Directional bets

Indiana Public Retirement drops GMO as absolute-return manager By Barry Burr

By Barry B. Burr Published: November 4, 2011   Indiana Public Retirement System, Indianapolis, terminated GMO, which ran $132.3 million in an absolute-return strategy for the $23.5 billion system, according to an investment board report.  “In our continuous effort to mitigate the overall fund’s correlation to equity markets, it is our desire to minimize directional bets in the hedge fund portfolio,” the report said. “Approximately 70% of the monies in …

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