By Alan H. Dorsey

Compliment for lively Alpha"Active alpha is the search for each subtle investor. This ebook covers the entire key alpha assets at the moment mined by way of lively managers, reduces the complexity of the topic, and is helping the investor start within the correct direction."-Mark Anson, leader govt Officer, Hermes Pensions administration Ltd."Long-held conventional tools for making an investment huge portfolios are giving approach to new methods which are designed to enhance productiveness and diversification. those alterations locate their locus within the occasionally overly mysterious international of absolute go back concepts. during this publication, Alan Dorsey demystifies that new international and offers a guiding pathway into the way forward for expert portfolio administration. this can be an enormous learn for any investor who plans to prevail going forward."-Britt Harris, leader funding Officer, instructor Retirement procedure of Texas"With nice lucidity, Alan Dorsey's e-book, energetic Alpha, fills a massive void through choosing the correct institutional positive aspects of this advanced topic and by means of supplying a unifying analytic framework for knowing and developing portfolios of other resources. For someone making an investment within the substitute type, from the hot pupil to the skilled practitioner, lively Alpha is an important learn. i'm recommending it to all people i do know with such an curiosity, and it really is destined to turn into a miles thumbed reference on my shelf."-Steve Ross, Franco Modigliani Professor of economic Economics, Sloan tuition, MIT

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Extra info for Active Alpha: A Portfolio Approach to Selecting and Managing Alternative Investments (Wiley Finance)

Sample text

Asset Allocation Asset-class allocation is a fundamental element of portfolio management. Optimal asset-class allocations can be derived through a number of techniques, including mean variance optimization, maintaining certain structural allocation as determined by an investor, and through factor-driven models. The traditional quantitative approach to asset allocation using mean variance analysis has certain limitations when applied to 30 ALTERNATIVE INVESTMENTS AND INVESTORS alternative investments (see Chapter 10).

An investor’s asset allocation should reflect a predetermined strategic policy profile. The most efficient asset allocation position from a quantitative perspective may not be optimal for each investor. Therefore, an implemented asset allocation must be constructed within the confines of strategic asset allocation policy targets, ranges, and restrictions. The implementation of an asset allocation position is accomplished through investment manager selection. The evaluation of investment managers includes a qualitative assessment, due diligence, and monitoring once the manager has been funded.

However, investors also benefit from forecasting tools in order to clarify the frequency of these capital flows (see Chapter 8). Another consideration is familiarity with private placement documentation. The navigation of subscription agreements, partnership agreements, and private placement memoranda often requires prior experience or specialized legal assistance. Furthermore, infrequent pricing, side pockets, coinvestment capability, gating provisions, and performance fee calculations of alternative investments require fluency, which depends on previously attained knowledge and the perspective of experienced judgment.

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