[REPLAY] Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108) | Capital Allocators – Inside the Institutional Investment Industry

The New Zealand Superannuation Fund's investment philosophy and strategy are examined through a conversation with CEO Matt Whineray. He outlines the fund's creation to address future pension costs, its mandate to maximize returns responsibly, and its unique "endowments" like a long horizon and operational independence. The discussion covers the fund's investment beliefs, including the importance of asset allocation and the rarity of manager skill. Whineray details the shift from strategic asset allocation to a reference portfolio approach, using liquid assets as a benchmark and risk allocation across five "baskets." He also shares insights into internal strategic tilting, external manager selection, ESG integration, and cultural values driving the organization.

Outlines

Part 1: Introduction, Background

Part 2: Mandate, Beliefs, Framework

Part 3: Reference Portfolio, Risk Management

Part 4: Execution, Strategy

Part 5: Manager Relations, Team Structure

Part 6: Asset Cycles, ESG, Future Outlook

Part 7: Culture, Personal Insights

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[REPLAY] Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108)

Capital Allocators – Inside the Institutional Investment Industry

Part 1: Introduction, Background

Introduction to Matt Whineray and the New Zealand Superannuation Fund

Matt Whineray's Journey to CEO of the New Zealand Super Fund

The Super Fund's Creation and Funding Structure

Part 2: Mandate, Beliefs, Framework

Investment Mandate and Endowments of the Super Fund

Investment Beliefs and Portfolio Construction Approach

Defining the Super Fund's Endowments: Long Horizon, Liquidity, Independence, and Sovereign Status

Investment Strategies Based on Endowments and Beliefs

Part 3: Reference Portfolio, Risk Management

Reference Portfolio Composition: Global Equities and Fixed Income Mix

Performance Measurement Against the Reference Portfolio

Transitioning from Strategic Asset Allocation to Reference Portfolio

Risk Budgeting Process and Five Risk Baskets

Internal vs. External Management and Dynamic Risk Allocation

Benefits of the Reference Portfolio Approach

Part 4: Execution, Strategy

Internal vs. External Management: Alignment and Expertise

Strategic Tilting: Asset Classes and Market Level Focus

Determining Equilibrium and Sizing the Strategic Tilting Effort

Portfolio Completion Strategies: Liquidity and Risk Management

Part 5: Manager Relations, Team Structure

External Manager Relationships: Fewer, Deeper, and Aligned

Manager Size and Flexibility in Asset Allocation

Mitigating Consensus and Team Structure for Target Allocation

Team Sizes and Markets Conducive to Active Management

Part 6: Asset Cycles, ESG, Future Outlook

Asset Class Life Cycles: Forestry, Life Settlements, and Farming

Thematic Investing: Challenges and Climate Change

ESG Integration and Ownership: Voting and Engagement

Social Media Engagement and Priorities for the Coming Year

Scaling for Growth and Long-Term Target State

Part 7: Culture, Personal Insights

Cultural Values Project: Standing Strong, Supporting Each Other

Closing Questions: Hobbies, Pet Peeves, and Life Lessons

Closing Remarks

[REPLAY] Matt Whineray – Leading New Zealand Super Fund (Capital Allocators, EP.108)

Capital Allocators – Inside the Institutional Investment Industry

Part 1: Introduction, Background

00:04Introduction to Matt Whineray and the New Zealand Superannuation Fund

Introduction to Matt Whineray and the New Zealand Superannuation Fund

00:55Matt Whineray's Journey to CEO of the New Zealand Super Fund

Matt Whineray's Journey to CEO of the New Zealand Super Fund

04:04The Super Fund's Creation and Funding Structure

The Super Fund's Creation and Funding Structure

Part 2: Mandate, Beliefs, Framework

05:51Investment Mandate and Endowments of the Super Fund

Investment Mandate and Endowments of the Super Fund

07:54Investment Beliefs and Portfolio Construction Approach

Investment Beliefs and Portfolio Construction Approach

09:24Defining the Super Fund's Endowments: Long Horizon, Liquidity, Independence, and Sovereign Status

Defining the Super Fund's Endowments: Long Horizon, Liquidity, Independence, and Sovereign Status

12:46Investment Strategies Based on Endowments and Beliefs

Investment Strategies Based on Endowments and Beliefs

Part 3: Reference Portfolio, Risk Management

15:49Reference Portfolio Composition: Global Equities and Fixed Income Mix

Reference Portfolio Composition: Global Equities and Fixed Income Mix

17:49Performance Measurement Against the Reference Portfolio

Performance Measurement Against the Reference Portfolio

19:33Transitioning from Strategic Asset Allocation to Reference Portfolio

Transitioning from Strategic Asset Allocation to Reference Portfolio

21:23Risk Budgeting Process and Five Risk Baskets

Risk Budgeting Process and Five Risk Baskets

23:50Internal vs. External Management and Dynamic Risk Allocation

Internal vs. External Management and Dynamic Risk Allocation

26:18Benefits of the Reference Portfolio Approach

Benefits of the Reference Portfolio Approach

Part 4: Execution, Strategy

28:42Internal vs. External Management: Alignment and Expertise

Internal vs. External Management: Alignment and Expertise

31:17Strategic Tilting: Asset Classes and Market Level Focus

Strategic Tilting: Asset Classes and Market Level Focus

33:18Determining Equilibrium and Sizing the Strategic Tilting Effort

Determining Equilibrium and Sizing the Strategic Tilting Effort

35:36Portfolio Completion Strategies: Liquidity and Risk Management

Portfolio Completion Strategies: Liquidity and Risk Management

Part 5: Manager Relations, Team Structure

36:47External Manager Relationships: Fewer, Deeper, and Aligned

External Manager Relationships: Fewer, Deeper, and Aligned

38:52Manager Size and Flexibility in Asset Allocation

Manager Size and Flexibility in Asset Allocation

40:28Mitigating Consensus and Team Structure for Target Allocation

Mitigating Consensus and Team Structure for Target Allocation

42:41Team Sizes and Markets Conducive to Active Management

Team Sizes and Markets Conducive to Active Management

Part 6: Asset Cycles, ESG, Future Outlook

44:55Asset Class Life Cycles: Forestry, Life Settlements, and Farming

Asset Class Life Cycles: Forestry, Life Settlements, and Farming

47:24Thematic Investing: Challenges and Climate Change

Thematic Investing: Challenges and Climate Change

49:13ESG Integration and Ownership: Voting and Engagement

ESG Integration and Ownership: Voting and Engagement

51:48Social Media Engagement and Priorities for the Coming Year

Social Media Engagement and Priorities for the Coming Year

53:01Scaling for Growth and Long-Term Target State

Scaling for Growth and Long-Term Target State

Part 7: Culture, Personal Insights

54:59Cultural Values Project: Standing Strong, Supporting Each Other

Cultural Values Project: Standing Strong, Supporting Each Other

57:03Closing Questions: Hobbies, Pet Peeves, and Life Lessons

Closing Questions: Hobbies, Pet Peeves, and Life Lessons

1:00:24Closing Remarks

Closing Remarks