Barth: BBR avoids asset-gathering managers focused on fee retention
Brett Barth · Brett Barth – Asset Allocation for Families (Capital Allocators, EP.03) · Apr 20, 2017 · at 47:21
Brett Barth, Co-Founder of BBR Partners, explains to Ted Seides why his multi-family office avoids large benchmark-hugging mutual fund managers.
0:00 / 0:23exact quote · 23.4s
720p mp4 · rendered on demand · StarZero watermark
“At the end of the day, managers who are focused on earning a management fee and keeping assets and just not underperforming, you know, your average mutual fund whose job it is, is to never be below three or four Morningstar stars so that the four one K consultants never pull the money. I don't ever want to be there. And so we want to be in managers that are driven by performance.”
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 Brett Barth
Barth: Retail flows will swamp Ivy League endowment private market capital
“And notwithstanding the endowment headlines, we think a much bigger fund flow that's going to swamp that is the democratization. It's the retail flows. Almost everything we're doing in illiquids is either to get paid to access that, seed things that can take a…”
Barth: Multi-manager hedge funds will take the biggest hit if endowments face taxes
“The places where you're going to see bigger hits are on the multi-manager pod hedge funds, which are incredibly tax inefficient, but have been a good source of risk-adjusted returns for some of the larger tax-exempt allocators. That's where I think the bigger …”
Barth: International betas are the most attractive in 15 to 20 years
“I think the betas are more interesting than they've been in 15 or 20 years because of not just the entry point, but because of the deglobalization, and you've got a declining correlation of those markets, and the only free lunch we get as allocators is diversi…”
Barth: Dislocated biotech sector presents massive multi-asset investment opportunities
“One of the places where we see public, private, and credit incredibly dislocated, unloved, and where we think there's huge opportunity is biotech. It has been such a bubble through the pandemic where biotech and vaccines were going to solve everything, and now…”