WWW.BOOK.XLIBX.INFO
FREE ELECTRONIC LIBRARY - Books, abstracts, thesis
 
<< HOME
CONTACTS

Pages:     | 1 | 2 ||

«© 2012 Morningstar, Inc. All rights reserved. 1 The information contained in this document is the proprietary material of Morningstar. Reproduction, ...»

-- [ Page 3 ] --

The Alternative Investment Process: Free Response Question Please describe your process for investing in alternative strategies. How do you × choose which areas to invest in? What’s your research process? Once you've settled on a particular strategy, how do you choose a product? And, of course, how do you implement a new strategy and measure its success?

64 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

The Alternative Investment Process

Summary of Institutions’ Responses:

× × Institutions started with a top-down or macro-economic research process.

× Most respondents use a committee to research and also analyze the success of a strategy.

× When choosing a specific product the manager of the vehicle often was the catalyst for the final decision.

Summary of Advisors’ Responses:

× × Varied depending on advisors’ level of independence. For example, several advisors stated their home office dictates their selections, while others stated that they analyze larger market and economic trends × Some advisors mentioned teams of individuals or consultants while others were independently conducting the research process and evaluating the success themselves.

× Advisors valued the manager’s and the fund’s past success and the client’s asset allocation needs when selecting a vehicle.

65 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

The Alternative Investment Process: Institutions’ Comments “We look across the entire landscape for attractive areas to invest in terms of risk-reward and then comb through the universe.” “From this group we select the manager(s) with the greatest ‘edge’ or ability to generate out performance in the future based on their ability to adapt their approach to handle the inevitable deterioration of their edge over time.” “Our process is intensive, beginning with identification of necessary investment strategies, such as market neutral, managed futures, long/short equity.

Once we identify a need for our platform, we will actively search for multiple access points, including mutual funds and direct hedge funds. The research process is highly intensive and includes onsite visits with investment professionals, regular conference calls, and a review of fund documentation.

Success is measured by the ability of the investment to realize its stated investment objectives without style drift.” 66 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

The Alternative Investment Process: Advisors’ Comments “Since I am an hourly fee-only advisor, I use mutual funds. For clients who have specific concerns—low risk, inflation protection, etc.—I research mutual funds with a track record and risk and return objectives that match my clients’ investment objectives. Most of those fall into a moderate or conservative asset allocation strategy that includes GTAA. Strategies include using asset classes for natural resources, TIPS, commodities and other real-return strategies in addition to global stock and bond asset classes. Plus stock “shorting” strategies to reduce volatility and limit investment losses.” “We have used a product that is a fund of funds product from our broker dealer.

We have also used long/short funds, and managed futures funds in the mutual fund area for smaller clients. We used our back office, Lipper, and Morningstar to identify product and looked for non-correlating strategies.” “Based on market outlook and a combination of quantitative and qualitative factors, such as phone calls and in person visits, asking people we trust, mining connections.” 67 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Credits Editors Nadia Papagiannis, Director of Alternative Investments Josh Charney, Alternative Investments Analyst Alexa Auerbach, Director of Corporate Communications, Institutional Business Beverly Goodman, Mutual Fund Editor at Barron’s

–  –  –

68 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.

Questions?

Josh Charney josh.charney@morningstar.com Alexa Auerbach 312 696-6481 alexa.auerbach@morningstar.com 69 The information contained in this document is the proprietary material of Morningstar. Reproduction, transcription, or other use, by any means, in whole or in part, without the prior written consent of Morningstar, is prohibited.



Pages:     | 1 | 2 ||


Similar works:

«User Interests Identification on Twitter Using a Hierarchical Knowledge Base Pavan Kapanipathi1, Prateek Jain2, Chitra Venkataramani2, and Amit Sheth1 Kno.e.sis Center, Wright State University {pavan, amit}@knoesis.org IBM TJ Watson Research Center {jainpr, chitrav}@us.ibm.com Abstract. Twitter, due to its massive growth as a social networking platform, has been in focus for the analysis of its user generated content for personalization and recommendation tasks. A common challenge across...»

«ISOMII: Mineralisolierte Leitungen Minerallnsulated Cables dt I 3 i!!lUlli!Jj ~ NISZERT DIN EN ISO 9001 :2000 Zertifikat Nr. 5680/10 Tel. +49 (0) 61 81 931550 MiL GmbH· Industriepark Hanau/Halle 4 • Ehrichstraße 10 • 0-63450 Hanau Fax +49 (0) 61 81 -31710 e-mail: info@isomil.de/ internet: http://www.isomil.de/ Sales and Delivery Terms 1. General These business terms apply exclusively to al! business. Any deviations must be agreed in writing. Any agreed deviations to individual terms have...»

«Working Paper No. 18 Probleme und Chancen lebenslangen Lernens aus betriebswirtschaftlicher Perspektive Uschi Backes-Gellner Universität Zürich IBW – Institut für Betriebswirtschaftslehre Leading House Working Paper No. 18 Probleme und Chancen lebenslangen Lernens aus betriebswirtschaftlicher Perspektive Uschi Backes-Gellner März 2008 Published as: Probleme und Chancen lebenslangen Lernens aus betriebswirtschaftlicher Perspektive. Altern, Bildung und lebenslanges Lernen, (2009), Eds. U.M....»

«IAB Forschungsbericht 12/2010 Aktuelle Ergebnisse aus der Projektarbeit des Instituts für Arbeitsmarktund Berufsforschung Betriebliche Ausund Weiterbildung in den süddeutschen Metropolregionen Lutz Bellmann Barbara Schwengler Nicole Kaiser Betriebliche Ausund Weiterbildung in den süddeutschen Metropolregionen Lutz Bellmann (IAB) Barbara Schwengler (IAB) Nicole Kaiser (Universität Erlangen-Nürnberg) Mit der Publikation von Forschungsberichten will das IAB der Fachöffentlichkeit Einblick in...»

«‘LASCIATEMI MORIRE’ o ‘FARO LA FINTA PAZZA’ Embodying vocal NOTHINGNESS on stage in Italian and French 17th century operatic LAMENTS and MADSCENES by Elisabeth Belgrano   A Music Research Drama Thesis in a Prologue and 3 acts PART I. LIBRETTO PART II. IL CANNOCCHIALE per ‘LASCIATEMI MORIRE’ O ‘FARO LA FINTA PAZZA’ (A descriptive text following the contents of the LIBRETTO) Academy of Music and Drama Faculty of Fine, Applied and Performing Arts University of Gothenburg, Sweden...»

«¨ ¨ Universitat Tubingen Master’s Thesis in Computational Linguistics Automatic Prediction of CEFR Proficiency Levels Based on Linguistic Features of Learner Language Julia Hancke julia hancke@yahoo.com Supervisor: Prof. Dr. Detmar Meurers Second Examiner: Dr. Frank Richter 29.04.2013 Abstract In this theses we present an approach to language proficiency assessment for German. We address language proficiency assessment as a classification problem. Our main focus lies on examining a wide...»





 
<<  HOME   |    CONTACTS
2016 www.book.xlibx.info - Free e-library - Books, abstracts, thesis

Materials of this site are available for review, all rights belong to their respective owners.
If you do not agree with the fact that your material is placed on this site, please, email us, we will within 1-2 business days delete him.