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News and Information
Jay Strohmaier, CFA, Senior Portfolio Manager, presented at the annual Utility Pension Fund Study Group Conference (UPFSG) on April 26th in Scottsdale, AZ. Mr. Strohmaier discussed the management of beta exposure within Portable Alpha strategies, as well as the concept of a Centralized Exposure Management program for institutional investors.
Clifton’s Chief Investment Officer, Jack Hansen, CFA, presented at the 26th Annual Risk Management Conference, sponsored by the Chicago Board Options Exchange, March 7th through 9th, 2010. Mr. Hansen participated in a panel discussion on the fundamentals of employing options within institutional portfolios. Topics discussed include: Introduction to the VIX Index, VIX futures and options; Options-related strategies; and Practical implementation issues. Contact us if you would like to obtain a copy of materials following the conference or have interest in discussing risk management through options-based strategies.
Thomas Lee, CFA, Senior Portfolio Manager and Principal, presented at the Societe Generale Pensions & Endowments Conference, held Tuesday, January 26th at the Le Parker Meridien hotel in New York. Mr. Lee participated in a panel discussion on the implementation of risk management strategies.
Clifton recently added indicative pricing for 10yr Swaptions (options on a 10yr swap) to the Option Overlay Matrix page. Swaptions are typically utilized in interest rate hedging (inflation/deflation) and duration extension applications. Like the equity option matrices, swaption pricing will be updated each Monday. View the Option Overlay Matrices for the latest premium pricing data.
Implementing Tail Risk Strategies: Read Clifton's latest white paper which discusses how "tail risk" strategies are defined and a framework for implementing these transactions in a manner that provides the greatest likelihood of achieving an investor's objectives. Please click here to read a copy.
| PIOS®
Clifton's Policy Implementation Overlay Service is a comprehensive, tailored, overlay solution which seeks to provide institutional investors a low cost instrument for managing risk and enhancing expected return while seamlessly integrating into a fund’s existing framework.
Offered to clients since 1986, PIOS® is the focus of The Clifton Group's business development efforts.
Clifton's PIOS® program seeks:
- Increased expected portfolio returns, liquidity, and flexibility
- Enhanced risk control during transitions and reallocations
- Comprehensive daily monitoring of fund exposures
- Reduced performance risk relative to policy benchmark
PIOS® Strategy Components and Benefits
Securitize Liquidity Needs
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Elimination of fund-level cash drag and
Improved Liquidity |
Securitize Residual Manager Cash
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Elimination of manager-level cash drag, monitored and updated daily as necessary |
Manage Transition Market Exposure
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Maintenance of market exposure during transition periods |
Exposure Maintenance
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Efficient portfolio rebalancing and exposure adjustments to enhance performance |
Alpha Transport
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Maintain desired policy beta exposure over designated alpha managers |
LDI / Duration Modification
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Improved asset-liability duration matching |
For additional information on PIOS© or any of our other products and services, please contact us at info@thecliftongroup.com
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