Steven Novakovic
Managing Director of Educational Programs at CAIA, specializing in alternative investments and investor education, with deep experience advising institutional allocators on portfolio construction and the Total Portfolio Approach (TPA).
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Jan 13, 2026 • 1h 7min
The Market’s Biggest Whales are Making Huge Changes: Total Portfolio Revolution | Steve Novakovic of CAIA
Steven Novakovic, Managing Director of Educational Programs at CAIA, dives into the transformative shift to the Total Portfolio Approach (TPA) that major players like CalPERS are adopting. He discusses the implications of this governance change for institutional allocators and how it enables tactical moves in an uncertain market landscape. Novakovic stresses the growing importance of education on private market risks and the rise of secondary markets, while also critiquing hedge fund fee structures, urging investors to rethink what they pay for beta.
Jan 13, 2026 • 1h 7min
The Market’s Biggest Whales are Making Huge Changes: Total Portfolio Revolution | Steve Novakovic of CAIA
Steve Novakovic, Managing Director of Educational Programs at CAIA, shares his insights on the shift from strategic asset allocation to the Total Portfolio Approach (TPA). He highlights the significance of CalPERS' recent changes and discusses the evolving landscape of private markets. Novakovic explains how secondary markets are enhancing liquidity for investors and delves into the friction between hedge fund fees and performance. He emphasizes the necessity of educating retail investors about alternatives and looks ahead to exciting CAIA educational initiatives for 2026.
