At the Global West Government Funds Roundtable, our flagship Roundtable, we gather senior investment officials from major sovereign wealth funds, central bank reserve management funds, government pension funds and the largest public pension plans from all corners of the globe. Discussion topics include global macro-level trends, asset allocation, investment strategy, governance, leadership and organization, risk management, ESG, alternative investments and technology innovations, among others.
This event is underwritten and supported by members of the Sovereign Investor Institute.
Head of Market Operations & Member of the Board, Bank of Latvia
Representative of the Secretary-General for Investments of UNJSPF Assets, United Nations Joint Staff Pension Fund
Torbjörn Hamnmark, Head of Strategic Asset Allocation, AP3
Matthew Wright, Director, Financial Markets, Bank of Botswana / Pula Fund
Yuko Kawai, General Manager for Europe, Bank of Japan
Mike Rosborough, Senior Portfolio Manager, CalPERS
Mark Walker, Chief Investment Officer, Coal Pension Trustees
Sue Brake, Deputy Chief Investment Officer, Portfolio Strategy, Future Fund
Eng Seng Ang, Chief Investment Officer, Infrastructure, GIC
Eugene O’Callaghan, Chief Executive, Ireland Strategic Investment Fund
Fredrik Willumsen, Global Head of Allocation Research, Norges Bank Investment Management
Charles Wu, Deputy Chief Investment Officer, State Super
Russell Clarke, Chief Investment Officer, Victoria Funds Management Corporation
Tom Chapman, Chair of the Investment Committee, Wyoming Treasury
Before looking ahead, let’s first tip our hat to the amazing 2010s, a decade that started with investors knee-deep in the rubble of the global financial crisis and that closed with stock markets at all-time highs, unemployment at record lows and the largest IPO in the history of humankind. Who could have imagined such a script?
During the 2010s, investors faced global geopolitical challenges such as an economic crisis in Europe, millions of refugees fleeing their homes, terrorism in Africa and the Middle East, a popular backlash against globalism and open borders, widening income inequality and the rise of populist, right-wing politics. On economics and markets, investors had to work through massive debt restructuring, unconventional monetary policy, negative interest rates and deflation, heavy regulation, the rise of “unicorns,” the underperformance of value and the domination of tech stocks like Apple, Amazon, Microsoft and Google which hit $1 trillion of market cap. Through it all, long-term investors were rewarded.
Predicting outcomes for the decade ahead is a difficult business, but at the SII Global West Roundtable, we can at least discuss several key trends we expect to be impactful.
For years now, sovereign and government funds have increased allocations to rules-based, quantitatively oriented passive strategies. These are technology intensive strategies that rely on algorithms, factors and big data to deliver beta more efficiently and effectively. Will the trend toward passive continue?
Government funds have been increasing allocations to private market strategies every year over the last decade. Currently, half of funds have up to 20% of their portfolios in private markets, a quarter have 20-40% and a quarter have over 40%. Will allocations continue to rise? What are the implications?
Multilateral institutions that have defined the liberal international economic order are fracturing. The US-China trade war has changed the course of the global economy and trade. The EU has been diminished by Brexit. These are major shifts with consequences as yet unknown. Will the 2020s turn out to be the age of China? What if Trump, sets the agenda for the next 5 years?
Capital with purpose. Incorporating ESG considerations into the investment decision-making process. Fighting back against climate change. Sovereign and government funds increasingly understand that responsible investing practices are a very important part of their fiduciary duty. How will these practices continue to evolve over the next decade?
Ten years after the global financial crisis, a third of global government bonds have negative yields, interest rates remain at all-time lows and inflation is nowhere to be found. What happens to investment models when safety in bonds is a guaranteed money loser? Does it make sense to buy FI? Will we remain trapped in low yields during the 2020s?
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