Some investment research is good, and a lot of it is not. Some is too complex, and some is so detached and theoretical it is unlikely to ever be useful. How do you deal with that? How do you access consistently innovative and … Continue reading Our Research Promise to You
Redington Ampersand Institute (&i) brings our deep thinking and practical research under one roof. A guarantee of quality and pioneering research that embraces the detail, but always keeps the context in mind. So you can sink your teeth into the finer … Continue reading Welcome to &i
Most pension scheme trustees would agree on one thing. Long-term interest rates are at low levels in the UK today (compared to their history). It’s easy to find explanations for this among economists. It’s just as easy to find predictions … Continue reading Liability Hedging – A Rock and a Hard Place
Alpha describes the excess returns a fund can generate relative to the return of a reference benchmark. This benchmark return is called Beta.
Traditionally, these benchmarks were market cap weighted indices, such as the FTSE All Share or S&P 500. Since the 1970’s, it has been possible to buy cheap access to them via passive funds. Continue reading “Introducing True Alpha”
The landscape for managing pension schemes continues to change.. Now, more than ever, pension trustees and corporate sponsors are facing a number of challenges: lower yields, sponsor balance sheet and new regulations to name a few. However, the fundamental problem … Continue reading How can you adopt a more integrated approach to fund deficits?
In our previous RedBlog post, my colleague Dan discussed how to incorporate expected rate rises into the liability hedging decision. In this piece I offer an alternative perspective on yields and liability hedging. A Little Background Over the last few … Continue reading Liability hedging in a rising rate environment
EXECUTIVE SUMMARY Download the PDF version for offline viewing In May 2015 the UK reported its first year-on-year fall in the Consumer Price Index since the official CPI series began in 1996, with a -0.1% reading. Given pension schemes pay … Continue reading Should Pension Schemes Fear Deflation?
Summary: Implementing our investment principles means that it would be useful to measure the complexity of different assets and asset allocations via a complexity ranking. As complexity increases the average expected return tends to increase but the average fund manager … Continue reading Managing Complexity