By Alan H. Dorsey
Compliment for lively Alpha''Active alpha is the search for each refined investor. This ebook covers the entire key alpha resources at present mined through lively managers, reduces the complexity of the topic, and is helping the investor start within the correct direction.''-Mark Anson, leader government Officer, Hermes Pensions administration Ltd.''Long-held conventional tools for making an investment huge portfolios are giving technique to new tactics which are designed to enhance productiveness and diversification. those alterations locate their locus within the occasionally overly mysterious global of absolute go back recommendations. during this ebook, Alan Dorsey demystifies that new global and offers a guiding pathway into the way forward for specialist portfolio administration. this is often a major learn for any investor who plans to be successful going forward.''-Britt Harris, leader funding Officer, instructor Retirement method of Texas''With nice lucidity, Alan Dorsey's booklet, energetic Alpha, fills a tremendous void by means of settling on the suitable institutional positive aspects of this complicated topic and by way of supplying a unifying analytic framework for realizing and developing portfolios of different resources. For an individual making an investment within the substitute type, from the hot scholar to the skilled practitioner, energetic Alpha is an important learn. i'm recommending it to each person i do know with such an curiosity, and it's destined to turn into a far thumbed reference on my shelf.''-Steve Ross, Franco Modigliani Professor of monetary Economics, Sloan university, MIT
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Extra resources for Active Alpha: A Portfolio Approach to Selecting and Managing Alternative Investments
In addition to traditional betas such as equity and interest rates, alternative investments may be diversified through exposures to other esoteric betas, such as volatility and commodity exposures. An important element for maintaining diversification in portfolios that include alternative investments is the appropriate measurement and monitoring of the true factor beta exposures that are embedded in the investments. Moreover, identification of the true drivers of return for alternative investments may change over time and acquire new characteristics.
An investor may find this task to be counterproductive. Although there are successful investment managers focused on pursuing global tactical asset allocation, it is an extremely difficult endeavor to accomplish from an investor’s perspective, unless it is a task explicitly outsourced to an investment manager. Compared with global tactical asset allocators, an investor may be unlikely to be successful in tactical rebalancing, whether among traditional or alternative factor exposures. The sophistication, skill, and rapidity of professional asset managers in this category tend to be superior to what investors might hope to replicate on their own.
Decisions to fire managers must be made decisively. But in order to do so with comfort and no second-guessing, it is important for an investor to have a strong pipeline of new investment managers. These replacements must be cultivated over time, and this effort takes advance planning and discipline to maintain. Furthermore, creating such a pipeline requires skill in manager identification and capability in evaluation. SUPPORT FROM INVESTMENT MANAGEMENT FIRMS AND CONSULTANTS Some investors choose to rely on outsourced solutions, because of the difficulty in attaining all of the necessary ingredients for a successful alternative investment program.