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The Distribution by Juniper Square
Ep.55: Speed to Scale Through Concentrated Diversification - Troy March - Director of Real Estate - North Carolina Retirement System
Jan 21, 2025
Troy March, the Director of Real Estate for the North Carolina Retirement System, manages an impressive $8.5B portfolio and brings over 23 years of real estate expertise. He discusses the strategy of 'concentrated diversification' for optimizing investments while emphasizing the importance of building strong relationships with managers. Troy also shares insights on the shift from co-mingled funds to separate accounts and highlights emerging macro trends influencing investment decisions in North Carolina's real estate market. Outside work, he enjoys mountain biking and coaching young riders.
57:54
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Quick takeaways
- Troy March highlights the strategy of concentrated diversification, allowing for substantial investments in specialized managers while maintaining overall portfolio diversification.
- The podcast discusses the shift from commingled closed-end funds to separate accounts, offering tailored investment strategies and enhanced control over risk management.
Deep dives
Concentrated Diversification Explained
Concentrated diversification is a strategy that involves allocating significant investments to specific managers within a particular sector while ensuring overall portfolio diversification. The approach allows for concentrated risk with the potential for higher returns by leveraging the expertise of specialized managers. By maintaining a diversified mix of sector-focused investments, this strategy aims to optimize management allocation and returns across the entire portfolio. Troy March emphasizes the benefits of this approach in managing the $8.5 billion of assets for the North Carolina Retirement System.
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Discover
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