YouSaid · the spoken record

Matt Whineray

lines on the record: 87
first: 2019-09-09
most recent: 2019-09-09
sittings or episodes: 1
sources: podcast

Every line below is reproduced as it was said and linked to the record it came from. Nothing here is summarised or generated. Directory · Search · Corrections

“Fair amount of the implementation, you've touched on things like strategic tilting, there's a blend of what you're choosing to do internally and what you're choosing to outsource to external managers. What questions are you asking to determine whether you're going to try to bring the resources in-house or hire externally?”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Move that quite away. So, what I guess we wanted to get away from with the SAA was the SAA says you're going to have 5% infrastructure. Whether you think it's attractive or not. You only have 5% in timber, whether you think it's attractive at the time or not. We wanted that to be a little bit more dynamic and a little bit more responsive and not just put it in just because we've made an SAA call to do that. And then also you're able to much better attribute accountability for decisions because in an SAA world, you can never actually be at 5% infrastructure. So why are you not there? Are you not there because management has chosen not to be there? Because they don't really like the asset that much or because they just can't get there. And this one is really clear. You've got a reference portfolio. When we add a new asset to the portfolio, we sell a chunk of that reference portfolio to fund it and we can measure the difference between those two things. The returns we would have made versus the returns we actually made. And it's really clear who owns that. Management owns that.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“We moved nine years ago to the reference portfolio in 2010. And since then, what it means is that we can be a bit more dynamic with opportunity. So we don't have to try and jam it into one of the SAA categories. And when we had the SAA last, we had things like timber and infrastructure and private equity. And we had this thing called other private markets, which was like just whatever else you got kind of chuckling in that. This one is a more granular approach. doesn't require us to go and change the whole SAA construct to add an opportunity. So an opportunity can be added on the recommendation of the investment committee and the approval of the CIO. We can then allocate risk to it. The board has given us the overall umbrella of how much active risk we can have, but then the job of allocating that across the basket of opportunities sits with management. And so I would say always you're going to be anchored a little bit from where you started with.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then when you add up the current portfolio, let's say using the framework you're using with risk allocation and budgets, and then if you compared that to the older way of doing it with strategic asset allocation and assets and maybe you have like an absolute return bucket for the things that you might have in structural now, how different are those two portfolios?”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“As close to target as they can. So the target does move around, the budget doesn't. Budget we should be looking at every few years because that shouldn't be changing much. I mean, what's your relative confidence in timber versus global macro versus distressed or whatever it happens to be? That shouldn't change. But on a month-to-month basis, some of these things will move a bit more and that's where we're changing that target. And then the actual is responding to that. Some of them are slow moving. Structural is slow moving. You don't expect that to change a lot from a target perspective. Some of them like broad markets and market pricing, that's going to move around a bit. Asset selection again, that's not going to change a lot because is the market structure changing in New Zealand active equities slowly. It's the one in the middle, the market pricing ones that move around a bit more.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we have this concept of budget and target and actual. So the budget is the long run kind of through the cycle that we say we want to have X basis points of active risk for merger arbitrage, for example. For each of those baskets, we have a team and the team is drawn from people across the investment group and the portfolio completion group and there's those small teams and they are the ones who are the subject matter experts for those opportunities. They get together frequently every so often, maybe month, sometimes monthly, sometimes quarterly and say what's happened in terms of the attractiveness of this? Is Mujarab more attractive or less attractive? Is timber more attractive or whatever it happens to be? And then those teams then make a recommendation about a target. So that's the right now how much risk do we want in that. And then the actual is how much we've actually got on it. So then the investment team's job is to get the actual”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Macro, go and find those, and then that's the construction of the portfolio. So there's a risk allocation process first, which has us all thinking, what's our confidence in the relative merits of these different opportunities? And then there's the second decision, which is, okay, well, how are we going to get that? And that's where the target operating model comes in. Do we do that ourselves? Do we have someone else do it? strategic tilting, biggest chunk of active risk in the fund. We do that ourselves. We just don't think that we can structure the relationship with the manager to make that work. Other things like stress credit, we'll use canyon or bane because we're not going to be able to have that expertise in-house. But some things we'll do ourselves, some things we'll do externally.