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Many investors have large allocations to illiquid assets, and this could become a problem

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Many investors have large allocations to illiquid assets in PE, real estate, private debt, or infrastructure. And this could become a problem.

One of the most recurring themes with investors today is diversification.

Many investors have large allocations to illiquid assets in the private equity, real estate, private debt, or infrastructure sectors. Those assets are often classified as alternative - suggesting that investors expect those assets to provide some diversification. But are those assets not sharing the same risk factor - illiquidity premia? And shouldn't we be wary of a premia which has been compressing for the better part of the last ten years?

The message here is simple: If diversifying your portfolio is a priority, some of the diversifying strategies should be liquid (page 9-10).

Another important aspect is tail behavior, so the diversification at the tail rather than diversification in normal market environments. Any tail risk solutions also need to be capital efficient, and require real conviction that the investment's behavior during extreme market outcomes would actually meet portfolio needs. What's complicating things is that many strategies that can exhibit low correlation to risk assets, but they may not protect during crises (page 18).

At the same time, investors are not only focused on protecting capital for the sake of smoothing the profile of the returns of their portfolio, but perhaps even more importantly they want to be able to go back and invest in the markets at a time when assets have become more attractive after a pronounced selloff. Any such strategy therefore has to offer monetization capability at the right point of time, which again may be achieved with a liquid structure (page 14).

The NY based group of Roundtable participants also discussed:

  • Which are the three themes FRM is currently interested in? What is "emerging square"? (page 7)
  • What is the main benefit of hyperaligned investment structures? (page 8)
  • How is Big Data changing the way commodities funds are run? How can a commodity trade business enjoy longevity? (page 9-10)
  • How do we know that 2017 so far has been "100% risk-taking", and what does that mean? (page 12-13)
  • Why do risk mitigating strategies also have to be risk managed? (page 15)
  • What do most people miss about the correlation measure? (page 16-17)
  • What happens when quants get too greedy? (page 17)
  • Which strategies can capture the tail? (page 17-18) Why does Lyxor like "humans" in their portfolios? (page 18)
  • The come back of active trading. How passive money creates opportunities for active (page 18-22)
  • Why do so many alternative strategies have such high cross-correlations? (page 22)
  • What really caused the crash flash of 2015? (page 23)
  • Smart beta and the growth of CTAs. Why passive or smart beta does not imply it's a benchmark (page 25)
  • An overview of the multi-asset, multi-risk premia universe (page 26)
  • Why regulation has made the sourcing of top investment talent easier (page 28)
The following speakers participated at the Opalesque 2017 New York Roundtable, sponsored by Societe Generale Corporate & Investment Banking:
  1. Fabien Pavlowsky, Director - Global Macro & CTA Strategies, Lyxor Asset Management
  2. Osvaldo Canavosio, Head of Manager Research & Sector Head - Global Macro, Man FRM
  3. Matthew Heap, Portfolio Manager, Orion Resource Partners
  4. Justin Dew, Director of Strategic Development / Head of New York Office, Welton Investment Partners
  5. Marc Malek, Managing Partner & Portfolio Manager, Conquest Capital Group
  6. Jonathan Goldberg, Founder & Chief Investment Officer, BBL Commodities
  7. John O'Hara, Head of Prime Brokerage & Clearing Americas and Global Head of FXPB & FX Clearing, Societe Generale Corporate & Investment Banking
  8. Matthew McCarthy, Director - Capital Introductions, Societe Generale Corporate & Investment Banking
Enjoy!

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