOLOGY 05 ACKNOWLEDGEMENTS 05 INDUSTRY
More informationYOUR GUIDE TO INVESTING IN LIQUID ALTERNATIVES
YOUR GUIDE TO INVESTING IN LIQUID ALTERNATIVES Alternative sources of investment returns Improve diversification More tools to manage investment risk TABLE OF CONTENTS Introduction 3 Defining the Space
More informationCHP STUDY GUIDE Level 1 Study Guide
CHP STUDY GUIDE Level 1 Study Guide Sponsored by the Hedge Fund Group (HFG) CERTIFIED HEDGE FUND PROFESSIONAL (CHP) STUDY GUIDE This study guide has been created for those individuals who are studying
More informationGet the Alternative Advantage
Get the Alternative Advantage Alternative Investments Manage Risk and Potentially Enhance Performance Innovation is our capital. Make it yours. As an asset class, alternative investments have demonstrated
More informationCelebrating Eight Years of Absolute Return How our Absolute Return portfolio has fared
For Financial Advisor Use Only Celebrating Eight Years of Absolute Return How our Absolute Return portfolio has fared Venus Phillips Investment Manager Morningstar Investment Services Morningstar Investment
More informationGrant Park Multi Alternative Strategies Fund. Why Invest? Profile Since Inception. Consider your alternatives. Invest smarter.
Consider your alternatives. Invest smarter. Grant Park Multi Alternative Strategies Fund GPAIX Executive Summary November 206 Why Invest? 30 years of applied experience managing funds during multiple market
More informationWhy Managed Futures? Vittorio Faillace
Why Managed Futures? Vittorio Faillace +41 (0) 43 455 75 75 vittorio.faillace@gapzurich.ch The Case for Managed Futures In today s investment arena, with an ever-increasing need for diversification, transparency,
More informationMeasurement and oversight of alternative strategies. Leo M. Zerilli, CIMA, Head of Investments, John Hancock Investments
Measurement and oversight of alternative strategies Leo M. Zerilli, CIMA, Head of Investments, John Hancock Investments Over 25 years of manager research experience Oversee nearly 30 manager relationships
More informationPE: Where has it been? Where is it now? Where is it going?
PE: Where has it been? Where is it now? Where is it going? Steve Kaplan 1 Steven N. Kaplan Overview What does PE do at the portfolio company level? Why? What does PE do at the fund level? Talk about some
More informationYIELD SELECT. Strategy Overview ASSET MANAGEMENT
YIELD SELECT Strategy Overview ASSET MANAGEMENT THE SELECT STRATEGIES Balancing the Need for Income and Growth The path to establishing financial security for retirement can take many routes. How much
More informationCombining active and passive managements in a portfolio
Combining active and passive managements in a portfolio Nicolas Gaussel Chief Investment Officer Lyxor Asset Management Arnaud Llinas Head of ETFs & Indexing Lyxor Asset Management In recent years, established
More informationThe All-in-One Alternative? October 2013
The All-in-One Alternative? October 2013 Rui de Figueiredo of Morgan Stanley Alternative Investment Partners says alternative investments should be more accessible to mainstream investors When you hear
More informationDefining Liquid Alternative Investments
Defining Liquid Alternative Investments using liquid alternatives to build durable portfolios defining liquid alternative investments / hatterasfunds.com 1 Table of Contents Executive Summary...2 The Rise
More informationPRESBYTERIAN ENDOWMENT SERVICE
PRESBYTERIAN ENDOWMENT SERVICE PRESBYTERIAN ENDOWMENT SERVICE Photo: Erin Dunigan A SERVICE DESIGNED SPECIFICALLY FOR LONG-TERM INVESTING OF FUNDS 1 2 2 Overview Endowments provide for the best of ministry
More informationKey reasons why you must attend this groundbreaking training course: Introducing the Investment Markets and Investment Fundamentals
Investment Management Effective Methods Course Highlights and Agenda Key reasons why you must attend this groundbreaking training course: You will get to grips with the practicalities of cutting-edge investment
More informationEmerging Trends in the Global Fund Industry
Emerging Trends in the Global Fund Industry August 2011 Karin Anderson, Senior Fund Analyst 2009 Morningstar, Inc. All rights reserved. Outline Fund Flows Exchange-Traded Funds Alternatives Fund-of-Funds
More informationINVESTMENT POLICY STATEMENT. Loyola University Maryland
INVESTMENT POLICY STATEMENT Loyola University Maryland Approved October 22, 2014 Replaces version dated October 23, 2009 with asset allocation targets approved as of June 30, 2013 I. DEFINITIONS A. Purpose
