Alan H. Dorsey's Active Alpha: A Portfolio Approach to Selecting and Managing PDF

By Alan H. Dorsey

ISBN-10: 0471791326

ISBN-13: 9780471791324

Compliment for energetic Alpha''Active alpha is the search for each subtle investor. This e-book covers the entire key alpha assets presently mined by means of lively managers, reduces the complexity of the topic, and is helping the investor start within the correct direction.''-Mark Anson, leader government Officer, Hermes Pensions administration Ltd.''Long-held conventional equipment for making an investment huge portfolios are giving option to new procedures which are designed to enhance productiveness and diversification. those alterations locate their locus within the occasionally overly mysterious global of absolute go back thoughts. during this e-book, Alan Dorsey demystifies that new international and gives a guiding pathway into the way forward for expert portfolio administration. this can be an enormous learn for any investor who plans to be triumphant going forward.''-Britt Harris, leader funding Officer, instructor Retirement procedure of Texas''With nice lucidity, Alan Dorsey's booklet, lively Alpha, fills an incredible void through deciding upon the appropriate institutional positive aspects of this advanced topic and by means of offering a unifying analytic framework for figuring out and developing portfolios of different resources. For someone making an investment within the replacement category, from the hot scholar to the skilled practitioner, energetic Alpha is an important learn. i'm recommending it to each person i do know with such an curiosity, and it's destined to turn into a miles thumbed reference on my shelf.''-Steve Ross, Franco Modigliani Professor of monetary Economics, Sloan institution, MIT

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Additional resources for Active Alpha: A Portfolio Approach to Selecting and Managing Alternative Investments

Sample text

For these institutions, the trustees and investment staff members make investment decisions on behalf of pensioners. Not only are pension plans in some cases regulated, such as corporate plans in the United States by the Department of Labor under ERISA law, they also may face high levels of scrutiny by their constituents. Therefore, the due diligence in which they engage tends to be far more robust than what one might see at an endowment or foundation. In this instance, due diligence not only includes acquiring references from investors on alternative investment managers, but also some or all of the following: background checks; portfolio analysis; performance attribution analysis; evaluation of deal pipelines; and counterparty reference checks from banks, brokers, fund administrators, law firms, and auditors.

Although these organizations are variably suited to the administrative burden of alternative investments, many of these tasks can be outsourced to or facilitated by financial services companies, such as investment management firms, consultants, risk evaluators, fund administrators, and custodians. The real suitability of pension plans to alternative investments is the long-dated liabilities that pension plans possess and their ability to accept greater illiquidity in their assets. Pensions are well suited to more sophisticated portfolio construction with greater diversification.

When adding alternative investments to a portfolio of traditional asset classes, or when creating a freestanding portfolio of alternative investments, diversification is an equally important goal. , equity, interest rates, and credit spreads). Indeed, a well-diversified alternative investment program may have a greater number of factor exposures, and therefore be better positioned for attaining true diversification. In addition to traditional betas such as equity and interest rates, alternative investments may be diversified through exposures to other esoteric betas, such as volatility and commodity exposures.

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Active Alpha: A Portfolio Approach to Selecting and Managing Alternative Investments by Alan H. Dorsey

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