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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?