More informationPROTECTING YOUR PORTFOLIO FROM INFLATION KEITH BLACK, PHD, CFA, CAIA SHOWCASE YOUR KNOWLEDGE
PROTECTING YOUR PORTFOLIO FROM INFLATION KEITH BLACK, PHD, CFA, CAIA SHOWCASE YOUR KNOWLEDGE THE CAIA PROGRAM The Chartered Alternative Investment Analyst (CAIA) curriculum covers the following topics:
More informationThe Benefits of a Diversified Precious-Metals Exposure
The Benefits of a Diversified Precious-Metals Exposure July 26, 2016 by Robert Huebscher ETF Securities provides accessible investment solutions, enabling investors to intelligently diversify their portfolios
More informationHedge Fund Overview. Concordia University, Nebraska
Hedge Fund Overview Concordia University, Nebraska AUGUST 2016 Important Information Please remember that all investments carry some level of risk, including the potential loss of principal invested. They
More informationExperienced investment management
BRINKER CAPITAL Experienced investment management 30 years of excellence in investment management Our time-tested and disciplined investment process Better outcomes through experience, consistency, and
More informationMid-Year Survey of Hedge Fund Investor Sentiment
Mid-Year Survey of Hedge Fund Investor Sentiment Credit Suisse Capital Services July 2014 Credit Suisse Credit Suisse AG is one of the world's leading financial services providers and is part of the Credit
More informationPurpose andobjectives. Asset Allocation. General Portfolio Objectives. OCERS Board Policy Absolute Return Program Investment Policy Statement
Purpose andobjectives 1. The (the Program ) will invest in active strategies whose return and risk profiles are expected to differ meaningfully from traditional investment strategies. These strategies
More informationETFs as Investment Options in DC Plans CONSIDERATIONS FOR PLAN SPONSORS
PRICE PERSPECTIVE August 2017 In-depth analysis and insights to inform your decision-making. ETFs as Investment Options in DC Plans CONSIDERATIONS FOR PLAN SPONSORS EXECUTIVE SUMMARY The exchange-traded
More information2013 CFA Exam. LOS 31.a SS 13
LOS 31.a 2013 CFA Exam SS 13 Describe common features of alternative investments and their markets and how alternative investments may be grouped by the role they typically play in a portfolio. Card 1
More informationHedge funds shift gears on commodities
Hedge funds shift gears on commodities Investors have flocked back to commodities. And while analysts believe this will continue, hedge fund managers see traditional investor profiles changing Pauline
More informationSunGard: The ascent of liquid alternatives. Assessing the marketplace and key growth trends. The challenges to operating liquid alternatives
November 2015 SunGard: The ascent of liquid alternatives Assessing the marketplace and key growth trends The challenges to operating liquid alternatives Solutions and tools available to managers The ascent
More informationINVESTMENT POLICY STATEMENT STATE WATER IMPLEMENTATION FUND FOR TEXAS
INVESTMENT POLICY STATEMENT STATE WATER IMPLEMENTATION FUND FOR TEXAS 1 TABLE OF CONTENTS CHAPTER PAGE CHAPTER I. GENERAL INFORMATION 3 SECTION 1. FUND BACKGROUND & PURPOSE 3 SECTION 2. FUND ADMINISTRATION:
More informationAlternative Asset Management Industry 1 Convergence Insights Twelve Months Ended March 31, 2016
Alternative Asset Management Industry 1 Convergence Insights Twelve Months Ended March 31, 2016 Q1 2016 Headline-The Alternative Asset Management Industry is GROWING! KEY CONVERGENCE GROWTH MEASURES -
More informationMyths & misconceptions
ALTERNATIVE INVESTMENTS Myths & misconceptions Many investors mistakenly think of alternative investments as being only for ultra-high-net-worth individuals and institutions. However, due to a number of
More informationNEW SOURCES OF RETURN SURVEYS
INVESTORS RESPOND 2005 NEW SOURCES OF RETURN SURVEYS U.S. and Continental Europe A transatlantic comparison of institutional investors search for higher performance Foreword As investors strive to achieve
More informationInvesco expanding suite of liquid alternatives with new mutual funds
Press Release For immediate release Invesco expanding suite of liquid alternatives with new mutual funds Delivering innovative alternative strategies to the retail marketplace backed by 30 years of experience
More informationRedefining Indexing: Alternatives to Market-Cap Weighting
Redefining Indexing: Alternatives to Market-Cap Weighting Investors, and the advisors who serve them, are on the lookout for more efficient investment vehicles that have the potential to lower risk and
More information