The meager 2.3% return from the Quebec pension fund’s private equity portfolio fell well short of the benchmark’s 12.6%.
The $57 billion endowment slashed its holdings in Amazon, Microsoft, Bitcoin and Nvidia, while raising its stakes in Alphabet and Taiwan Semiconductor.
A private markets secondaries sale cost the fund 90 basis points, but strong digital asset performance helped it exceed last year’s return.
Technology, data collection and better funded statuses have asset owners rethinking traditional benchmarks.
In a wide-ranging conversation, Margaret Franklin shares ‘essential principles’ and her thoughts on private markets, artificial intelligence, responsible governance and more.
Investors’ thoughts on how system-level investing, focusing on interconnections between stressed, complex systems, can impact portfolio performance and where it can help.
The framework, now out for comment, calls for extending GIPS to outsourced investment managers, with rules for things like fee disclosures and benchmarking.
Wilshire and BNY Mellon both report that plans with heavy exposure to alternatives were more resilient this quarter.
‘Misstatement’ in 2020 financial reporting could lead to increase in teachers’ pension contributions.