Research
Asset Allocation and Top-Down Portfolio Construction
In this presentation made to the Financial Accounting Standards Board (FASB) in October 2021, as part of their ‘Think Like an Investor’ series, I draw upon my experience to highlight important issues in top-down multi-asset portfolio construction. I mention well-known empirical findings on the key value addition from asset allocation in portfolio construction, discuss the different types of asset allocation and how capital market assumptions are the foundational block. I also presented my ideas on the increasingly important topic of the financial implications of climate change by presenting a few highlights from my peer-reviewed research paper ‘Incorporating Climate Change in Asset Allocation and Portfolio Construction’, which has been accepted for publication in the forthcoming book titled ‘Climate Change: Managing the Financial Risk and Funding the Transition and Adaptation’, to be published by Risk.net in early 2022.
Climate Change, ESG Investing, ESG Data with implications for CRE and CMBS
I recently presented at the DBRS Morningstar webinar (panel discussion) on “Climate Change, ESG Investing, ESG Data with implications for CRE and CMBS”. It was a well-rounded discussion on ESG factors impacting CRE and implications for CMBS, with perspectives on trends in quantifying climate change data, how and why it matters to investors in fixed income and real assets, the growth of investor interest in sustainable investing, DBRS Morningstar’s ESG initiatives and criteria, and the CMBS credit rating process incorporating these critical issues.