The Wtp broadens the rationale for active management. In addition to expected alpha, alignment with policy objectives, risk appetite, cohorts, sustainability, and explainability also count. This article analyzes what this broadening means for the choices of pension fund boards and shows why an operationally passive portfolio can also contain strategically active choices. How does the Wtp change the assessment of active management, at which levels does this play a role, and what does this require of pension fund boards?
(Google Translate. Original version here )
in VBA Journaal door Arjen Dibbets, Arie Gravendeel and Tom Meijer