Illiquid assets

GLOBAL INVESTOR 1.15 — 09
Contents
Global Investor 1.15
10
Psychology and (il)liquidity
Liquidity has its price. But, says Roger
Ibbotson, with equities the popular choice
has a premium that may be too high.
16
Liquidity trends in illiquid
alternatives
Amid rising interest in less liquid alternatives,
Sven-Christian Kindt points out the
reward for sacrificing unneeded liquidity.
18
On doing your homework
If you’ve first done your research, says
Alexander Ineichen, hedge funds may
bring higher end returns with less volatility.
21
Liquidity – a key to hedge fund
performance
It’s a key factor. Marina Stoop examines
the role that liquidity plays in hedge funds
and for their investors.
24
Open-end versus closed-end funds
The right investment, say Giles Keating
and Lars Kalbreier, is a function of the
underlying asset type and the kind of fund.
26
Attractively consistent
At the helm of the New Zealand Superannuation
Fund, Adrian Orr talks about
patience, opportunity and very long horizons.
30
Talking teak
She has branched out. Carol Franklin has
a diverse background including language,
insurance and plantation ownership.
39
Institutional investment
in timberland
It’s not easy going green. Gregory Fleming
explains why institutional investors
see timberland as a growth opportunity.
42
Farmland – a fertile investment
With dairy farming interests, and over 20
years in asset management, Griff Williams
knows plenty about farmland investment.
44
Ins and outs of real estate
It’s an illiquid asset, but real estate is
attracting growing interest. Philippe
Kaufmann offers his insights and advice.
48
Infrastructure on the rise
Institutional investors are flocking toward
infrastructure. Robert Parker explains why
building for the future is a big deal today.
52
Looking beyond liquidity
Felix Baumgartner and Patrick Schwyzer
reflect on client perspectives of the illiquid
asset landscape.
56
In passion we trust
Art, antiques and collectibles: Art Market
Research and Development looks at
a different kind of alternative investment.
58
From illiquid assets to profitable
investments
The European Central Bank is working
to restore the European securitization
market, report Christine Schmid and
Carla Antunes da Silva.
62
No exit?
There’s lower and more volatile liquidity in
the corporate bond markets. Jan Hannappel
outlines the causes and the implications.
Disclaimer > Page 65