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Every pension scheme is unique. Each differs in its current position, where it is looking to go and also by the constraints it faces.

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The landscape for equity investors (whether DB pension funds, DC schemes or individuals) has changed and evolved hugely in recent years. Much of what was previously considered “alpha” can now be explained by well documented factors and systematic approaches. True alpha still exists beyond this, but equity portfolios probably need fewer managers than has been historically the case.


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Alpha describes the excess returns a fund can generate relative to the return of a reference benchmark. This benchmark return is called Beta.

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