PIFSS

“So the first thing that happened was when I took over the book, I was given a book of 80 line items. The biggest position was a 13% position and the smallest was 50 basis points.”

“I look at the book and out of 80 line items that they showed me, I only knew one.”

“A hundred billion. And they were sitting at 40% cash.”

“We don't want to be over-diversified, because then it's going to be costly, and we're going to be blaming the high fees and everything around it. So we said, the max we're going to have in any one bucket or portfolio is 30, right?”

“What we did was we partnered with one of the best TMT managers, and we like the portfolio and the hedge fund specifically, but we felt that we could up the volatility there, and what we did was that we said, 70% of that book will be in hedge funds, and 30% is …”

“So if we don't get the allocation today, it's fine. We won't go to a second-tier manager because we didn't get the top-tier.”

“So any manager has a direct allocation, even if it's the biggest in the world, has to go through a defined process, review process, and that review process means reaching out those fund of fund partners, looking at their research, Papers, but only after we're …”

“The first thing I did here at PIFS was instead of going with Commonwealth Fund of Funds, we went with SMAs and SMAs with leading alternative asset managers that firstly act as extensions to my team and my book and whatever we can do Directly, because of the gu…”

“Almost four years later, so by the end of December, the book collectively had a seven percent return on a six percent volatility. So that's a sharp of one. And the beta to the HFI Fund weighted composite came down from 77 basis points to 63. What was amazing w…”

“All esoteric social credit is going to strictly be done through close ended fund formats. And that is because While we're long-term investors, we don't want the market to take advantage of us or other investors. We're only going to do investment-grade social c…”

“One single position in my market neutral bucket is the equivalent of all of the line items I have in the activist bucket.”

“We redeemed 60% of the book.”

“In the US, it's all about execution speed and technology, and we're going to go with the startups. We're only going to go occasionally with the fundamentals that have an edge or something depreciated. Asia, we said we're going to go only with the market neutra…”

“And for me, I want Asia to be 15 to 20% of my book over the next five years, coming out of a three percent position today.”

“When we moved over with the 40 line items that we took from the open-ended book, We asked the private equity team to give us the GP acquisition strategy, and that strategy at that time made six percent of our book, of NAV. We grew that book to 14% of NAV, 20% …”

“In 2020, my book delivered a 12% performance. Of that 12%, five percent came from the strategic book.”