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

By Alan H. Dorsey

Compliment for energetic Alpha"Active alpha is the search for each subtle investor. This ebook covers all the key alpha assets at the moment mined via lively managers, reduces the complexity of the topic, and is helping the investor start within the correct direction."-Mark Anson, leader govt Officer, Hermes Pensions administration Ltd."Long-held conventional equipment for making an investment huge portfolios are giving solution to new tactics which are designed to enhance productiveness and diversification. those adjustments locate their locus within the occasionally overly mysterious global of absolute go back techniques. during this publication, Alan Dorsey demystifies that new global and gives a guiding pathway into the way forward for specialist portfolio administration. this can be a big learn for any investor who plans to prevail going forward."-Britt Harris, leader funding Officer, instructor Retirement method of Texas"With nice lucidity, Alan Dorsey's ebook, lively Alpha, fills a major void by means of settling on the correct institutional positive aspects of this advanced topic and via delivering a unifying analytic framework for figuring out and developing portfolios of different resources. For somebody making an investment within the replacement category, from the recent pupil to the skilled practitioner, energetic Alpha is an important learn. i'm recommending it to every body i do know with such an curiosity, and it truly is destined to develop into a far thumbed reference on my shelf."-Steve Ross, Franco Modigliani Professor of economic Economics, Sloan college, MIT

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Additional resources for Active Alpha: A Portfolio Approach to Selecting and Managing Alternative Investments (Wiley Finance)

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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.

There are at least three approaches to rebalancing: strategic, tactical, and sensitivity oriented. Not all of these are desirable, and moreover, not all of these are well suited to an investor’s capabilities and culture. Strategic rebalancing is the approach taken by most investors. It is simply the creation of asset allocations in an investment policy statement and the rebalancing to these mean points at regular, but somewhat infrequent, intervals. The importance of rebalancing among alternative investments is little different than it is for traditional investments.

For instance, consider an institution with concentrated counterparty risk in the form of having one custodian for all of its investment portfolio assets and corporate assets. Another example is a corporate pension plan with a large investment it its own publicly traded securities. In this latter case, if the corporation has an inability to fund its pension plan through new contributions, then its corporate securities are likely also to have declined in value. In contrast, an approach to alternative investments takes more of a 360-degree view of risk and the desire to diversify away as much quantitative and qualitative risk as possible.

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