YouSaid · the spoken record

Muthu Muthiah

lines on the record: 85
first: 2023-09-18
most recent: 2023-09-18
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

“This is also from five years ago. So five years ago, a pivotal point for me in my history. But in that month that I took off and I was doing all the reading, I kept running into the concept again of your circle of competence. And it got me thinking about there's more circles in life. There's a circle of competence, which is what you know. There's a circle of skill, which is what you know how to do. And there's a circle of joy, which is what you actually enjoy. And it felt to me that life was about making those three circles as big as possible and as concentric as possible. So I said, hey, taking all that together, what I want to do in life is I want to do something meaningful with people I care about. And that was a realization I had five years ago. And I wish I'd had that many, many years ago.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“So, my parents aren't the type to sit you down and teach you. And so it was all looking at how they acted as people. And what I know about my parents as I was growing up, they treated people well and they stood up for what they believed in. And for me, the teaching from that was to say, be kind but also have a backbone.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Honestly, I thought about this one, and there's just so many people that have had. So I'm going to basically give you all of them. So people that stand out for me like Jim Trainer, who hired me at the state of Florida, was my first allocator investment job. He was such an example of just how to be a person in this world, good, decent person, thoughtful. And then Rob Blanford at Spider because Rob was willing to help me get from being a siloed person to a generalist person and willing to sit down, talk to me about how to think about those things. And the next transition for me was going from being an asset class person to a chief investment officer and trying to figure out how governance works and all of those things. I was really lucky because in a tight foundation our IC chair, Peter Van Open really helped me with that as did REO Nicole Mar. And then when I thought about this question, I first thought about people that I reported to, but there's a bunch of people that reported to me that I've learned a ton from. And Pong.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“The contracts ended up being an Achilles Hill because tariffs on coal went up and they were caught in the middle there. Then the team started to leave and all the things that you don't want to happen. And as I think back on that, the lessons from me are themes are great, but you got to still pick investments.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“I mean, plenty. The one that I got the most learning from was when I was at Spider, we made an investment in an Indian infrastructure private equity fund, which didn't work out so well. And when I went back. And the second step was well, they have purchasing power, purchasing contracts, prices are set in, how could this go wrong? And then it all went wrong.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Would people in general and with investors more specifically to it's a lack of humility and its dismissiveness? All of us have a skill set, sometimes the market cooperates, and sometimes you get lucky, sometimes you get unlucky. People are good at talking about when they were unlucky but not great about talking about when they were lucky. So that humility to say, hey, I got this right, but it could have gone the other way keeps you evolving. And the dismissiveness part of it really gets to me too if there's an idea, give it some consideration before you blow it off.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Probably about five years ago, I bought a motorbike. So I do that, which I really love. And so spending my college days in India, motorbikes are a part of what you do. But I was riding 150cc small bikes that were probably mopeds. And I got myself a little bit of a bigger bike and I love doing that.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Yeah, I think it's just refinement and getting the paces and building the culture. There's a transition that happens when you go from a siloed world to a generalist world and that transition happens better if you can build a climate of trust that you can build a climate of collaboration. So I hope when we talk a year from now, I can say we built that culture that works. And when I think about the whole construct of philosophy process and people, it feels like philosophy and process is hardware and people is software. And if you're running the wrong operating system, it just doesn't matter. So in a year, hopefully you'll get the operating system right.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“For us, Fundless sponsor seems like some part of an ex frontier. That's where we've concentrated most, if not all of our work in terms of things that we don't do today.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“One thing that seems sexy, I guess, but is hard to figure out is how tech plays a part in all of this and all of what we do. How can tech enable us to just be better managers lectures and some of the things that come to mind are APIs into LinkedIn so that we're not waiting to hear from a manager if somebody left and we can actually figure out if somebody's leaving? It feels like there's a lot you could do tech enabled wise and I think the LP community maybe has been slower at it. It also is a matter of attracting the right talent to get it done. I'm not sure the best data science person or person's gonna want to come and work for an allocator.