| From a place quite opposite of the sun-dappled Polish terrace, the young staff of New Zealand’s first sovereign fund approach the US$22 billion portfolio innocent of institutional legacy and with clear-eyed discipline to its vision.
“First, diversification.” CEO Adrian Orr illustrates the fund’s investment beliefs on his whiteboard, channeling the energy and legibility of an abstract expressionist. Luckily, Orr narrates as well. “Next, market mispricing, then asset mispricing, and last comes skill.” To some, “investment beliefs” suggests mere bureaucratic protocol—the sort of document drafted once and never glanced at again...............................................Full Article: Source
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