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IPE Views: Is there an alternative to alternatives?

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first_imgThere is a sub-category of “alternatives” which we describe as ‘same assets, different process’ which can also offer the valuable diversifying characteristics found in traditional equities and bonds. The consistent theme is that, whilst the underlying asset classes are similar, the targeted risk-return profile is more asymmetric than a traditional buy-and-hold (or ‘long-only’) strategy, making them attractive both in their own right but also as a complementary holding alongside traditional solutions.Different Assets, Same ProcessThese assets are typically managed along the lines of a traditional buy-and-hold approach but, because of their underlying characteristics, can perform differently to traditional investments, in addition to providing attractive risk-adjusted returns. One such example would be infrastructure projects which have a specific risk-return profile and are typically more defensive and yield-focused.Given the appeal of these types of underlying assets, it is unsurprising that they attract such high levels of demand from pension funds, sometimes unfortunately to the detriment of their prospective returns.Is there an alternative to alternatives?Rather than simply defining asset classes by their historic popularity (traditional or alternative), in an ideal world, each investor could create its own categorisation based on their specific context – their clearly defined goals, objectives and constraints.  The universe of asset classes and investment strategies could then be mapped out against this specific frameworkFor example, is the portfolio required to deliver a steady income stream?  This may allow greater scope for some credit asset classes which offer regular and certain cashflows but that may be less liquid and/or more complex in nature, and less scope for more volatile asset classes such as equities.  We found this outcome-oriented approach to be incredibly valuable in mitigating the potential for asset classes such as social housing and infrastructure debt to “fall between two stools” when the spreads on offer were highly attractive for the risk taken following the financial crisis, in addition to the matching properties they could provide.Recognising this might not be a feasible starting point for some investors, particularly where the objectives and constraints are difficult to precisely define, we find a useful starting point is to map out both traditional and alternative strategies according to (a) liquidity of the asset or strategy and (b) certainty of cashflows. As this categorisation is based on what characteristics are offered by an asset class, it helps investors to quickly narrow down which asset classes offer the best fit according to their needs, and in which order of priority they should be implemented.  .Challenges remainEven with what we believe is a more helpful form of categorisation, the challenges (perceived and real) of asset classes or strategies that may be unfamiliar remain.Important questions to ask include:What does the risk-return profile of the opportunity look like? What role will the investment play in the portfolio? Is the underlying risk premia from which returns are earned both identifiable and persistent?In summary, when considering alternative assets and processes, we disregard categories and labels and look more closely at the underlying characteristics of the strategy. This allows for the selection of assets which should help investors meet their objectives over time.An alternative to ’alternatives’ is needed as the label itself is not very helpful. We believe that assessing assets, both traditional and non-traditional, by the “liquidity” and “certainty” of cashflows is a far better way of understanding their potential fit within a portfolio. These lenses enable clients to make decisions about the outcomes, characteristics and combinations of seemingly unrelated assets.Ultimately, manager due-diligence is essential as we investing in people and their processes rather than purely selecting individual assets.Pete Drewienkiewicz is head of manager research at Redington Pete Drewienkiewicz on the mystery of the ’alternatives’ label, and why investors should simply look at asset classes based on their investment goals and objectivesIn a world of investments dominated by equities and bonds, the category of ’alternatives’ offers great allure to portfolio investors – the promise of attractive returns and, at the same time, potentially both diversification and downside protection is a seductive one.  It is a “catch-all” label to help investors quickly categorise the universe of opportunities.However, the label ’alternatives’ also purveys a sense of mystery, additional complexity and high fees which create unnecessarily high hurdles for some assets and strategies that, as a result, are quickly excluded from consideration. Such a broad label can leave investors thinking too myopically about the opportunities available to them. Before considering an alternative to this catch-all label, it’s useful to understand what might be meant by “alternatives”.Same Assets, Different Processlast_img read more