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Real estate that broad markets basket has things like our strategic tilting program mostly things like global macro and then the RV credit and funding is where we do our internal credit mandates we also have distress credit we have a couple of other more credit related funding related opportunities and then finally our last basket is one called asset selection so that's one where essentially the basis for those opportunities is manager skill and that thing we've got active equities in New Zealand active emerging market equities some private equity so what we've done is we chunk up those baskets and then we allocate risk to each of those baskets and within the baskets to the opportunities and then say to the teams the investment teams okay we want a bit of risk in farming go and find some exposure to that we want a bit of risk in forestry you go and find some exposure to that we want some merger arbitrage or we want some global”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what we do is we've got a bunch of opportunities, investment opportunities. Some of them are sort of like asset classes, but they're slightly different, perhaps slightly more granular. And then we aggregate them into those five baskets by saying, what are the sort of the similar type of opportunities? So we've got the first basket is called structural. And that used to be called diversification. So that's got things in it like timber, farming, life settlements, cat bonds or our factors, our equity factors programs, things that are driven by structural impacts on the markets. That's the one risk basket where we think we'll have some exposure through time always to those things. So that's the structural basket. Then we have a three we call market pricing. And we've got a real assets basket. We've got a broad markets basket and we've got an ARB credit and funding basket. And those have different opportunities in them that relate to those. So real assets has things like infrastructure.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Different things, and then we can start allocating risk to them. And so that was the sort of the genesis of our risk budgeting process. So the risk budgeting process says, all right, we've got a bunch of opportunities, we've put them into these five different baskets is what we call them, and then we'll allocate some risk through time to those things. And then the teams are then tasked with going and getting that exposure, what we call finding the access point. That's the process by which you go from reference portfolio to actual portfolio, because you've got to have some structure for working out where you're going to place your active bets.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Where are we most confident that we can improve on the reference portfolio? And so we said, okay, we took the investment committee away for a couple of days and we talked about this and we said, all right, we're most confident where we can see and articulate the drivers of the opportunity, where we can change our risk allocation to that over time. So they then said, all right, so let's look at all of the things that we could put in. There's forestry, there's global macro, there's life settlements, there's our strategic tilting program, which is like dynamic asset. There's all these things. We need to have some confidence ranking of those things. We've got to have some way of being able to compare them, say, do we want three lots of forestry and one lot of global macro? Do we want seven lots of life settlements and one cap bond or whatever? We created a thing that we call the risk allocation process, which says, okay, what are the expected risk-adjusted confidence adjusted returns from these?”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“For infrastructure or 5% for private equity or whatever. And the people who are looking after those in the investment teams know I can take the total portfolio and times that by 5% and this is what I've got to go and invest. When you go to the reference portfolio, there's none of that in there. It's a total notional listed low-cost portfolio. And then you've got to build an actual portfolio. And so we had to build something in the middle to help us be systematic in that active risk. And that's where we said, okay, we have this operating model which helps us make the decisions about who's doing it. But really we've got a decision before.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Like most institutional investors, actually, we love acronyms, we use far too many of them. So we call it the TOM, which is the target operating model. And that was a bit of work that we did a number of years ago, which said, okay, let's be clear about the principles on which we will do things internally or where we will use other people to provide those services for us. What the target operating model says is we want to have sort of simpler processes. We want to have more control over the allocation. That is the risk allocation. As opposed to the individual investment decisions, but the risk allocation, we want to have fewer manager relationships which are bigger we become a bit more important to those managers and we get a bit more over time. So we created this reference portfolio in 2010 and that was quite a big change for the organization because we went from a strategic asset allocation to a reference portfolio. So in the SAA there's 5% for timber or 5%.