Institutional Investing at a Crossroads: Big Challenges, New Solutions & Potential Risks Dave Nadig, Moderator President, ETF Analytics IndexUniverse Paul Bosse, Presenter Principal The Vanguard Group Lee Partridge, Presenter Chief Investment Officer Salient Partners Robert Trumbull, Presenter Vice President, Institutional ETF Specialist State Street Global Advisors
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Institutional Investing at a
Crossroads: Big Challenges,
New Solutions & Potential Risks
Dave Nadig, Moderator President, ETF Analytics IndexUniverse Paul Bosse, Presenter Principal The Vanguard Group Lee Partridge, Presenter Chief Investment Officer Salient Partners Robert Trumbull, Presenter Vice President, Institutional ETF Specialist State Street Global Advisors
Institutional Investing at a
Crossroads: Big Challenges,
New Solutions & Potential Risks
Dave Nadig, President, ETF Analytics IndexUniverse
Robert Trumbull, Vice President, Institutional ETF Specialist State Street Global Advisors
Paul Bosse, Principal The Vanguard Group
Institutional Investing at a
Crossroads: Big Challenges,
New Solutions & Potential Risks Lee Partridge,
Chief Investment Officer Salient Partners
What’s an “Institution” Anyway?
Correlations
S&P 500, Barclays Aggregate, GSCI, CPI; Weekly, 10 years ending 12/31/2012
Stocks Commodities Bonds Inflation
Stocks 1 0.425 0.041 0.065
Commodities 0.425 1 -0.026 0.401
Bonds 0.041 -0.026 1 -0.259
Inflation 0.065 0.401 -0.259 1
Correlations: GLD vs. SPY
Monthly, 10 years ending 4/18/2013
Diversification vs. Volatility
Matching the portfolio to the need
Beyond Total Return
Liability Driven Investing
Movement to Risk-Based Allocations Risk vs. Dollar allocations
Diversification
Index Suite Indexes mimicking Portfolio Strategy
Ignore Liability, Focus on Asset Classes
Behavior vs. Efficient Market Theory Indexes
Alternative Exposure
Market Risk
Are ETFs the solution?
Liquidity Risk
Hedging Tail Risk
Gold as an asset class?
What about CDS ownership?
Should my hedging be direct?
Or consultant driven?
The Search For Yield Is yield enough? Or is Total Return key?
Big Bucket Trends
The Return of CDOs?
Thank You. Questions?
Institutional Investing at a
Crossroads: Big Challenges,
New Solutions & Potential Risks
Dave Nadig, Moderator President, ETF Analytics IndexUniverse Paul Bosse, Presenter Principal The Vanguard Group Lee Partridge, Presenter Chief Investment Officer Salient Partners Robert Trumbull, Presenter Vice President, Institutional ETF Specialist State Street Global Advisors
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