Geoffrey Rubin, Chief Investment Strategist at CPPIB, outlines how CPPIB transitioned from external GP reliance to building out in-house active management.
0:00 / 0:11exact quote · 12.0s
720p mp4 · rendered on demand · StarZero watermark
“That 80% managed actively, I think about 55% is managed internally as opposed to externally now. So most of our active capabilities are now built in-house.”
quote is from the automated transcript, cleaned for reading:
filler sounds and stutters are removed, nothing is rephrased. names can be misheard
(the analysis reads context, assessments check outside sources). how →
More from Geoffrey Rubin
Insight
Accounting stability in private assets may induce a negative illiquidity premium
“I'm even concerned that there are some large institutional investors who would be willing to pay up for the accounting stability of private assets, which might In some points of the cycle, induce a negative illiquidity premium.”
Geoffrey RubinNov 14, 2022▶ 44:45Geoffrey Rubin – The Modern Canadian Model at CPPIB (Capital Allocators, EP.280)
Insight
Rubin: Capital One managed a portfolio of businesses, not individual positions
“The amazing thing I learned at Capital One is that it was not as much a portfolio of positions as it was a portfolio of businesses that generate positions for the balance sheet.”
Geoffrey RubinNov 14, 2022▶ 9:09Geoffrey Rubin – The Modern Canadian Model at CPPIB (Capital Allocators, EP.280)
Insight
Rubin: Mega-funds like CPPIB must manage investment teams as business portfolios
“Managing portfolios of franchises and businesses is something that a large institutional investor like CPPIB needs to grapple with our collection of investment businesses and the infrastructure and real estate and private equity and private credit and hedge fu…”
Geoffrey RubinNov 14, 2022▶ 9:58Geoffrey Rubin – The Modern Canadian Model at CPPIB (Capital Allocators, EP.280)
Insight
Rubin: Managing internal investment teams requires preserving capabilities through cycles, unlike position trading
“If you think about the portfolio as one of A page or two on a Bloomberg terminal, you can think about in a very agile and flexible way, scaling up and scaling down exposures to respond to both longer term and tactical or conditional risk adjusted pricing. When…”
Geoffrey RubinNov 14, 2022▶ 12:04Geoffrey Rubin – The Modern Canadian Model at CPPIB (Capital Allocators, EP.280)
AssertionSupported
Rubin: CPPIB Targeted Fund Risk Equivalent to 85/15 Equity-Debt Mix
“Our targeted risk level was for the base or initial fund itself was a level of risk equal to that Of a portfolio comprised of 85% equities and 15% fixed income. That became our targeted level of risk.”
Geoffrey RubinNov 14, 2022▶ 20:45Geoffrey Rubin – The Modern Canadian Model at CPPIB (Capital Allocators, EP.280)
Insight
A true investment horizon is how long you endure underperformance
“I think an investment horizon is fundamentally about the length of time one can remain committed To an investment strategy that is broadly performing as expected without getting stopped out. For me, the big value of possessing a long horizon is the ability to …”
Geoffrey RubinNov 14, 2022▶ 27:08Geoffrey Rubin – The Modern Canadian Model at CPPIB (Capital Allocators, EP.280)
Made with StarZero
Turn any episode into a week of clips.
This entire site, over 700 episodes transcribed, diarized, checked and made playable,
runs on the StarZero media pipeline. Drop in your own episode and the podcast clipper finds the
moments worth sharing, cuts them, captions them, and reframes them for every feed.
We use essential cookies to make the site work. With your permission we
also use analytics cookies (Google Analytics and Mixpanel) to understand
usage and improve StarZero. See our Cookie Policy.