Today, we are joined by Jason Morrow, Deputy CIO at Utah Retirement Systems, for a conversation on how portfolio management is carried out at a large pension fund. We discuss how Morrow approaches the objective and constraints of URS’s portfolio and the realized volatility over time, how they manage the challenges of an inflationary environment and balance their portfolio to mitigate risk, how they find the right mix of public and private equities and their approach to absolute return strategies. We also address the process of assembling a team of managers and evaluating quant strategies, how to mitigate behavioural biases when selecting manager, cultivating talent as a CIO and much more.
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00:00 - Intro
03:35 - Introduction to Jason Morrow
08:02 - Investment objective and constraints of URS’s portfolio
13:21 - How does inflation affect URS's portfolio?
20:27 - Building and balancing the portfolio
24:29 - Public vs. private equities
31:22 - Using multiple asset allocating strategies
38:06 - Their approach to selecting managers
41:15 - Evaluating quant strategies
45:51 - Behavioural biases in manager selection
50:27 - Return expectations setting for alts
55:42 - Mastering the role as a CIO
01:01:13 - Book recommendations and key advice for listeners
01:05:53 - Key takeaways from Niels