Markets & views
The Investors Journal (March 2009 | vol. 3)
The third edition of The Investors Journal is published at a time of continued market unrest and uncertainty. This edition looks at the ramifications of the resulting market dislocations that have been witnessed through deleveraging and derisking, and the investment opportunities that lie therein.
In this edition, The Investors Journal presents articles on diversification, the impact of performance measurement on manager behaviour, the outlook for hedge funds, the opportunities in the global high yield bond market and how to improve the corporate governance accountability chain. In this third edition we welcome Dawid Konotey-Ahulu, of Redington Partners LLP, as the guest contributor, who has co-authored an article with Aviva Investors Patricia O’Loughlin on pension scheme derisking.
As always, your views and opinions are important to us as they help in deciding upon the content of The Investors Journal, so please do not hesitate to contact us at theinvestorsjournal@avivainvestors.com.
On behalf of Aviva Investors and each of our contributors, I hope you enjoy this edition of The Investors Journal.
Revisiting diversification
Dr Miko Cardinale | Head of Strategic Asset Allocation Research
Although the power of diversification has been tested to the full, exploiting the predictability of long-term investment returns remains the best way to capture diversification opportunities.
Investment, trading and speculation
Julie Griffiths | Head of Portfolio Risk
Institutional investors can encourage responsible long term investment and discourage sub-optimal behaviour by fund managers resulting from relative return benchmarking.
Liability driven investment
Dawid Konotey-Ahulu | Redington Partners LLP
Patricia O'Loughlin | Head of Pension Funds
In facing the most turbulent and extreme set of market events, it has never been more vital for pension funds to have a carefully planned approach to risk management.
Hedge funds
Philip Pearson | Head of Alternative Investment
Despite a period of dramatic evolution that has shaken the hedge fund industry, not all hedge funds are doomed to extinction. Indeed, some species of fund will flourish.
The Power of the Coupon
Todd Youngberg | Senior Vice President of High Yield
Unprecedented valuations in the global high yield bond market represent a significant opportunity for the long-term investor.
Corporate governance and the economic crisis
Anita Skipper | Corporate Governance Director
The catastrophic failure of governance within the major banks has led the world into a global recession but why were shareholders not more effective in holding management to account?
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