Rolf Banz on investment
A personal perspective on investment issues
  • Home
  • About
  • Archives
Browse: Home / Manager selection

Manager selection

The best of the best?

By Rolf on 8 October 2014

A few years ago, the Alaska Permanent Fund (APF) – Alaska’s sovereign wealth fund with assets of USD 50+ bn (website) – introduced an interesting element into their portfolio. After an exhaustive search, they appointed five asset management firms as external CIOs. They gave each about USD 500 million in a largely unconstrained mandate (the […]

Posted in Comments/ramblings | Tagged Manager selection, Pension funds, Performance | 1 Response

Did The Economist miss the point?

By Rolf on 13 May 2014

Ten days ago, a teaser on the cover of The Economist proclaimed the “Death of the fund manager”. Inside, there was a leader – which is what The Economist calls its editorials – and a lengthy article. Given the tone of the teaser, the content is hardly surprising. It berates financial intermediaries for their greed […]

Posted in Active/passive management, Investment strategy | Tagged Asset allocation, Manager selection | 1 Response

The performance of asset managers

By Rolf on 25 April 2014

I have made only one specific investment recommendation on this weblog so far and it has turned out to be rather poor advice, at least in the short term. I questioned the wisdom of investing in the Carlyle IPO almost two years ago. But Carlyle has comfortably outperformed both the market and its sector since […]

Posted in Comments/ramblings | Tagged Empirical research, Manager selection, Performance, Statistics | 2 Responses

Risk adjustment as an excuse

By Rolf on 25 March 2013

Risk adjustment is a fundamental element of modern portfolio theory. Alpha is defined as the return left over after the impact of all sources of risk, including strategic biases, has been accounted for (see the examples in my series on alpha). But a positive historical alpha alone is not sufficient to conclude that a particular […]

Posted in Active/passive management | Tagged Alpha, Manager selection, Performance, TAA

Manager selection and college football

By Rolf on 29 November 2012

Some years ago, Goyal and Wahal published a somewhat depressing article that suggested that pension funds and their consultants added no value, on average, in their manager hiring and firing decisions. In particular, replacing poorly performing managers with new ones actually led to worse performance than if the fund had stuck with the old managers […]

Posted in Comments/ramblings | Tagged Manager selection | 2 Responses

About this weblog and its author

Rolf Banz spent his career in the investment industry in the US, the UK and, most recently, in Switzerland. To older people, he is known as the "father of the small firm effect". This weblog consists of a series of essays and shorter pieces on a range of issues at the intersection of institutional investment and investment theory. Please see this post for a description of the objectives of the weblog and the About page for further information on the author and the site.

Subscribe to feeds

Posts
Comments

Links that inspire

  • Cliff Asness of AQR
  • Matt Levine's Money Stuff

Links just for fun

  • Powers of 10
  • Turning words into graphics

Categories

  • Comments/ramblings
  • Essays
    • Active/passive management
    • Building blocks
    • Investment strategy
    • Wealth preservation
  • Oldies
  • Q&A/misunderstandings
  • Uncategorized

Tag Cloud

Alpha Anomalies Asset allocation Asset pricing Beliefs Bonds Buy-and-hold CAPM Crash Dimson-Marsh-Staunton Emerging markets Empirical research Family wealth Hedge funds Housekeeping Inflation IPO Manager selection Market efficiency Offshore private banking Pension funds Pension liabilities Performance Philosophy Portfolio insurance Private equity Reporting Small caps Smart beta Statistics Structured products Style bias Switzerland TAA

Subscribe to Blog via Email

Enter your email address to subscribe to this blog and receive notifications of new posts by email.

Join 766 other subscribers

Copyright © 2022 Rolf Banz. Disclaimer/copyright notice.

Powered by WordPress, Hybrid and Outline