ISBN-10:
1260441482
ISBN-13:
9781260441482
Pub. Date:
Publisher:
Delivering Alpha: Lessons from 30 Years of Outperforming Investment Benchmarks

Delivering Alpha: Lessons from 30 Years of Outperforming Investment Benchmarks

by Hilda Ochoa-Brillembourg

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Overview

From a former World Bank Executive and renowned investor—a detailed roadmap to adding consistent, sustainable value to globally diversified portfolios


For many investors, alpha is akin to the Holy Grail. Risk-adjusted returns above benchmarks—alpha—are particularly challenging to achieve even with a sound strategy. Hilda Ochoa-Brillembourg is an expert on alpha. Over the past four decades, she and her team consistently exceeded benchmarks and delivered appreciable value added on their investments.


In Delivering Alpha, she reveals the principles and methods employed in her investment strategies, along with insights drawn from her personal life. She shows how timing, market awareness, price, and relative value to the investor are critical drivers of effective investment decisions. Ochoa-Brillembourg also debunks common investment myths that often trip up both new and experienced investors.


Delivering Alpha provides practical advice on:


•Creating successful decision-making governance to reduce errors and correctly assign responsibilities and incentives
•Dealing thoughtfully and effectively with governance challenges
•Building the right policy portfolio, specifying desired allocations to each asset class
•Structuring asset classes and adding value-oriented or other opportunistic “tilts”
•Measuring and managing risks, avoiding common mistakes, and more


Light on theory and serious on practice, this book is the culmination of a lifetime’s experience from one of the most successful women in finance. It’s essential reading for investors looking to add sustainable value to globally diversified portfolios.



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Product Details

ISBN-13: 9781260441482
Publisher: McGraw-Hill Professional Publishing
Publication date: 12/03/2018
Pages: 320
Sales rank: 1,164,934
Product dimensions: 6.30(w) x 9.10(h) x 1.30(d)

About the Author

Hilda Ochoa-Brillembourg, CFA, is the lead founder and chairman of Strategic Investment Group and co-founder of Emerging Markets Management. A Fulbright Fellow and Fulbright Lifetime Achievement awardee, she completed doctoral studies, all but dissertation, in Business Administration in Finance at Harvard Business School and received a Master of Public Administration from the Kennedy School of Government at Harvard. Ochoa-Brillembourg served as the Chief Investment Officer at the Pension Investment Division at the World Bank from 1976 to 1987 and continued as a Manager of the World Bank Pension assets until 1996. She is a lifetime member of the Council on Foreign Relations, a member of the American Enterprise Institute Board, the Committee for Economic Development Board, Harvard’s Kennedy School Dean’s Executive Council and Dean’s Alumni Leadership Council, and was a longtime member of the World Economic Forum. She has served in multiple public company and non-profit boards, and she is the founder and chairman of the Orchestra of the Americas.

Table of Contents

Preface

Introduction: The Incredible Ride

Part I: Portfolio Fit Theory: The Value of an Investment to Your Portfolio

Chapter 1: Fit Theory

Part II: Building the Right Policy Portfolio

Chapter 2: Meet the Skeptics

Chapter 3: Investment Policy: Mission Objectives and Needs

Chapter 4: Liability-Driven Investing: A Brave New World of Fiduciary Issues

Chapter 5: Moving From Theory to Practice

Chapter 6: Changing the Policy

Chapter 7: Selecting Appropriate Benchmarks

Chapter 8: Rebalancing Versus Tactical Tilts: How Frequently and Why?

Chapter 9: Policies are Increasingly Diverging

Chapter 10: Responsible Investing: One More Source of Divergence

Chapter 11: The Uses of Volatility

Chapter 12: Transporting Alphas (Or Betas)

Part III: Structuring the Asset Class

Chapter 13: New Maps of Value

Chapter 14: Where the Structural Tilts Are

Part IV: Selecting and Terminating Managers

Chapter 15: Asking the Right Questions

Chapter 16: When to Retain a Seriously Underperforming Manager

Part V: Measuring and Managing Risks

Chapter 17: The Boundaries of Risk

Chapter 18: Nonmarket Risks

Part VI: Built to Last: Leadership Attributes, Creative Management, Succession Planning, and Transitions

Chapter 19: The Wisdom of Teams

Chapter 20: Governing for Success

Acknowledgments

Appendix: Self-Assessment for Fiduciaries

Glossary of Investment Terms

Notes

Bibliography

Index

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