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A Conversation With John Graham on CPP Investments Fiscal 2023 Results

Pension Pulse

In private credit, tightening credit conditions resulting from a handful of bank failures and rescues in the United States have opened up opportunities for non-bank players like pension funds, he said. So we kind of had headwinds and tailwinds in the portfolio, which is the point of diversification,” Graham said.

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Top Funds' Activity in Q1 2023

Pension Pulse

Early Friday, Jamie Chrisholm of MarketWatch reports stocks are rallying, but investors say they’re miserable and that’s a good thing: Futures on Friday suggest the S&P 500 may pop its head through the 4,200 level again, looking to decisively break above the 400-point trading range in which it has twitched for nearly seven months.

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Transcript: Cliff Asness

The Big Picture

If you’re anywhere from an individual to a pension fund, saying how much do I have to save to retire? We’re active investors. They can raise money in debt. But the good news is I lost you less than I would have lost over the average decade. But it’s not necessarily timing actionable number.

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IMCO's Bert Clark on The Challenge of Generating Net Value Add

Pension Pulse

Even the biggest pensions that have long investment time horizons and the benefits of scale have only tended to generate modest total portfolio net value add over the long term. A study by CEM Benchmarking found that the average annual net value add of the largest pension funds was 26bps over 20 years. But this is nothing new.