Late developer Con Nikiforides’ Gold Coast home sells for millions at auction

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first_imgThe family home of late developer Con Nikiforides has sold at auction.THE family home of famed Broadbeach developer and passionate Gold Coaster Con Nikiforides has sold under the hammer in a bittersweet deal for his family. The construction giant, who built Oracle towers and Niecon Plaza, died two-and-a-half years ago after a long battle with cancer. MORE NEWS: What it takes to own a waterfall MORE NEWS: Wackiest bathtubs on the market The Nikiforides family – including his widow Tina and their three sons, William, John and James – bid farewell to the Benowa Waters property, which fetched $2.728 million at auction at the weekend. It was the first time the property had changed hands since Mr Nikiforides built it in the early 1990s. The five-bedroom home at 58-60 Cabana Blvd, Benowa Waters sold for $2.728 million. Con Nikiforides built Oracle towers and Niecon Plaza and died from cancer more than two years ago.Ray White Broadbeach agent Sam Guo, who marketed the property alongside Julia Kuo, said competition among three of the four registered bidders was intense. “Bidding started at $2 million. Initially it was very fast from $2 million to $2.5m then $2.6m and so on,” he said. “Out of the four registered bidders, three of them were Chinese.“(The buyers liked) the big double block and the house itself as it is very solid with a good quality finish.” The local Chinese buyers plan to move into the property. Mr Guo said the sale was a poignant moment for the Nikiforides family, who were very happy with the result. “When it sold it was emotional as it is a family home. They have been there for 26 years and have a lot of memories,” he said. More from news02:37International architect Desmond Brooks selling luxury beach villa9 hours ago02:37Gold Coast property: Sovereign Islands mega mansion hits market with $16m price tag1 day agoThree bidders vied for the keys. The local Chinese buyer plans to live at the property.The five-bedroom house occupies two waterfront blocks at 58-60 Cabana Blvd and includes a pool and half-basketball court.Mrs Nikiforides said it had been the perfect family home but it was time to move on.“I feel that Con’s DNA is in that house and when I lost him, I was such a wreck, I didn’t think I could stay in it any longer,” she told the Bulletin when the property hit the market in October. “But it was difficult for me to actually leave. I wanted to hold on to it as if it represented him.“It’s been a very well loved and well lived-in home. “We can’t bring him back so we have to move on, but I’ll always drive past and smile.”last_img read more

Fixture pile-up alarms Allardyce

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first_img Hull’s FA Cup commitments meant their Premier League clash scheduled for last weekend has been moved, with the same fate befalling the Hammers’ trip to Arsenal as Arsene Wenger’s side face Wigan in their FA Cup semi-final. And Allardyce is knows playing those rearranged games at a time when other clubs’ players can rest up could impact upon his side. “There’s not a huge amount of difference between 10th and the bottom three so that can change very, very quickly,” he said. “Falling games behind is not what you want to do. To make those games up and points up, where others have played games if they’ve picked the points up is a difficult task. “I think we’re going to fall another game behind in a few weeks time when we were scheduled to play Arsenal who are now in the semi-finals of the cup. “It’s going to be a pretty tricky schedule to manage, so we have two weeks off and then we’re going to have to play three games in a week when the opposition won’t have had to do that. “That becomes a difficulty then with the physical capabilities of the players. It’s a pretty difficult situation to manage, more difficult than we would like, but we have to think carefully about how to manage it.” A trip to Stoke on Saturday will give West Ham the chance to get back to winning ways and build up a bigger gap over the other relegation candidates before the fixture congestion hits. Press Association Allardyce saw his side win four games in succession before falling to a 1-0 defeat at Everton ahead of the recent international break. That good run moved West Ham out of the bottom three and up into the top half of the table, although they are only six points clear of 18th-placed Cardiff. West Ham manager Sam Allardyce is wary of a fixture pile-up as the Hammers look to remain clear of the battle for Barclays Premier League survival. But Allardyce knows Mark Hughes’ side pose a big threat – especially in front of their own fans at the Britannia Stadium. “It’s a real tough game for us because their home form has been very, very good, as it was under Tony Pulis,” he said. “I think they’re fifth in the table in terms of home form, only losing two, so it shows you how tough the game is going to be for us. “Everybody has to be at their best on Saturday. They’ve had a good rest, some time with their families then they’ve worked very hard this week to get ready for what they need to do on Saturday to get a good result at Stoke City.” Record signing Andy Carroll is likely to return to the starting line-up for the first time since being sent off in the 2-0 win over Swansea at the beginning of February, while Joey O’Brien and Marco Borriello are Allardyce’s only injury absentees. last_img read more

