ALO26: Managing a C$600 Billion State Pension Fund ft. Amy Flikerski
Top Traders Unplugged
Niels Kaastrup-Larsen
4.8 • 670 Ratings
🗓️ 2 October 2024
⏱️ 63 minutes
🧾️ Download transcript
Summary
Amy Flikerski, Head of External Portfolio Management at CPP Investments - the C$600bn Canadian state pension fund - joins Alan Dunne in this episode to discuss allocating capital to emerging and established hedge funds. They delve into the evolution of the hedge fund industry from the perspective of an allocator and particularly how the growth of the large multi-manager multi-strats has impacted hedge fund allocating. Amy discusses the role of the External Manager Allocations in the context of CPP Investment’s overall portfolio and some of the key considerations from a top down and bottom up perspective when the portfolio is constructed. Amy also highlights how CPP Investments evaluates emerging managers, what makes a great hedge fund manager and also offers valuable advice for hedge fund managers when engaging with allocators.
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Episode TimeStamps:
03:02 - Introduction to Amy Flikerski
08:02 - How they think about manager selection
09:28 - How do they categorize their strategies?
11:40 - How they assess their investment objective
13:07 - How they manage risk
14:29 - How the global macro environment affects them
15:41 - How they manage a billion dollar portfolio
17:11...
Transcript
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| 0:00.0 | We have invested in traders or investors who come out of banks. |
| 0:14.5 | We've invested in people who are kind of have a very high profile, |
| 0:19.9 | who've come out of large you know large hedge funds themselves |
| 0:25.2 | we've also invested um sometimes in number two type pms who feel ready to launch and have their |
| 0:36.6 | own groups. |
| 0:42.6 | I'd say like our framework is around people process performance. |
| 0:46.8 | That's kind of a rough way of how we do the analysis. |
| 0:50.9 | So, you know, that's pedigree. |
| 0:56.0 | That's what's the repeatability of the strategy that they're employing. Performance information can always be a little bit of a pastiche. |
| 1:02.0 | We may have a track that's vetted and sometimes we have very little or nothing. |
| 1:09.0 | So it's always going to be a little bit different in terms of the information that we'll |
| 1:13.4 | have to make those decisions. |
| 1:15.2 | Every scenario is a little bit different, but it's a flavor of lots of different types |
| 1:20.3 | of backgrounds that we'll take a look at. |
| 1:24.9 | Imagine spending an hour with the world's greatest traders. Imagine learning from their experiences, |
| 1:30.8 | their successes, and their failures. Imagine no more. Welcome to Top Traders Unplugged, the place |
| 1:37.9 | where you can learn from the best hedge fund managers in the world so you can take your manager, |
| 1:42.6 | due diligence, or investment career to the |
| 1:44.7 | next level. Before we begin today's conversation, remember to keep two things in mind. All the |
| 1:50.2 | discussion we'll have about investment performance is about the past, and past performance does |
| 1:54.7 | not guarantee or even infer anything about future performance. Also understand that there's a |
| 1:59.8 | significant risk of financial |
... |
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