Endowment Index Falls 9% in 2018
Recession fears, trade wars, rate hikes, and a strong dollar weigh down index.
News
Market Moves
How Big a Year Was 2018 for Shareholder Activists? Very
M&A was the largest motivator, as a record number of campaigns were launched.
The Secret of Smaller Endowments and Foundations’ Outperformance
Why their greater sensitivity to risk has served them well, a survey shows.
Asset Allocation
Dutch Pension Manager and Shell Eye Buying Energy Company
Recession fears, trade wars, rate hikes, and a strong dollar weigh down index.
Regulation
Mexico to Double Pension Benefits, Reduce Retirement Age
President Obrador’s latest move seeks to continue mayoral mission.
CalPERS Gives $500 Million to New Private Equity Fund of Funds
GCM Grosvenor will oversee private equity emerging managers.
Newsmakers
Fidelity International Small-Cap Strategy Terminated by SFERS
The investment made up 6.5% of the system’s approximate $3.5 billion small cap strategy.
Regulation
New Kentucky Pension Group Forms to Try Bypassing Stalemate
Bipartisan division will try to analyze the state’s funding gap and develop passable pension proposals by mid-February.
Market Moves
Seth Klarman Outfoxes Wildfires with Canny Insurance Bet on Utility
Billionaire hedge fund operator offsets equity stake in woebegone PG&E with purchase of liability claims against it.
Bill Proposes Creation of Pension Rehabilitation Administration
Proposed legislation aims to save critical and declining multiemployer pension plans.
Newsmakers
California Pensions Convene Anti-Sexual Harassment Coalition
Group highlights financial risks sustained from misconduct in the workplace.
Asset Allocation
New York Appropriates $1.2 Billion in Direct and Indirect Investments
Institution continues strong focus on real estate and private equity, terminates global equity account.
New CalPERS Board Member Has Serious Concerns About Private Equity Plan
Jason Perez is also skeptical about ESG investing, a focus that most individuals on the CalPERS board support.
Regulation
Fitch Rebuts Kentucky Governor’s Ratings Allegation
The agency says the state’s lack of pension overhaul won’t hurt its rating, despite Bevin’s warning.
US Economic Expansion Will Be the Longest in History, Bob Doll Says
Nuveen’s veteran stock strategist thinks it will surpass the 1990s’ record by summer.