Investing in Pension Funds and Endowments

Name: Investing in Pension Funds and Endowments
Brand: McGraw-Hill Education
Price: 109.39 EUR
Availability: OnlineOnly

Russell Olson(Autor*in)

McGraw-Hill Education (Verlag)

1. Auflage

Erschienen am 16. April 2003

431 Seiten

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978-0-07-142562-9 (ISBN)

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Inhalt

Intro
Copyright
Contents
Preface
Introduction
CHAPTER 1 Keeping Score I: Investment Returns
Total Return
Valuing Our Investments
What's a Good Rate of Return?
Benchmarks for a Manager
Returns on a Portfolio of Investments
In Short
Review of Chapter 1
Appendix 1 A Calculating Rates of Return
CHAPTER 2 Keeping Score II: Risk
Volatility
Correlation
Systematic Risk and Diversifiable Risk
What to Do About Risk
The Efficient Frontier
Risk-Adjusted Returns: The Sharpe Ratio
Application of Risk-Adjusted Returns
Risk of Increased Pension Contributions
Derivatives
Overall Fund Risk
In Short
Review of Chapter 2
CHAPTER 3 Investment Objectives
Time Horizon
Risk
Return: Target Asset Allocation/Benchmark Portfolio
Rebalancing
Preparing a Statement of Investment Policies
In Short
Review of Chapter 3
CHAPTER 4 Asset Allocation
Characteristics of an Asset Class
Asset Classes
Putting It All Together
In Short
Review of Chapter 4
CHAPTER 5 Selecting Investment Managers
Our Goal
Three Basic Approaches
Fees
In Short
Review of Chapter 5
Appendix 5 A Example of Questionnaire for a Prospective Equity Manager
CHAPTER 6 Managing Investment Managers
The Management Agreement
Objectives of the Account
Monitoring Managers
When to Take Action
Dollar-Cost Averaging
Rebalancing
In Short
Review of Chapter 6
Appendix 6A Example of Annual Questionnaire for an Existing Equity Manager
Appendix 6 B Dollar-Cost Averaging
Appendix 6 C An Excel Program for Use in Rebalancing
CHAPTER 7 Investing in Real Estate
Private Investments
Core Real Estate
Venture Real Estate
Ways to Invest in Real Estate
International Real Estate
In Short
Review of Chapter 7
CHAPTER 8 Alternative Asset Classes
Venture Capital Funds
Buy-In Funds
Buyout Funds and LBOs
Distressed Securities
Natural Resources
Liquid Assets: Absolute Return Programs
Hedge Funds
In Short
Review of Chapter 8
Appendix 8 A How Does Leveraged Convertible Arbitrage Work?
CHAPTER 9 Negotiating Agreements for Private Investments
An ERISA Problem
Terms and Conditions for Consideration by Plan Sponsors When Investing in Private Investment Funds
Other Due Diligence Procedures
In Short
Review of Chapter 9
Appendix 9 A A Real Estate Performance Fee Schedule
CHAPTER 10 The Master Trustee
Keeping the Books
Management Information
Adding Sponsor Flexibility
An Extension of the Plan Sponsor's Staff
Criteria for Selecting a Master Trustee
In Short
Review of Chapter 10
Appendix 10 A The Master Trustee/The Master Custodian
CHAPTER 11 Bells and Whistles
The Bank
The Master Portable Alpha Account
Securities Lending
Hedging Foreign Exchange
Soft Dollars
In Short
Review of Chapter 11
CHAPTER 12 Information Retrieval
Committee Meeting Records
Contracts and Agreements
Permanent Files on Each Manager
Financial Reports
Current Correspondence File
Manager Notebook
Money Manager Files
In Short
Review of Chapter 12
CHAPTER 13 Governance
Standards to Meet
Fiduciary Committees
Staff
Interaction of Committee and Staff
Advice of Counsel
Proxies
In Short
Review of Chapter 13
Appendix 13 A Questions to Consider in Evaluating a Plan Sponsor's Investment Organization
CHAPTER 14 Keeping Score III: Liabilities
Measuring a Pension Liability
Pension Liabilities for Active Employees
Pension Expense and Pension Contributions
Immunization
Impact of Liabilities on Investment Strategy
Impact of Pension Expense on Corporate Budgets
In Short
Review of Chapter 14
CHAPTER 15 Coordinating Pension Financing at a Company's Subsidiaries
Global Policies
Can One Size Fit All?
Keeping Informed
In Short
Review of Chapter 15
Appendix 15 A Draft of Pension Funding Statement for Subsidiary X
CHAPTER 16 Defined-Benefit Plans Versus Defined-Contribution Plans
Changes in the Public Sector
AWord About Lump Sums
In Short
Review of Chapter 16
CHAPTER 17 Endowment Funds
The Total Return, Imputed Income Approach
"Owners" of the Endowment Fund
Investing Endowment Funds
Social Investing
In Short
Review of Chapter 17
Appendix 17 A Pro Forma Results of Imputed Income Method
Appendix 17 B The Total Return or Imputed Income Method
Appendix 17 C Unit Accounting
CHAPTER 18 Aphorisms
Investing Under Uncertainty
"Conventional Wisdom"
Playing the Odds
What We Don't Know
Diversification
Reversion to the Mean
A Disconnect
Keys on the Piano
Discontinuities and Murphy's Law
The Dreaded Disease of Myopia
A Game of Inches
I Was Wrong
The Open Mind
On Taking Advice
Thinking Outside the Box
Opportunists
Leverage
Question the Numbers
Close Enough Is Good Enough-and Sometimes Better
Why?
So What?
Impatience
Trust
Aphorisms of Others
In Short
Answers to Chapter Review Questions
Bibliography
Index

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