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 26^th Annual Risk Management Conference, sponsored by the Chicago Board Options Exchange, March 7^th through 9^th, 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.

White Papers

Date	Paper	Summary
July 2009	Implementing Tail Risk Strategies	This paper attempts to define what constitutes a "tail risk" hedge and provides a framework for implementing these types of transactions in a manner that provides the greatest likelihood of achieving an investor's objectives.
June 2009	Inflation Hedging Strategies	Three broadly defined strategies are highlighted that enable investors to profit by gaining or reducing exposure to inflation.
November 2008	Shortfalls of Traditional Financial Risk Models	The inability of conventional risk models to adequately represent risk in today's capital markets is discussed.
May 2008	What is Wrong with LIBOR?	The Clifton Group observes LIBOR levels diverging from Eurodollar rates, and may be underestimating the actual level at which banks lend to each other.  This paper discusses this situation and its implications, provides some historical information, and offers some possible solutions to the "problem".