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Otppb Case Essay

1139 words - 5 pages

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 February
 2014
  OTPP
 Case
  Daniel
 XXXX
 
 


  The
 context
 and
 Key
 Issues
  The
  Ontario
...view middle of the document...

  The
  decision
  to
  diversify
  internationally
  was
  not
  unreasonable
  and
  motivated
  by
  the
  need
  to
  take
  advantage
  of
  better
  returns
  offered
  globally
  (as
  imposed
  by
  the
  changing
  demography
  of
  members)
  and
  the
  relatively
  limited
  size
  of
  the
  Canadian
  market
  (relative
  to
  the
  pension
  fund).
 
  Given
  the
  non-­‐ marketability
  of
  the
  held
  Ontario’s
  debentures,
  OTTP
  engaged
  into
  an
  international
  equity
  swap
  program
  (opportunity
  to
  swap
  debentures’
  payments
  with
  international
  equity
 payments
 without
 holding
 underlying
 assets).
 Associated
 to
 the
 swap
 program,
 a
  hedging
 program
 was
 launched
 in
 order
 to
 mitigate
 the
 currency
 risk
 exposure.
 To
 that
  effect,
  OTPP’s
  board
  set
  a
  policy
  of
  hedging
  50
  percent
  of
  the
  exposure
  on
  six
  foreign
  currencies
  on
  an
  arbitrary
  basis.
  As
  of
  date,
  the
  fund
  was
  able
  to
  generate
  above
  benchmark
  composite
  returns.
  Today,
  the
  fund’s
  governance
  body
  is
  proposing
  to
  depart
  from
  the
  “30
  percent
  global
  exposure
  fund
  limit”.
  As
  a
  result,
  necessary
  managerial
 adjustments
 may
 be
 needed.
 The
 scope
 of
 this
 paper
 covers
 the
 following:
 
 
• • • • Relevance
 analysis
 of
 the
 ongoing
 equity
 swap
 program
  Description
 of
 available
 hedging
 solutions
  Relevance
 analysis
 of
 the
 “50-­‐percent
 hedging
 policy”
  High
 level
 hedging
 recommendation
 to
 the
 investment
 committee
 


 

The
 scope
 of
 the
 paper
 will
 be
 addressed
 within
 a
 context
 in
 which
 the
 30-­‐percent
 policy
 is
 lifted
 and
  the
 pension
 nature
 of
 the
 fund
 is
 imposing
 a
 prudent
 investment
 philosophy.
 


  Expanding
 the
 equity
 swap
 program
 and
 new
 fund’s
 direction
  The
  swap
  program
  allows
  the
  fund
  to
  yield
  return
  from
  international
  equity
  markets
  without
  holding
  underlying
  assets.
  Within
  a
  context
  in
  which
  the
  30-­‐percent
  investment
  in
  foreign
  assets
  is
  lifted,
  it
  may
  be
  reasonable
  to
  envisage ...

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