Download Active Alpha: A Portfolio Approach to Selecting and Managing by Alan H. Dorsey PDF

By Alan H. Dorsey

Compliment for energetic Alpha"Active alpha is the search for each refined investor. This ebook covers the entire key alpha assets at present mined through lively managers, reduces the complexity of the topic, and is helping the investor start within the correct direction."-Mark Anson, leader government Officer, Hermes Pensions administration Ltd."Long-held conventional tools for making an investment huge portfolios are giving approach to new approaches which are designed to enhance productiveness and diversification. those alterations locate their locus within the occasionally overly mysterious global of absolute go back techniques. during this e-book, Alan Dorsey demystifies that new international and gives a guiding pathway into the way forward for expert portfolio administration. this is often an incredible learn for any investor who plans to be successful going forward."-Britt Harris, leader funding Officer, instructor Retirement approach of Texas"With nice lucidity, Alan Dorsey's ebook, energetic Alpha, fills a tremendous void via deciding upon the suitable institutional good points of this advanced topic and through supplying a unifying analytic framework for realizing and developing portfolios of other resources. For somebody making an investment within the substitute type, from the hot pupil to the skilled practitioner, lively Alpha is an important learn. i'm recommending it to each person i do know with such an curiosity, and it really is destined to turn into a far thumbed reference on my shelf."-Steve Ross, Franco Modigliani Professor of monetary Economics, Sloan institution, MIT

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Additional resources for Active Alpha: A Portfolio Approach to Selecting and Managing Alternative Investments (Wiley Finance)

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In addition to traditional betas such as equity and interest rates, alternative investments may be diversified through exposures to other esoteric betas, such as volatility and commodity exposures. An important element for maintaining diversification in portfolios that include alternative investments is the appropriate measurement and monitoring of the true factor beta exposures that are embedded in the investments. Moreover, identification of the true drivers of return for alternative investments may change over time and acquire new characteristics.

Often, boards that represent investors are populated with trustees, beneficiaries, and various ad hoc representatives. While good intentioned, many boards find that they are vulnerable to being less effective than they wish. Problems can develop with sophisticated board members or investors who may not be expert or experienced in certain investment fields, thereby causing hesitation or reluctance to approve certain investment 34 ALTERNATIVE INVESTMENTS AND INVESTORS decisions or diversification measures.

For taxable investors, international tax withholdings and federal and state tax filing can be awkward to track and reconcile. Minimizing taxes and investing tax efficiently also can be managed by an external resource. Compliance with certain foundation, pension, and fiduciary regulations may require documentation. Individual investment decisions, due diligence, and adherence to investment policy statements and guidelines often must be documented. All of these areas can be outsourced through the hiring of a third-party investment manager acting in a cofiduciary role.

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