Q&A with Max Giolitti, Formerly at the Alaska Permanent Fund

Max Giolitti

This interview appears in the 3Q Y2011 issue of the Sovereign Wealth Quarterly.

Q&A with Max Giolitti, Former Head of Risk Management and Asset Allocation at the Alaska Permanent Fund

1. For large institutional investors, what is your investment outlook on 2012, is it positive, negative, mixed?

In terms of asset prices it is mixed. Developed countries in particular are going through an adjustment period. From a “great moderation” standpoint this is a significant outlier event, but from a longer historical context it is not. Emerging countries will also experience the effects of the developed countries pains, but then the very definition of emerging implies greater volatility. My investment philosophy is based on three principles: value, risk and diversification.

I don’t try to predict which asset will do well in a given year but rather to build a risk and economic scenario balanced portfolio that won’t depend on making that choice correctly every time. From a tactical standpoint, I believe in risk factor tilts based on valuation.[ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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