Former Treasury Secretary Larry Summers says the government’s mishandling of the coronavirus epidemic has dealt a heavy blow to U.S. confidence.
“We have 50 percent in alternatives. I run a hedge fund book, but I run it as a portable alpha program," says CIO Susan Ridlen.
So much for uncorrelated assets. The results come just months after the fund revamped top management and revised its allocation to focus more on debt.
One stark statistic in an otherwise flat 2020 focuses on the penalty a "tactical" investor incurred by sitting out the biggest single-day gains.