By Robert Greer
Beneficial views at the development of inflation defense fresh rate of interest raises sign a go back to the times of much less benign inflation. The instruction manual of Inflation Hedging Investments discusses potent inflation safeguard automobiles, in addition to recommendations for integrating them into diverse expert portfolios.
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Additional resources for The Handbook of Inflation Hedging Investments: Enhance Performance and Protect Your Portfolio from Inflation Risk
We begin by briefly discussing structuring a portfolio to passively replicate a benchmark. The focus however is on structuring actively managed portfolios. For actively managed portfolios, one needs to “right-size” active management positions that represent a divergence from the benchmarks, and therefore represent active risk. Third, in the meat of this chapter, we discuss specific tools portfolio managers use to add value in ILB portfolios. We explore concepts including real portfolio duration management, break-even inflation trading, global sector rotation and corporate ILB replication.
An appropriate beta to use depends on the nature of the holdings. , 1-month and 3-month. For a tactical real money investor, where little or no leverage is used in contrast to hedge fund investors, looking to follow market trends and less constrained by daily volatility, a rolling 3-month yield level beta may be appropriate. , annually. 5% higher than that of a Treasury index of maturity-matched securities, while the monthly returns volatility was only 55% as high. However this volatility benefit varied both over time and across the curve.
Life insurers’ CPI liabilities are mainly long dated, but the strongest demand for shorter French CPI exposure has developed due to the linking of “Livret” deposit accounts, which are interest-bearing savings accounts, to inflation. While in theory the official Livret A-rate was supposed to be set with reference to inflation before the OATi market 32 The Handbook of Inflation Hedging Investments was launched, in practice the level was politically determined until mid-2004, when a formula linking it to an average of French CPI and 3-month money plus 25 bp came into effect.
The Handbook of Inflation Hedging Investments: Enhance Performance and Protect Your Portfolio from Inflation Risk by Robert Greer