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A practical guide to understanding and implementing portable alpha
While the interest in portable alpha has grown exponentially, few investors have a true appreciation for the risks and operational complexities associated with this investment application. By first mapping out the key components and evolution of portable alpha, this book aims to give investors a solid foundation in this discipline. From there, it ties in investment theory and asset allocation, then addresses the relevance and common misuse of the alpha and beta terms, inherent leverage, derivatives-based "beta," and global sources of (portable) alpha and risk, including equity, bonds, and hedge fund strategies. Implementation is covered in a dedicated chapter, as is risk management and the increasingly interrelated topic of LDI. Overall, this reliable resource will allow investors, consultants, practitioners, and academics to gain a better understanding of the potential benefits, applications, costs, and risks associated with portable alpha implementation.
Sabrina C. Callin, CFA, CPA (Newport Beach, CA), is an executive vice president and head of the StocksPLUS product management team responsible for PIMCO's global portable-alpha-based equity business. PIMCO currently manages over $50 billion in portable alpha strategies and is generally credited with being an original innovator of the concept.
While the interest in portable alpha has grown exponentially, few investors have a true appreciation for the risks and operational complexities associated with this investment application. By first mapping out the key components and evolution of portable alpha, this book aims to give investors a solid foundation in this discipline. From there, it ties in investment theory and asset allocation, then addresses the relevance and common misuse of the alpha and beta terms, inherent leverage, derivatives-based "beta," and global sources of (portable) alpha and risk, including equity, bonds, and hedge fund strategies. Implementation is covered in a dedicated chapter, as is risk management and the increasingly interrelated topic of LDI. Overall, this reliable resource will allow investors, consultants, practitioners, and academics to gain a better understanding of the potential benefits, applications, costs, and risks associated with portable alpha implementation.
Sabrina C. Callin, CFA, CPA (Newport Beach, CA), is an executive vice president and head of the StocksPLUS product management team responsible for PIMCO's global portable-alpha-based equity business. PIMCO currently manages over $50 billion in portable alpha strategies and is generally credited with being an original innovator of the concept.