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Okay, let's land on the reference portfolio, and then what the board is wanting to know is how's our actual portfolio performing versus that reference portfolio, because that's the decisions that management are making in order to try and improve it. And for the large part, we've added value, I think we've had 11 positive value add years over the last 15. We've added nearly 1.5% a year, which is worth sort of $8 billion to the New Zealand taxpayer. So that's been good, but that's by looking at the reference portfolio. When we go into the process we're doing at the moment where we think about the reference portfolio itself, then you start thinking about what are the alternative risk profiles that you could take and how would they have gone. And of course, if you're going to say, okay, well, let's look at it versus what, a hundred percent portfolio would have done over the last period where equities have been strong, then whatever your ratio of equity is going to be is going to determine that outcome.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Because we don't have a bunch of explicit liabilities against us. I think that what that does is it provides a bit of a buffer that allows us to rebalance that portfolio. It provides some diversification benefit, so it is not obviously as volatile as, for example, 100% equity case. When we talk with the board about the reference portfolio last time, we did show them different mixes of those, which included 90% equity, 100% equity. And really ultimately it comes down to a desire for the institution to be able to survive through the long term, you want to be able to control those drawdowns a little bit. So we want to have exposure to that equity risk premium because we think that's the big driver over time. But the fixed income provides us some diversification as well as some liquidity provision for rebalancing. The board says,”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“80 20. So it's a pretty growthy portfolio. So there's 65 developed market equities, 10 emerging market, 5 New Zealand equities. It adds up to 80 and then 20% flux income.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, low cost, easy to implement, passive is the other one, means it's liquid listed assets. So that means for us global equities, global fixed income, and New Zealand equities. And the global equities we split into developed market and emerging market. So we have three bits of equity risk in there, developed market equities, global emerging market equities, New Zealand equities, and then global fixed income.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we turn then to the beginning of the strategy of how to implement on these endowments and beliefs. And you mentioned the reference portfolio. You mentioned having a very long time horizon. Reference portfolio you're saying is low cost, easy to implement. What does that look like in terms of the underlying assets?”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“See in people's beliefs costs matter that's just a fact, right? I mean, if you have less cost from an investment perspective, you have better outcomes. That's not a belief, that's a fact. So we went through and said, okay, let's just sort of break this down a little bit so that we can be really clear about the ones that we're resting these strategies on and we'll call those our investment beliefs and that's what they are.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“To managers being able to generate active returns, and there are some features of those markets that make them more conducive, it might be less information or more illiquid or inefficiency. There's a belief that asset classes have a life cycle and that as more institutional investors get into an asset class, then perhaps the excess returns decline over time to possibly zero or worse less than that because of fees. And then lastly, there's one which is that investors need to have regard to ESG factors because they're material to long-term returns. So a few years ago, we had more beliefs than this and we went through, we said actually some of these are just facts, right? Because beliefs are not facts. They're things that we believe that are supported by empirical research and data. The mean reversion belief is, it's a belief, it's not an absolute fact. Whereas often you...”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“So there's one about governance. Good governance is important, and that relates to that operational independence. There's a statement that asset allocation is the key investment decision, so that bulk of the outcomes are determined by what your asset allocation is. There's a belief that an investor that has a long horizon can outperform an investor with a short horizon over the long term period. There's a belief that asset class returns are partly predictable and revert to a mean. Now, of course, there's a lot in that, right? So how do you predict them and what the mean is? There's an important belief that manager skill is rare, so the ability to consistently beat a benchmark, it's really hard to identify in advance. Sometimes it's often hard to identify after the fact, right? So the fact that someone's beaten a benchmark, was that because they were good or because they were lucky? Good is good. Lucky is not necessarily repeatable. There's another belief that says that some markets are”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, because when we come to our strategies, our strategies have to rest on what we want to do with strategies is exploit those endowments and make sure they're consistent with those investment beliefs. And so it's really important to have a decent debate about what it actually means. Because it's really interesting when you first throw that one open about if you go to a conference and you say, what do you think it means to be long horizon, you're going to have a lot of really different. Some people think it makes you take massive amounts of risks, some think it peaks that means you can be completely illiquid, really different perspectives on the thing.