Vero Beach Carjacking Suspect Who Committed Suicide Had 88 Felonies

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first_imgNewly released dashboard camera video shows a shoplifting suspect pointing a gun at an Indian River County Sheriff’s Office deputy just before he took his own life on Tuesday.The video shows the final moments of the encounter between the deputy and Ronnie Spradlin, who shot himself in the head, an autopsy revealed.The incident occurred just before 6 p.m. Tuesday outside the Walmart on the corner of State Road 60 and 58th Avenue.Sheriff Deryl Loar says deputies were called to a shoplifting complaint.When they arrived, the 43-year-old suspect pulled out a gun and shot at them, before trying to carjack a family that was visiting from out of town.A mother and father, whose two children were in the back seat, were injured while trying to escape and were taken to a hospital. Both are expected to recover.Spradlin then carjacked another person and drove away. However, he came to a dead end while being followed by a deputy.The suspect then pointed a gun at the deputy, who fired several shots through his windshield.Autopsy results later revealed that Spradlin shot himself in the right temple. He died at the scene.“The video will clearly show you that the coward takes his own life,” Loar says.Investigators determined the suspect was an 88-time felon who had been wanted for burglary in Virginia.The three deputies were not injured, but are on paid leave, which is standard procedure in such cases.last_img read more

Marcin Sapinski – EnergyBet – My ICE 2017

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first_img StumbleUpon STATSCORE: Focusing on fully customised mobile betting services May 28, 2019 Related Articles Share Submit DATA.BET to make esports data debut in $250,000 ICE tournament January 15, 2020 #HeyHarry – BetVictor ups football knowledge by appointing Harry Redknapp as new Ambassador March 8, 2019 With ICE 2017 now less than a month away (February 7-9), EnergyBet MD Marcin Sapinski is getting ready for an action packed three days at the London ExCeL. Keep reading to learn more about his preparation for the event, favourite ICE memories and where to find him.How I prepare for ICEMS: Firstly, I make sure I’m feeling good, so I hit the gym at 6am and workout at least five times-a-week in the months before ICE. Then it’s mainly research to find out who’ll be there, and which potential partners I can meet at the show. This year is a little different though, because it’s the first time we’re also exhibiting, so there’s been a lot of planning too.What I am doing at ICE 2017MS: A lot of walking! ICE is huge, so it’s tough to fit everything into just three days. There’ll be lots of scheduled meetings, but I’m sure there’ll be quite a few opportunities that just present themselves spontaneously too. That’s what makes it exciting!What I’m looking forward to at ICE 2017MS: As it will be our first ICE as an exhibitor, it’s going to be more hectic and challenging, but our games and platform are generating a lot of interest, so I’m looking forward to establishing relations with some fantastic new business partners… and the open bars, of course.Where you will usually find me at ICEMS: The BeeFee stand is where you’ll be able to find me (because it’s the best place, obviously).Favourite ICE memoryMS: What happens at ICE stays at ICE. Seriously though, I’ve met some incredible people at ICE over the years, including Evander Holyfield and Michael Owen. Let’s just say many of my dinner party stories originate at ICE!Typical post-ICE activityMS: Following up on all the leads, catching up with a mountain of emails and generally getting back into a ‘normal’ frame of mind. It’s like recovering from an exhausting, but amazing, party. Sharelast_img read more

Stocks Soar On Wall Street, Dow Gains Nearly 1,300

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first_img(New York, NY) — Stocks are bouncing back in a big way on Wall Street following the coronavirus sell-off with Dow posting its single biggest point gain ever. Shares in Apple and Walmart jumped more than five percent. At the closing bell, the Dow Jones Industrial Average was ahead 1,296 points to 26-706. The S&P 500 rose 136 points to 30-90. The Nasdaq gained 384 points to finish at 89-52.last_img