'..the Colleges of Applied Arts and Technology (CAAT) pension..'
Posted by ProjectC
At the end of March, I discussed how the Colleges of Applied Arts and Technology (CAAT) pension plan’s funded status reached 118%, the second largest funded position right behind the Healthcare of Ontario Pension Plan (HOOPP) which has a funded status of 122%.
At the time, CAAT's 2017 Annual Report wasn't available but it came out yesterday and it is available here. Take the time to read it, it's excellent, well written, concise and very transparent.
I have already covered CAAT's funded success and the success of the Plan is derived from the factors below:
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It was a solid performance all around and the overall results place CAAT at the top of the Canadian pensions I cover in terms of performance in 2017.
Julie shared a few points with me:<ul>
<li>They typically don't make big tactical calls. She told me they went overweight credit in 2009 and 2011 but rarely make big tactical decisions.</li>
<li>They are increasing their co-investments in Infrastructure and Private Equity, cutting fees and leveraging off their relationships with external - managers as much as possible.</li>
<li>They use portable alpha in their US portfolio and invest in two big hedge funds, Bridgewater's Pure Alpha Fund and BlackRock's Fixed Income Fund. Again, they leverage off these relationships as much as possible.</li>
<li>CAAT's governance is the key to taking active risk over a long investment horizon.</li></ul>
- Leo Kolivakis, CAAT Pension Gains 15.8% in 2017, April 24, 2018
Context
'..[the] industry receiv[ing] the most subsidies .. is the financial sector via money for nothing from central banks..' - '..BIS dissidents..'
'Ten-years of ultra-loose global finance destroyed discipline - by borrowers and lenders alike.'
'Yes this bond bull will end. But when? .. [Lacy Hunt] replied "a little over 20 years".'
At the time, CAAT's 2017 Annual Report wasn't available but it came out yesterday and it is available here. Take the time to read it, it's excellent, well written, concise and very transparent.
I have already covered CAAT's funded success and the success of the Plan is derived from the factors below:
<center>
</center>..
It was a solid performance all around and the overall results place CAAT at the top of the Canadian pensions I cover in terms of performance in 2017.
Julie shared a few points with me:<ul>
<li>They typically don't make big tactical calls. She told me they went overweight credit in 2009 and 2011 but rarely make big tactical decisions.</li>
<li>They are increasing their co-investments in Infrastructure and Private Equity, cutting fees and leveraging off their relationships with external - managers as much as possible.</li>
<li>They use portable alpha in their US portfolio and invest in two big hedge funds, Bridgewater's Pure Alpha Fund and BlackRock's Fixed Income Fund. Again, they leverage off these relationships as much as possible.</li>
<li>CAAT's governance is the key to taking active risk over a long investment horizon.</li></ul>
- Leo Kolivakis, CAAT Pension Gains 15.8% in 2017, April 24, 2018
Context
'..[the] industry receiv[ing] the most subsidies .. is the financial sector via money for nothing from central banks..' - '..BIS dissidents..'
'Ten-years of ultra-loose global finance destroyed discipline - by borrowers and lenders alike.'
'Yes this bond bull will end. But when? .. [Lacy Hunt] replied "a little over 20 years".'