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“When it comes to partnering, because we have a restriction in our legislation that sees that we can't control any entity. So we can't own 100% of a private business. We have to have partners. And so that sovereign status bit is important to that partnering because people look at us and say, okay, well, they're part of the New Zealand crown, that makes them attractive sometimes. People might think that makes us unattractive, but that is a benefit. So we have spent, particularly around the horizon and liquidity quite a lot of time debating.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Really important to a few of the strategies that I'll talk about in a bit operational independence is probably the most fundamental of all of them. And so that's related to our investment belief that good governance is a critical part of investment performance. And that operational independence, so our separation from the Crown, our board and management's ownership of all of those investment decisions is really probably the most fundamental belief. And where you see investors struggle is where that operational independence has been compromised somehow. And other people are making the investment decisions for them. And then finally, the sovereign status one, what does that do? Well, it means that sometimes we are a really interesting counterparty for people. It also means that in some jurisdictions we get sovereign immunity in terms of tax so that's a slight advantage that accrues to the crown. That sovereign status is a smaller one, but it does mean it is important.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“And then some of the other strategies that we use like strategic tilting, which rests on our belief in mean reversion. And if you've got a belief and mean reversion, things might not mean revert for a long time. And actually, you might be wrong about what the mean is. So you've got to be able to hold these positions for a while. So the long horizon is a really important one for us. It's the combination of the long horizon and the known liquidity profile that allows you to invest in illiquid assets if they're more attractive because we think you bring a liquid assets in, they bring just other risks in, they bring your liquidity risk in, you can't rebalance liquid assets, you know, that type of thing. So they might be attractive, but they're not per se attractive. So that's why they don't exist in the reference portfolio. The reference portfolio is just a pure passive listed expression. Those two can interact long horizon and the known liquidity profile and become”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“So long horizon. So, what does a long horizon mean? This is quite interesting. We've published a bunch of white papers, which are the outputs of the debates that we have internally. And we publish one on what it means to be a long-term investor. Because when you ask people that, what does it mean to you to be a long-term investor and people to leap straight to, oh, it means that I can invest in private equity? We're like, well, actually, let's sort of unpick this a little bit and say, what does it really mean? Ultimately, it means you're never forced to sell something. Your long horizon allows you to hold things through cycles and allows you to withstand volatility as long as it's combined with that liquidity profile, allows you to do that. So you can do those things and you can hold things for a long time, but you don't have to hold things for a long time. So that long horizon is important because that underpins some of our decisions around the level of risk that we take.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've pretty much covered everything. So, we just have endowments and beliefs and a reference portfolio. Why don't we walk through a little bit more granular detail? Start with these, what you're calling endowments, and how you think about each one.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Just going through the process this year to review that again, do it every five years, and we come up, and that is the view of the board's risk tolerance. So how much risk does the board want to take over time? But really importantly, our belief is that that reference portfolio would meet our mandate, those three things I talked about. That's the starting point. So that's an expression of the board's risk tolerance. The board then gives us a bit of active risk, so the ability to depart from that reference portfolio a bit to create the actual portfolio. And then the actual portfolio is the difference between those two is the management team are accountable for that.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Beliefs? How do we think markets work? So we've got a set of investment beliefs. I think there are nine. These cover things like asset allocation. They cover things like mean reversion, governance, the importance of governance, beliefs around manager skill, beliefs around life cycles around the importance of ESG, that type of thing. And those investment beliefs are really important because they have to ultimately underpin any of our strategies. So we have a set of endowments, we have a set of beliefs, and then we say, okay, this is how we do it. In the beginning, we started with a strategic asset allocation from 2010, we switched to a portfolio construction approach where we use a reference portfolio. And so we say, all right, we want a core portfolio, which is something that we can get on a low-cost, passive basis that represents a genuine risk benchmark for us. And that is a decision for the board.