Texas, Wisconsin, NYC CIOs on Exposure to Private Markets

以下是该段内容的中文翻译： 这段文字记录了一场关于在市场波动和不断变化的经济形势下投资策略的对话。参与讨论的是来自威斯康星州、纽约州和德克萨斯州的投资官员，他们管理着大量的公共基金和养老金。 对话以轻松的开场白开始。提出的主要问题是：“您的风险展望是否有所改变？”来自威斯康星州的埃默里回应说，他采取的是一种“杠铃”策略——将大约30%（目标是35%）的资金配置到具有长期视角的私人投资中，而公共投资组合则由能够对市场波动做出反应的灵活型经理人管理。来自纽约市的史蒂夫强调一种战略性而非战术性的方法，强调尽管当前环境动荡，但保持专注于长期目标的重要性。他指出，管理2940亿美元的资金，灵活性并非一个可选项，也不应成为目标。 正在庆祝自己40岁生日的罗曼，提出了一个更广阔的视角，强调了美国经济的持久优势：世界一流的学术机构、具有创新精神的创始人、能源获取的便利以及敢于冒险的文化。尽管承认短期波动，但他仍然坚信美国在未来十年将继续表现出色。史蒂夫也赞同这一观点，他指出了美国的优势，例如其庞大的经济规模、深入的资本市场、高人均收入和法治环境。安玛丽采取了一种平衡的观点，承认美国的估值倍数较高，但倾向于在国内投资固定收益和房地产。 讨论转向了由市场错位带来的机遇。大家一致认为，大量由风险投资支持的公司正面临现金流问题，这为战略投资创造了潜在的机会。史蒂夫提到正在扩大对另类私人资产的敞口，将配置比例从25%提高到35%。他认为当前市场是投资的良机，可以更好地接触到表现最佳的基金经理、获得更有利的条款和参与联合投资的机会。他强调了联合投资的重要性，认为与核心投资相比，联合投资能带来更高的回报，这主要是由于费用降低和更好的管理。 所有与会者都认识到净回报的重要性以及对费用保持自律的必要性。他们正在制定衡量每单位费用产生的阿尔法收益的指标。一个一致的信息浮出水面——需要有选择性地选择那些能够证明自己有能力创造价值的基金经理。 专家们分享了关于地域多样性和全球市场的见解。虽然承认美国市场的实力，但他们强调了关注亚洲和欧洲机会的重要性，这些市场的质量可能略低，但价格更具吸引力。这种全面的方法可以实现更分散且可能更有回报的投资策略。 讨论还涉及了通货膨胀。虽然没有进行具体的调整，但与会者表示对他们的投资组合通过通货膨胀保值债券（TIPS）、股票、实物资产、房地产和基础设施来抵御通胀的能力充满信心。他们注意到公司已经提前进行了价格上涨。 小组讨论了当前的现金头寸。史蒂夫和罗曼将现金保持在最低水平，以避免现金拖累，但进行了战略性配置。安玛丽报告称现金为负，通过更大的固定收益部分利用整个投资组合来提高回报。 尽管市场波动性和不确定性增加，但这些投资官员仍然保持乐观。他们强调保持战略性、关注长期目标、不应对短期市场波动过度反应的重要性。他们认为为人民服务是一种荣幸，并将继续致力于为他们的受益人创造回报。他们认识到不断变化的投资环境以及适应和创新以产生最佳结果的必要性。

This transcript captures a conversation about investment strategies in the face of market volatility and evolving economic conditions. The discussion involves investment officers from Wisconsin, New York, and Texas, who manage significant public funds and pensions. The conversation kicks off with a light-hearted preamble. The main question posed is: "Has your risk outlook changed at all?" Emory from Wisconsin responds, indicating a "barbell" strategy – allocating approximately 30% (heading towards 35%) to private investments with a long-term view, while the public portfolio is managed by agile managers who can respond to market noise. Steve from New York City highlights a strategic, rather than tactical approach, emphasizing the importance of staying focused on long-term goals despite the current volatile environment. With $294 billion to manage, nimbleness is not an option, nor should it be the goal. Romaine, celebrating his 40th birthday, offers a broader perspective, emphasizing the enduring strengths of the U.S. economy: world-class academic institutions, innovative founders, access to energy, and a risk-taking culture. While acknowledging short-term volatility, he asserts a continued belief in U.S. outperformance in the next decade. This sentiment is echoed by Steve, who points to the U.S.'s advantages such as its large economy, deep capital markets, high per capita income, and rule of law. Annmarie, taking a balanced perspective, acknowledges the US's expensive multiples while leaning to domestic investments in fixed income and real estate. The discussion shifts to opportunities arising from market dislocations. It's acknowledged that a large number of venture-backed companies are facing cash runway issues, creating potential opportunities for strategic investments. Steve, mentions an expansion of exposure to alternative private assets, increasing allocation from 25% to 35%. He views the current market as an opportune time to invest, with better access to top-performing managers, favorable terms, and co-investment opportunities. He emphasizes the importance of co-investments, citing higher returns compared to the core book, mainly due to reduced fees and better management. All the panelist recognize the importance of net returns and the need for discipline around fees. They are developing metrics to assess alpha generation per unit of fee. A consistent message surfaces - the need to be selective in choosing managers who demonstrate the ability to drive value creation. The experts share insights on geographic diversity and global markets. While acknowledging the strength of the U.S. market, they emphasize the importance of looking at Asian and European opportunities, where market quality might be slightly lower but prices are more attractive. This holistic approach allows for a more diversified and potentially more rewarding investment strategy. The discussion also touches on inflation. While no specific adjustments have been made, the panelists express confidence in their portfolios' inflation protection through TIPS, equities, real assets, real estate, and infrastructure. They noted preemptive price increases in companies. The panel dives into the current cash positions. Steve and Romaine keeps cash at minimum levels to avoid cash drag, but with strategic allocation. Annmarie reports negative cash, leveraging the entire portfolio to enhance returns through a larger fixed-income component. Despite the increased market volatility and uncertainty, the investment officers remain optimistic. They emphasize the importance of staying strategic, focusing on long-term goals, and not overreacting to short-term market fluctuations. They see it as a privilege to serve the people and remain committed to generating returns for their beneficiaries. They recognize the evolving investment landscape and the need for adaptation and innovation in order to generate the best possible outcomes.