Abstract
Not all investment beliefs are born equal. American asset manager Vanguard believes in low cost and index replication. Canadian endowment fund Edmonton Tel considers strategic asset allocation as its main decisionmaking tool, whereas Swiss private bank Pictet uses a bottom-up approach for security selection. Tactical asset allocation is crucial for Danish pension insurer PensionDanmark, whereas Edmonton Tel believes that limited value is realized from tactical asset allocation shifts. Clearly, these organizations hold widely differing investment beliefs. Asset managers have to be aware of pension funds’ investment beliefs and vice versa, if they are aiming for successful long-term relationships.
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