提高公共養(yǎng)老基金投資績效[文獻翻譯]_第1頁
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1、外文出處CyprusEconomicPolicyReview外文作者GregioImpavidoRonanO’ConnDimitriVitta2managersoftheotherthreefunds.Allfourfundswereinitiallysetuptooperatewithasmallcomplementofskilledstaffbuilddiversifiedptfoliosofglobalequitiesbondse

2、ffectivelyactasmanagersofmanagersfocusingonpassiveindexedmanagementthroughexternalmanagers.Thisromanticideadidnotlastlong.Passiveindexedmanagementwassooncomplementedwithenhancedindexingwhichallowstransactionsthatrespondt

3、ospecialpricingopptunitiescustomizedindexingwhichlimitsexposuretoindexdominatingcompaniesalsoallowsinvestmentsinsmallerlocalcompaniesthatarenotincludedinthemainmarketindex.Thenpassivemanagementwasbroughtinhousefollowedaf

4、terawhilewithdevelopinginternalactivemanagement.Theroleofexternalmanagerswasgraduallylimitedtoimplementingactiveoverlayprogramsseekingexcessreturnsthroughperfmancebasedcontracts.Amajshiftininvestmentstrategyoccurredwithd

5、ecisionstoexpallocationstoprivateequityrealestateotheralternativeassets.Theseinvestmentsinvolvenonpassivemanagementalthoughtheyrelyfthemostpartonexternalmanagers.Threeofthefundshavealreadyauthizedsubstantialincreasesinsu

6、challocationswhileinNwaythecasefinvestmentsinalternativeassetsisunderevaluation.TheCanadianfundhasalsopursuedprincipalinvestingmanagementofinfrastructureprojectsshttermtrading.FitsparttheNewZealfundhasbecomeinvolvedinope

7、ratinglargetimberinvestments.Alternativeassetclassespromisehighreturnstheirvaluationisnotexposedtothehighvolatilityofsecuritiestradedonpublicmarkets.Buttheyareafarcryfromtheiginalperceptionofpassiveindexedmanagementthrou

8、ghexternalmanagers.AnimptantimplicationofthesechangeshasbeenalargeexpansionofstaffespeciallybytheCanadianNwegianfunds.Theinvestmentperfmanceofthefourfundshasbeenpositiveinrealtermsbutfarfromspectacular.Thisisexplainedbyt

9、heporeturnsofglobalequitymarketsinthefirstfewyearsofthenewmillenniumfollowingtheburstingofthehightechbubbleinearly2000.TheNewZealfundwhichstartedoperationsafterthereboundingofequitymarketshasreptedmuchhigherinvestmentret

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