Capital Allocators - Inside the Institutional Investment Industry · Building the Total Portfolio at Ontario Teachers - Stephen McLennan
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adjust private-equity exposure by changing the portfolio percentage rather than dollar amount, keeping the fund’s growth offsetting the percent reduction
“If you can break the process into sub-processes, diagram them, study them, improvement, improve them. It's much easier to change a hundred things by one percent than to change one thing by a hundred percent.”
“18% of the fund's exposure at equity, which is, you know, only 12% of the fund's total long exposure is plenty”
“I have a lot of index funds... to the extent that the AI trade keeps working, having all of that concentration in the S&P 500 works to your advantage because you are getting oversized exposure to that.”
“For a perpetual portfolio, you need $3 million of investment assets in today's dollars... I've assumed a real return of 4.15% (3.5% income and 4% capital growth)”
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