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Follow the Money – Episode 27

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In this latest episode of Follow the Money, I talk to Don Steinbrugge of Agecroft Partners LLC to get a glimpse of the hottest trends in the hedge fund industry for asset owners such as pensions and sovereign funds. Don gives a candid explanation of the true status of hedge funds, despite a recent barrage of negative hedge fund headlines routinely touted by the media. Other topics include finding best-of-breed hedge fund managers.

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CONTENTS
1:40 – Popular Trending Hedge Fund Strategies for Asset Owners
4:10 – Separating Noise from Reality: The Real Status of Hedge Funds in the Marketplace
7:10 – Institutional Investor Views on Trump Win
8:00 – Managing Potential Sell-Off Scenarios
11:50 – Deconstructing Risk and Return
16:00 – How to Access Best-of-Breed Managers and Uncovering New Talent

Follow the Money Show is available on asset.tv on the Asset Owner Channel.

EPISODE 27

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Our guest
Donald A. Steinbrugge, CFA, is founder and managing partner at Agecroft Partners, a global hedge fund consulting and marketing firm. Previously, he served as the head of sales for one of the largest hedge fund organizations and for one of the largest institutional investment management firms. Mr. Steinbrugge was a founding principal of Andor Capital Management, where he served as head of sales, marketing, and client service and was a member of the firm’s operating committee. He also was a managing director and head of institutional sales at Merrill Lynch Investment Managers and head of institutional sales for NationsBank. Mr. Steinbrugge frequently writes white papers on the hedge fund industry, has spoken at more than 100 hedge fund conferences, and has frequently been quoted in the media and featured on business television. He is a member of numerous boards and committees, including the investment committee for the City of Richmond Retirement System and the board of directors of the Hedge Fund Association and the Lewis Ginter Botanical Garden.

The views in this media are expressed by Michael Maduell and other participants and are not reflective of the Sovereign Wealth Fund Institute (SWFI).

SWFI First Read, May 25, 2018

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MedInvestGroup Pushes Investment into Russian High-Tech Oncology Centers

The Russian Direct Investment Fund (RDIF) and Mubadala Investment Company have attracted MedInvestGroup, which manages a network of the PET Technology regional oncology and radiological centers, as a strategic investor in the joint management and development of a network of cancer diagnosis and treatment centers. The deal aims to significantly improve the efficiency of the already functional centers in Podolsk and Balashikha. The corresponding agreement was announced today at the St. Petersburg International Economic Forum.

Southern Satellite City and RDIF Reach a Financing Agreement

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French Industrial Giants Find Opportunity with RDIF

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A number of French industrial companies continue to invest within Russia, finding opportunities within the mega country. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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CPPIB Targets 33% in Emerging Markets by 2025

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The Canada Pension Plan Investment Board (CPPIB) generated a net return after expenses and pension contributions of 11.6% for the fiscal year ended March 31, 2018, versus its reference portfolio of 9.8%. For the reported fiscal year, CPPIB grew its net assets to a new high of C$ 356.1 billion (US$ 277.2 billion), compared to C$ 316.7 from the year previous.

Mark Machin, President and Chief Executive Officer at CPPIB, attributed the performance to the rising tide in public equity markets across most geographies, whose volatility in recent months was buoyed by significant fourth quarter earnings in the fund’s private holdings. Public and private equities, CPPIB’s first and third largest asset classes by exposure at 38.8% and 20.3%, saw estimated returns of 11.4% and 16.1%, respectively. Machin joined CPPIB in 2012 and was moved to the top in June 2016, following the departure of Mark Wiseman. Machin has a knack for the Asian region, being CPPIB’s first president for Asia and also spent nearly 20 years in Asia, working at Goldman Sachs. CPPIB plans to continue heavily investing in the APAC region, along with India.

Emerging Markets

“By 2025, we will invest up to a third of the Fund in emerging markets, which by that time are anticipated to account for 47% of global GDP,” said Machin in his section of the annual report outlining the pension’s updated strategic plan. CPPIB currently has C$ 56.1 billion invested in emerging markets, C$ 22.4 billion of which is wrapped up in China.

Foreign and emerging markets continued to dominate in CPPIB’s private equity investments with returns of 16.0% and 19.5%, compared to 1.8% for their Canadian counterparts. Asia was a standout market for the pensioner, which raised its exposure to private equity deals in the region by nearly 28% from C$ 13.4 billion to 17.1 billion, closed six direct investments worth C$ 1.6 billion, committed C$ 1.7 billion towards eight funds, and completed three secondary transactions for C$ 400 million.

With 275 global transactions completed over the fiscal year, CPPIB’s geographic exposure places 15.1% of its assets at home in Canada, 37.9% in the neighboring United States, 13.2% in continental Europe, 5.6% in the United Kingdom, 3.1% in Australia, and a whopping 20.4% in Asia.

Public Equities

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