Climb to Investment Excellence - A Practitioners Guide to Building Exceptional Portfolios and Teams

A go-to resource for institutional investors and asset allocators seeking practical advice from a proven leader in the field
 
InThe Climb to Investment Excellence: A Practitioner's Guide to Building Exceptional Portfolios and Teams, celebrated institutional investor and asset allocator Ana Marshall draws on her 36 years' experience in finance and investment to deliver a comprehensive and practical blueprint for a resilient and high-performing institutional portfolio, as well as a reliable roadmap for the management of its stakeholders.
 
You'll discover ready-to-deploy strategies and advice that's informed by evidence and tried and tested in the real world, helping you to build and manage your team, construct a portfolio, set your goals, select the right managers, and more.
 
You'll also find:
* Explorations of three themes that consistently define the careers of successful investors and asset allocators: strategy and planning, trust, and risk management
* The critical factors every investor and allocator should consider before making any sort of impactful decision
* Examinations of the importance of resilience in the face of bad fortune or mistakes
 
A can't-miss resource for institutional investors and asset allocators, The Climb to Investment Excellence will also benefit board members tasked with overseeing their organizations' investment objectives and performance in a volatile and ever-changing market.
 
(There is no workbook that goes alongside this book.)

Inhaltsverzeichnis

Prologue xiii
 
Part I: Base Camp - The Adventure Begins 1
 
Preparing for Base Camp: The must-read chapters to maximize the probability of success
 
1 Identifying the Summit 5
 
Setting the Investment Objective 6
 
Understanding Constraints and Payout 8
 
Various Approaches to Policy Portfolios 11
 
Risk Tolerance 13
 
Time Horizon 16
 
2 Defining Governance Responsibilities 19
 
Delegation of Authority 20
 
Extent of Delegation 21
 
Governance 25
 
Assembling the Team 26
 
Transparency into the Investment Process 30
 
Settling in at Base Camp: Expanding the toolbox to refine the skill set and broaden the options in the face of changing conditions
 
3 The Subtlety of Public Markets 35
 
The Role of Public Assets 36
 
Capturing Growth in Public Equities 37
 
Nuances of Fixed Income 41
 
Hedge Funds Are an Essential Tool 43
 
4 Perspectives on Private Markets 47
 
The Role of Private Investments 48
 
The Illiquidity Premium 51
 
Duration of Investment Holding Period 52
 
Leverage 53
 
Traditional Fund Structures 54
 
Alternative Fund Structures 54
 
Reconciling Performance 57
 
Part II: The Excitement of the Climb 61
 
From Base Camp to First Camp: Asset Allocation; Developing the road map for the expedition
 
5 Developing a Policy Portfolio 65
 
Capital Market Assumptions 66
 
Optimizer Constraints 70
 
The Cloud of Efficiency 73
 
Creating the Policy Portfolio 74
 
Range of Possible Outcomes 76
 
Stress Testing 76
 
From First Camp to Second Camp: Portfolio Management; The art of adapting to the constantly changing landscape
 
6 Portfolio Construction 85
 
Selecting Market Beta Exposure 86
 
Diversification of Alpha Sources 86
 
Designing Asset Class Strategy 87
 
Philosophy of Concentration versus Diversified Managers 87
 
Sizing of Managers 88
 
Reassessing Sizing 89
 
Rebalancing Ranges 90
 
Internal Process 91
 
Exogenous Risks 93
 
7 Active Risk 95
 
Measuring Active Risk 95
 
Size Limitations to Active Risk 97
 
Setting Expectations of Annualized Alpha 98
 
8 Portfolio Hedging 99
 
Active Hedging Strategy 101
 
Volatility Management Strategy 104
 
Alternatives to Hedging 106
 
9 Liquidity Management 109
 
Illiquidity Tolerance 110
 
Unfunded Commitments 112
 
Modeling Portfolio Cash Flows 113
 
10 Secondaries 115
 
Tool in Active Portfolio Management 115
 
Selection of a Secondary Agent 117
 
Constructing a Portfolio for Sale 118
 
Risk Management Benefits versus Cost 120
 
11 Benchmarks 123
 
Benchmark Design Options 124
 
Benchmark Selection 127
 
Testing the Benchmarks 127
 
Making Changes to Benchmarks 128
 
From Second Camp to Third Camp: Manager Selection; Selecting your partners for the climb, trusting your instincts, and learning when to quit with grace
 
