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Active Alpha: A Portfolio Approach to Selecting and Managing by Alan H. Dorsey

By Alan H. Dorsey

Compliment for lively Alpha''Active alpha is the hunt for each refined investor. This booklet covers all the key alpha resources at the moment mined by means of lively managers, reduces the complexity of the topic, and is helping the investor start within the correct direction.''-Mark Anson, leader govt Officer, Hermes Pensions administration Ltd.''Long-held conventional tools for making an investment huge portfolios are giving option to new techniques which are designed to enhance productiveness and diversification. those adjustments locate their locus within the occasionally overly mysterious global of absolute go back thoughts. during this booklet, Alan Dorsey demystifies that new global and offers a guiding pathway into the way forward for expert portfolio administration. this is often a massive learn for any investor who plans to prevail going forward.''-Britt Harris, leader funding Officer, instructor Retirement method of Texas''With nice lucidity, Alan Dorsey's e-book, energetic Alpha, fills an immense void by means of making a choice on the proper institutional gains of this complicated topic and by means of delivering a unifying analytic framework for figuring out and developing portfolios of different resources. For somebody making an investment within the replacement classification, from the recent scholar to the skilled practitioner, energetic Alpha is an important learn. i'm recommending it to all people i do know with such an curiosity, and it truly is destined to turn into a miles thumbed reference on my shelf.''-Steve Ross, Franco Modigliani Professor of economic Economics, Sloan college, MIT

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Additional info for Active Alpha: A Portfolio Approach to Selecting and Managing Alternative Investments

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The evaluation of investment managers includes a qualitative assessment, due diligence, and monitoring once the manager has been funded. Asset Allocation Asset-class allocation is a fundamental element of portfolio management. Optimal asset-class allocations can be derived through a number of techniques, including mean variance optimization, maintaining certain structural allocation as determined by an investor, and through factor-driven models. The traditional quantitative approach to asset allocation using mean variance analysis has certain limitations when applied to 30 ALTERNATIVE INVESTMENTS AND INVESTORS alternative investments (see Chapter 10).

There are certain organizational benefits associated with this approach for an investor. Often, boards that represent investors are populated with trustees, beneficiaries, and various ad hoc representatives. While good intentioned, many boards find that they are vulnerable to being less effective than they wish. Problems can develop with sophisticated board members or investors who may not be expert or experienced in certain investment fields, thereby causing hesitation or reluctance to approve certain investment 34 ALTERNATIVE INVESTMENTS AND INVESTORS decisions or diversification measures.

Many of these services can be achieved by hiring top providers acting on an aggregated basis. Additionally, a large multiproduct financial services company that serves in a cofiduciary role should have experience in negotiating management agreements with third-party investment managers, accomplishing effective transparency, and utilizing comprehensive risk management systems. INVESTORS DECIDING TO MINIMIZE THE USE OF ALTERNATIVE INVESTMENTS Some investors who have made portfolio allocations to alternative investments have trouble moving beyond initial allocations of perhaps 5 percent each to real estate, private equity, and absolute-return strategies represented by hedge funds.

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