Keynote address: Martin Källström, AP1

Mon Nov 5, 2012


Holistic understanding of whole portfolio is key


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Martin Källström
 
AP1 runs $35 billion as part of Sweden's state pension system. Martin Källström is the portfolio manager responsible for the fund's $1.6 billion in hedge fund investments.

In his keynote speech Källström described the innovative way in which hedge funds are incorporated into AP1's overall portfolio for maximum diversification and protection. On a standalone basis, AP1's hedge fund portfolio is very unlike most 'model' hedge fund portfolios as it is concentrated in strategies that best complement AP1's overall portfolio. This approach requires courage, Källström said.

Hedge funds defy definition - the term covers all assets and every investment strategy one could think of, and is represented by the most brilliant institutional asset managers in the world as well as one-man shops, he pointed out.

Given these loose parameters, how should institutional investors approach hedge funds?

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