12 Manager Selection 131
 
Evolution of Manager Selection 132
 
Setting the Bar 133
 
Refining the Skills Needed on the Team 134
 
Due Diligence Process Design 134
 
Manager Diligence and Selection Process 135
 
Sizing the Investment 139
 
Monitoring the Portfolio 140
 
Identifying Biases in Mature Portfolios 141
 
Knowing When to Quit 143
 
Part III: the Summit in View 147

Über den Autor / die Autorin

ANA MARSHALL is Chief Investment Officer for the William and Flora Hewlett Foundation. She manages a $13 billion investment portfolio and has over 36 years of experience as an institutional investor and allocator. Ana co-teaches a course on asset allocation and portfolio management at Stanford Graduate School of Business. She is a frequent speaker at Milken Institute, a member of the Council on Foreign Relations, and serves on several nonprofit boards.

Zusammenfassung

A go-to resource for institutional investors and asset allocators seeking practical advice from a proven leader in the field

InThe Climb to Investment Excellence: A Practitioner's Guide to Building Exceptional Portfolios and Teams, celebrated institutional investor and asset allocator Ana Marshall draws on her 36 years' experience in finance and investment to deliver a comprehensive and practical blueprint for a resilient and high-performing institutional portfolio, as well as a reliable roadmap for the management of its stakeholders.

You'll discover ready-to-deploy strategies and advice that's informed by evidence and tried and tested in the real world, helping you to build and manage your team, construct a portfolio, set your goals, select the right managers, and more.

You'll also find:
* Explorations of three themes that consistently define the careers of successful investors and asset allocators: strategy and planning, trust, and risk management
* The critical factors every investor and allocator should consider before making any sort of impactful decision
* Examinations of the importance of resilience in the face of bad fortune or mistakes

A can't-miss resource for institutional investors and asset allocators, The Climb to Investment Excellence will also benefit board members tasked with overseeing their organizations' investment objectives and performance in a volatile and ever-changing market.

(There is no workbook that goes alongside this book.)

Bericht

"Institutional pools of capital are among the least understood and most important investment pools in the world. After nearly four decades in the trenches, half as a direct investor and half on the buy side of the buy side, Ana deeply understands the investment process employed by institutional Chief Investment Officers. In The Climb to Investment Excellence, she shares both the building blocks of how it all works and her unique insights into each aspect of the process. Her work is a must read for those seeking to understand how this opaque corner of the investment world operates."
-Ted Seides, Capital Allocators
 
"Ana Marshall's book is required reading for anyone managing money or anyone looking to learn how to become an excellent investor--or simply looking to be inspired by the idea of investing well and doing good with it. Ana does a great job in distilling complex subjects into actionable decisions, as well as provide valuable insights on themes not normally covered well in books on investing--the importance of relationships with boards, committees, investment managers, and her team cannot be understated."
-James Manyika, SVP Google-Alphabet, Chair and director emeritus, McKinsey Global Institute
 
"Ana demystifies long-term investing by sharing both her direct experience and the intelligence she has gathered over the last 20 years as a successful practitioner. This book is essential reading for anyone involved in a voluntary or professional basis managing long term pools of capital. There is a chapter for everyone: trustees, board/committee members, fellow CIOs and their team members. Also highly recommended reading for General Partners and investment managers who manage non-profit money, it provides deep insight into the governance and investment practices of their investors enabling both to build stronger partnerships."
-Sandra Robertson, CEO and CIO Oxford University Endowment Management
 
"This is a 'must read' book for investment committee and board members responsible for overseeing large sums of capital and setting the standards to achieve excellence. Very few investment professionals have been as thoughtful about the investment process as Ana. Add to that her innate ability to join the dots from disparate pieces of information and data, and you have the winning performance she has demonstrated."
-Boon Hwee Koh, Board Member GIC and Singapore Stock Exchange
 
"A clear and practical roadmap for the next generation of fiduciaries and investors."
-Marc Andreessen, Co-Founder and General Partner Andreessen Horowitz

Produktdetails

• Autoren: Ana Marshall
• Verlag: Wiley, John and Sons Ltd
• Sprache: Englisch
• Produktform: Fester Einband
• Erschienen: 07.11.2023
• EAN: 9781394206698
• ISBN: 978-1-394-20669-8
• Seiten: 224
• Themen: Sozialwissenschaften, Recht,Wirtschaft > Wirtschaft > Betriebswirtschaft; Finance & Investments, Finanz- u. Anlagewesen, Institutionelle Finanzplanung, Institutional & Corporate Finance