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we start by saying, let's have a look at the mandate. So, what the mandate says is we need to maximize return without undue risk. We need to use best practice portfolio management and we need to not prejudice New Zealand's position as a responsible member of the world community. So those are the three parts of our mandate. Then we say, okay, what is it about us? What's special about us? And we call that our endowments. And others might call those advantages. But what's innate to us? And so the things that we think are our endowments are our long horizons. We talked about that, our known liquidity profile. So we're not going to have the government ringing up tomorrow and saying we need a big withdrawal. So we know what the liquidity profile looks like. Our operational independence, really fundamental, and our sovereign status. So we're related to the crown. That gives us some advantages in some places. So we spend a bit of time saying those are our endowments. And then we say, well, what are our investments?”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, what the legislation does here's a formula in the legislation which is aiming to smooth out the cost of national superannuation over a 40-year period. So it makes a bunch of assumptions around what our returns will be, what GDP growth will be, this type of thing. And then it produces a cash flow model that says the government needs to contribute to us at a certain rate. And then at some point we will start contributing back to the government. And so at the moment, that model shows some withdrawals from the fund in the mid-2030s, but it's a function of the way that model is working that there are some withdrawals then, but really the big withdrawals start in the mid-2050s. But even after those big withdrawals start, the fund is still forecast to continue to grow through the end of the century.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“About $42 billion today. It started with no money and then the way the legislation worked is we would get some money every two weeks. We'd get a check from the government every two weeks and that would add up to roughly $2 billion a year. And so we start getting that money in 2003, start investing it. And then through to 2009, where our contributions got cut off, we received contributions and then from then until a year before last, where contributions got started again, we just invested the money that we had. So now we've got roughly $42 billion.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“The legislation was passed in 2001 and then there was a setup period. So our first monies invested were in September 2003. And it came about because the government at the time could see that we were going to have this increase in the cost of the universal pension in New Zealand because New Zealand, like many other developed countries, had an aging population, you had anger ratio of retirees to workers or taxpayers. And they could see that that cost was going to increase. And the Minister of Finance at the time whose name was Michael Cullen, now Sir Michael Cullen, promoted the creation of a fund which would see money put away along the way and invested and then used later on to smooth out the cost of that universal pension. So this is not a total pre-fund. This is a way of just smoothing it out. So put some aside today, harvest.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Adrian and thought this would be the place. So then I ended up super fun originally in the private markets role and then subsequently in the GM investments role and then the CIO role and then when Adrian went after that reserve bank I was lucky enough to get the big one.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“So I started life originally as a lawyer. I was at university, I did law and commerce. I came out of that. I worked as a lawyer for a few years. But I always wanted to go and work in New York. And so at that stage, it was harder to do it as a lawyer. You had to go and study in the US. Had a good mate who was an investment banking. I knew that team well. And when he went to New York, I essentially took his job here at Credit Suisse in New Zealand. And then a couple of years later got myself up to New York. So worked in investment banking for about 13 years altogether between here, New York, back here and then up in Hong Kong. And then got a call one day about a role at the super fund on the private market side. So that was in about 2007. And thought that would be an interesting time to switch from the sell side to the buy side and was looking for something different and made a”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“Portfolio or benchmark using liquid assets, long-term risk budget, and medium-term tactical targets across the five risk baskets. We discussed the difference between these risk allocations and a traditional asset class structure, the hybrid structure employing both internal and external managers, internal strategic tilting program, the structure of the team, his current perspectives on asset classes, ESG, scaling activities to support upcoming inflows, and culture. Please enjoy my conversation with Matt Winere Matt, thanks so much for joining me.”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source
“My guest on today's show is Matt Winneray, the CEO of New Zealand's superannuation fund or superfund, one of the highest performing, most innovative and well-regarded large-scale investment allocators in the world. The New Zealand government created the Superfund in 2001 to help defray the costs of retirees in the country in the decades to come. Matt joined the organization in 2008 and became its CEO in 2018, where today he oversees 42 billion Kiwi dollars. Our conversation starts with Matt's background and the creation and objectives of the Super Fund. We then walk through the Superfund's investment philosophy, which is guided by four competitive advantages or endowments, as he calls them, and nine investment beliefs. From there, we dive into the implementation of the strategy, covering the risk allocation process, reference”
2019-09-09 · Capital Allocators · Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) · IDENTIFIED FROM THE TRANSCRIPT · source