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“If you put on your cap of thinking about inefficiency and innovation in your portfolio, I'm wondering if you could turn that to your investment efforts with your team and the market that you're participating in. And maybe first, where do you see the potential to take advantage of what you perceive as inefficiencies in the way capital gets allocated to managers”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“And what we notice then was that because people don't have this unfunded commitment clock ticking on them, they wait for pretty fat pitches because if they don't get the fat pitch, then they don't raise one. So as we look at that, we say, look, it feels like a good place to look for returns. But what are we looking for specifically, or at least what's our first level screen before we get to defining strike zone? And the way we think about it is folks that have been at a firm where they were deal leads cradle to grave. So they had real impact on the portfolio. They have returns that we can somehow triangulate through reference calls or whatever it might be, and they want to build a firm at some point in time, not remain funless sponsors for the rest of their careers.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“You look at new funds that are formed in the private equity space, there's a period of time where fundraising was a lot easier than it is today. And in that period, you could come from a very big brand name private equity firm and raise your first fund without much of a problem. That might not be available in today's market. So as people think about proving their track record, it feels like there's a place for us to participate there. And we went back and looked at successful fund response track records prefund one. So we're invested with diverse, which came out of Marlin, the deals that they did between Marlin and forming diverses were extraordinary, honestly. So this is so much alignment. Somebody who's in mid career willing to put that career progression at a great firm on pause to prove their own thing has an amount of hunger that doesn't exist in other places, especially when you're a fundamental sponsor and you have to realize it deal by deal.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Something that we're interested in does it fit the strike zone of the manager? Are the models reasonable? How do we size it?”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“We're aware of what our skill sets are and our skill sets are picking managers. And then we try to think about how do we leverage the other things we can do, but coming from our core competency, which is manager selection. So how that translates is into co-investments. We've been thinking a lot about fundless sponsors in today's market, mostly because it solves for private equity exposure without the unfunded commitment leverage, and as does co-investments. So for us, it's more driven by solving frauds than fees. Our skill sets are analyzing managers. Our skill sets are figuring out what a core investment looks like for a manager, what their strike zone is. We think about it as a does this asset fit the manager analysis. So coming from knowing the manager first, we have a four-tier process where we say, hey, is this allocation to the sector or country?”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“People wise, it's about growth for everybody. We've all been in places where people want to grow. And so constantly thinking about where people can grow within the team, I think the generalist model works very well for that in terms of people have their bias and they've spent time in one place but they grow and learn more in another place.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“As we define our objectives to deliver on top of the benchmark to make sure that we're providing for today's spending, compounding capital, one thing that we try to think about is being the best manager in our portfolio of managers. And I think we will never get there. And we shouldn't ever get there, but it's an element of learning from the folks that we're invested with and seeing what we could bring over. It translates into working on our processes and making sure that we refine them over and over and over again and going back and doing analyses on what worked, what didn't, what was skill, what was luck, where should we go, where shouldn't we go? And if taking a page from alpine investors out in San Francisco, Graham Weaver, where he says we try consistently to water the flowers and take out the weeds, and that's a part of what we try to do too, to look back and say, what could have we done better? What didn't we get right? What did we get right? Process wise.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“That's a good question. Is actually a decision we haven't made yet that's still rolling around with the team in that the dissonance between what people say and what they do. And on paper, this manager says all the right things. We're long-term oriented. We do deep work. We don't play momentum. All of these things. And then you look at the results and they don't quite stack up to the behavior that they purport to. So that's been a tough decision, I think. And it's a decision in the work still.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Debate is critical to be able to get to the right decisions. That implies more collaboration amongst team members. And then I also think culture feels like what people talk about. And when you spend time with people and they're talking about investments even when you're at dinner with them and just obsessing over the portfolio, that's a clear indication for us of what matters at the firm versus having dinner and talking about a whole lot of other things. And I know that's a very fuzzy thing to say, but it's a combination of those things. And also, for us, it feels like thinking about the attributes of the folks in the team and the values they share together. And we generally try to tease out, is there humility, are they curious, values-wise, do they operate as a team? Do they care about excellence?”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“I think economic alignment is an easy one to get to. How much are they invested alongside you is an easy one and a box that we check? And besides that, it's spending time with folks trying to figure out what drives them, because are they motivated to keep performing and like to say, do they think about this as a sport? Do they want to be the best at that sport? And then thirdly, that our mission's important to them, that they care about what we care about and they're lying to care about the Kid of Georgia as we do. And if those three things match up, I think that's what we look for.