Episode summary
Marie Giertz Spoke to Joanna Bidar
Summary
The guest said one of the biggest career turning points was in 2017, when a pension fund chose to insource its listed global equity portfolio in developed markets instead of using external managers. The move kept the same risk-return profile but added restrictions around sustainability and other financial constraints, and the guest described it as a major success built on teamwork.
The guest also argued that institutional investors have benefited from having the dollar as a hedge over time, and stressed that asset allocators should be humble, stress-test portfolios, and avoid becoming forced sellers in risk-off markets. Liquidity discipline and the ability to stay long term were presented as essential parts of good asset management.
Looking at market themes, the guest said peers are focused on security issues, infrastructure, and defense spending, especially in Europe, while private assets, private credit, real assets, and emerging markets are gaining attention again. Over the next 5 to 10 years, the guest expects more private and real assets, persistent inflation concerns, and possibly less regulation and a more business-friendly environment.
Key takeaways
- The guest said insourcing a developed-markets global equity mandate in 2017 was a "game changer" that worked "fantastic."
- The guest views the dollar as a long-run hedge that has also been a return booster over the past decade.
- The guest said institutional investors must stress-test for risk-off markets so they do not become forced sellers.
- The guest sees infrastructure and defense spending as durable themes, especially in Europe.
- The guest expects more private assets, real assets, and renewed interest in emerging markets over the next 5 to 10 years.
Notable quotes
“we decided um to actually try to run it ourselves to insource uh the mandate which was a huge step at the time”
“that worked actually fantastic and that's also of course of great teamwork within copan that I think would be one gamecher”
“you need to be humble and you need to be aware of the risks that you're taking”
“I think it will continue to be shaped by um you know uh increasing private assets, real assets”
“I think people still talk quite a lot about all the investments that you need to do um maybe particularly here in Europe when it comes to infrastructure and defense spending”
How the episode opens
Marie, welcome and congratulations on receiving the strategy award. We're really thrilled to have you and thank you so much for making time to speak with us. Um, you've had an impressive career as CIO at a leading pension fund and in several senior roles in the industry.
Looking back, what was the most pivotal decision in your career and why? Wow, that's a tricky question to answer quickly, Joanna, but thanks. Thank you once again very much for this reward to Marcus Group and to you, Joanna.
Um, looking um back on my career and all the decisions that you make, you I think first of all, you should always see it as a teamwork. I'm very happy to been able to work with great colleagues throughout the years. But if I would just mention one thing, I think one game changer was when I was with Corban back in 2017 when we decided to evaluate what to do with our listed global equity portfolio in the developed markets.
Uh we at the time had the assignment at external managers, but we decided um to actually try to run it ourselves to insource uh the mandate which was a huge step at the time and um you know we still wanted the same risk return profile but um under certain conditions and some restrictions both regarding sustainability issues I would say and and others uh also financial constraints and um that worked actually fantastic and that's also of course of great teamwork within copan that I think would be one gamecher.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- institutional investing
- allocation strategies
- macro forces
- nordic investors
- copenhagen
Companies and tickers mentioned
- Markets Group
Watch the episode
Watch “Marie Giertz Spoke to Joanna Bidar” on YouTube
Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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