Top Traders Unplugged

ALO26: Managing a C$600 Billion State Pension Fund ft. Amy Flikerski

Oct 2, 2024
Guest
Amy Flikerski
Amy Flikerski, Head of External Portfolio Management at CPP Investments, oversees a staggering C$600 billion portfolio. In this discussion, she reveals the intricacies of allocating capital to both emerging and established hedge funds. Amy shares insights on the evolution of the hedge fund landscape, the balance between manager selection and portfolio construction, and the importance of transparency. She also offers advice for fund managers on how to effectively engage with allocators, stressing the need for persistence and realistic outreach.
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INSIGHT

CPP Investments Portfolio Overview

  • CPP Investments manages a C$600 billion fund with a 20% allocation to external public and private equity managers.
  • Their external portfolio management focuses on diverse strategies, including fundamental, discretionary, and quantitative approaches.
INSIGHT

Balancing Bottom-Up with Portfolio Construction

  • CPP Investments uses a blend of bottom-up manager selection and top-down portfolio construction for external allocations.
  • They balance manager conviction with portfolio-level risk assessments to optimize diversification and volatility.
INSIGHT

Absolute Return Focus with Beta Hedging

  • CPP Investments targets absolute return with a market-neutral bias, hedging beta exposure through passive index sales.
  • This approach delivers consistent volatility and convexity to complement long-term, beta-oriented portfolio elements.
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