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“I don't think it looks dissimilar from a lot of our peers. We've all been doing magic selection for a long time, but we tend to focus on unpacking the three pillars. What is your philosophy? And definitionally is it the same as ours. So if you're saying you run a concentrated portfolio, but you have fifty names, we might have a definitional mismatch on what it means to be concentrated. So things like that on the philosophy to say, does their philosophy align with our philosophy and do we define things the same way? Process-wise, really looking for repeatability, rigor, collaborativeness among the team, and then on the people side, looking for some foremost for alignment. I think our folks aligned with us and then spending time on culture. So I think those are the broad strokes of what we look for.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“The risk that we control for are really three market risk illiquidity and major risk. So on the market risk side, we simplistically pay attention to equity beta. So moving equity beta up and down through redemptions and allocations on the portfolio. So on the liquidity side, again, the regulator being not more than 6% of the portfolio in illiquid investments in any given year. And then on the management side, hopefully doing great, deep due diligence.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“So given our duration, we want to be as much in equity as possible, but solve for short-term volatility. And so right now that portfolio has exposure to distress credit, which we've built slowly over the last couple of months and waiting, I'd say, for like a better term. And then it has more of our very low net, long short folks fixed income and cash. So it's a pretty simple portfolio I define it as and serves that function again of providing us both illiquidity and defensiveness. So in that portfolio, we don't tend to do a lot of illiquid stuff.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“When you think about the equity side of things and the illiquid equity side of things, we're saying, hey, we want an equity premium, we want an illiquidity premium, and we want diversification if we can get it. So when you think about real estate within the realm of competing against venture and buyout, it's hard for us to get there. And given our liability streams, et cetera, we don't need a lot of yield, I think, at this point in time. So we don't do core. If real estate does make it into the portfolio, it's usually opportunistic. It's usually small, high vacancy development things. Right now we don't have any. And then on the real asset exposure, given we do have 70% of our assets in equity-like investments, we're comfortable with that serving as protection for long-term inflation. So even in the real asset world, I think we need to see real equity premiums evolve and strategies that are less dependent on just price, which is”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“We don't think about timing, but we do have managers that think about timing, and that's delegated timing, I'd put it as in the private equity portfolio with the five-year commitment period and being able to time that and then with the net exposures on the hedge fund side.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Don't at the portfolio level, but I think the way it's expressed in the portfolio with leverage and timing is private equity and hedge funds.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“So when we decide on the 40% number on the 10 plus year illiquid type structures, it came from thinking about our ability to rebalance. So we didn't want more than 40 would not allow us to rebalance when we wanted to. And then we thought about unfunded liabilities. So saying, look, at the end of the day, unfunded liabilities and the commitments you make are contractual and callable, so they're leveraged and we don't want too much leverage in the portfolio. About 20% was what we were comfortable with in terms of leverage, which if you think about the ratio of unfunded to NAV results in about a forty percent illiquid investment. And then on a yearly basis, we try to commit no more than six percent of the AUM to illiquids so that we don't bust through that 20% unfunded.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Within tech portfolio most of it for us will come from our venture side of things. And we think venture will be about 50% of our private portfolio. Which is a target of 40, so probably about 20% in the venture portfolio. And then on India, I think we're about 5% now in Indian exposure. And again, if you thought about GDP, could get a little bigger than where it is right now, but it's really as dependent on the entry point and finding the right managers. And then when life science is completely bottoms up, we've got, I think, 6% or so of the book in Life Sciences right now.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“It's about sixteen percent of global GDP right now. So that feels like a number to think about for us, not to target, but to think about in terms of”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“that our portfolio won't keep up with big rallies in the market, we won't have as much momentum, but we think. Over market cycles, if we get the private stuff right, we'll outperform the benchmark.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“mismatch for us on the public side, which we are comfortable with, and so We'd have global management. that have exposure to US tech and tech broadly? Think the inefficient window. Opened up and they're able to get in Some exposure, I wouldn't say it matches the public index, so we are mismatched. Way we think about it is a”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Tech, you mentioned mostly inventure, and yet any investment you have in the public markets in the US, if it's benchmarked, it's seven tech companies that are driving the index. So how have you thought about balancing those to your public market exposure that may not fit into these themes, but ultimately today is going to be benchmarked against technology?”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“We've done mostly longshore. In the space. And our notion on long journey is That we want to be in long, short marriages where we think that. operating in a fertile shorting market with his clear catalyst and there's clear dispersion in stock performance.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Who seem to do a great job at that? When we thought about dynamics it didn't feel to us that we needed to take illiquidity in the life science market so”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Not super capital efficient in terms of what they're building time liquidity comes. the success of one molecule which the private fund gets to”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“But the strategy. To be to invest Has multi molecule outcomes. And in that Construct Like 60 cents goes to building infrastructure and 40 cents goes to RD.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“The reason for that is that When we look at venture in life sciences, and there's a broad statement this not doesn't cover everybody.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“When you turn to healthcare and technology, you've had very different dynamics, particularly in the public markets over the last couple years. How have you thought about investing in both of those sectors?”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“But any of Don't grow down they grow bottom up. So, as far as we can get comfortable finding more people like that. Do more things in China”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Know where the back wind is and where it's not. So we have to have confidence that Madgers on the ground were better at navigating that. We allocated more to them.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Bankers a transaction experienced and it became consultants with business experience and now you see former founders at firms.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“in people's portfolios except on the margins. And on the private side, We thought about Are Do in the Indian context. Didn't spend in the buyout world at all? Mostly because we think Western developed markets are a great place to.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Managers that are already focused on going into the portfolio, which we have kept And tried to size up We think they hold some stuff that's a little different from others.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“Evaluations In terms of where we started that concentration process? Was a challenge to say, no, do we want to? And how that evolved for us”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“So in each of those, there's different dynamics. I'd love to pull apart. You start in India, your home country. What did you find when you decided you want to have some concentrated investments in India?”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“The concentration took us to places thematically where we thought there was an efficiency in innovation. So we went more concentrated into China, more into India, more into technology disruption per se, and then more into life sciences. That was the top-down thematic concentration. And then focusing on magic themselves that were fairly concentrated.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“I want to pull apart each of those four levers. You start with concentration. There's the pruning that leads to a more concentrated number of managers. That may or may not be the same as what you own. How did you think about concentration as it relates to what assets you own?”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“If you weren't doing buyouts, and that the buyout allocation, because we don't have the buckets, consumed some of that more deep value small cap stuff. So those are the two things that we use to concentrate the portfolio at the top down level. And then the bottom up level, it was the same thing that we applied to ourselves, which is what is a manager's philosophy? What are their processes? What are their people look like and re-underwriting all of them?”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“The first thing I'll say is all the measures that we were invested in have done tremendous things for children, so we're all grateful for what they've done for the organization. But it started with philosophy. So our equity benchmark is MSY Aqui. So we say, look, at the end of the day, for us to outperform that, we need to take risks that big buckets of risks that aren't in it. And so looking at that, we say, look, the big buckets are risk to take our concentration illiquidity, leverage, and timing. So on the concentration part, for us evolved into portfolio construction, having more concentrated portfolio, and also being in places where we see inefficiency. On the illiquidity side was where a lot of cross-asset class thinking happened. We like illiquidity with control. And so markets where small cap US equities, for example, are very small cap deep distress, deep value stuff that was in the portfolio had a place in the portfolio.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source
“So we had more sub-asset classes. And so the first notion we did is work on those three buckets of philosophy, process, and people. And we worked on collapsing our asset class buckets. So we did that to mirror the notion of an allocation to equity like an allocation to fixed income like. And the second part of that, when the buckets go away, there's certain investments that go away. So second part of that was consolidating the portfolio, which 12 months in, we took our liquid equity-like portfolio from somewhere around 35 manages to 12. So we've running a fairly concentrated portfolio now, and then structuring the team from being siloed to being generalist so that they could focus on a smaller number of managers, but also focus across asset classes.”
2023-09-18 · Capital Allocators · Muthu Muthiah - Inefficiency and Innovation at CHOA (EP. 339) · IDENTIFIED FROM THE TRANSCRIPT · source