NAIC Perspectives

New Perspectives

Perspectives is a video web series hosted by the National Association of Investment Companies that provides a look into the world of diverse investment managers and the industries in which they do business. Important industry news, the latest trends, and groundbreaking transactions are discussed by the industry professionals and influential deal-makers who make them happen.  Select a topic below to view videos related to that topic.

A Look Into Diverse-Owned Firms

Champions for Diversity

DAMI and the Argument for Inclusion

Diverse Managers and Their Strategies

Making the Case for Diversity

New Perspectives

Performance in the Marketplace

Women in Private Equity

Outsized Returns are not Enough
Christopher Robinson
Christopher Robinson, Partner, Investment Funds Group of Kirkland & Ellis LLP, says that while diverse owned private equity firms have been outperforming, it will take more than outsized returns for more of these firms to grow to scale. He explains how sponsors, new product lines and market conditions can impact the growth and scope of diverse owned firms.
Raising Diversity to a Higher Level
T. Troy Dixon
In order to see more women in finance, Nili Gilbert, Co-Founder and Portfolio Manager of Matarin Capital Management, says there needs to be a concerted focus on both the top and bottom ends of the pipeline. This means a focus on education and mentoring for attract younger people while also ensuring there are opportunities for advancement for those women and people of color entering the industry.
Risk Management
Nili Gilbert
Nili Gilbert, Co-Founder and Portfolio Manager of Matarin Capital Management, shares her insight into why she and her partners took the risk with leaving large firms to launch their own, explains the benefits of Matarin’s boutique structure and her thoughts behind building a firm with purpose that reflect the values of its founders relative to fee structure, transparency, communications and more.
Behavioral Alpha
Nili Gilbert
Markets are inefficient in the intermediate term due to emotional reactions from many investors, according to Nili Gilbert, Co-Founder and Portfolio Manager of Matarin Capital Management. When these factors come into play, asset prices may move further away from their true fair value. Matarin seeks to capitalize on those emotional swings using disciplined approach to remove the emotional factor to generate what Gilbert refers to as “behavioral alpha.”
An Unexpected Journey
T. Troy Dixon
T. Troy Dixon, Founder and Chief Investment Officer, Hollis Park Partners LP, recounts his journey from a child in Hollis, Queens, to collegiate athlete, to running a significant revenue stream for a major institution, and finally launching an alternative asset management firm specializing in structured products.
Providing a Value Add
Christopher Robinson
Christopher Robinson, Partner, Investment Funds Group of Kirkland & Ellis LLP, explains how service providers – law firms, fund auditors, fund administrators or placement agents – can provide significant value add and position emerging managers to succeed.
Forecasting Returns
Nili Gilbert
When it comes to investment strategies, Matarin Capital Management employs a return forecasting model. Nili Gilbert, Co-Founder and Portfolio Manager of the firm says her team looks at four concepts for forecasting stock prices: good businesses, inexpensive valuations, shareholder-friendly leadership teams, and evidence of short-term catalysts for outperformance. While the market may reward one theme or another from time to time, she says there is ideally something in place to benefit from the prevailing themes.
Massive Changes Ahead
T. Troy Dixon
T. Troy Dixon, Founder and Chief Investment Officer, Hollis Park Partners LP, He also sees a “massive change” ahead for housing, Freddie Mac and Fannie Made and other areas where risk premium should rise, creating opportunities over the coming months. He also recounts his transition from running a large trading operation at a major investment bank to running a hedge fund.
Expanding the Scope
Christopher Robinson
How can service providers help diverse owned firms expand their scope? Christopher Robinson, Partner, Investment Funds Group of Kirkland & Ellis LLP, explains how service providers can assist with establishing a credit fund, a permanent capital vehicle, or exploring a GP minority transaction.
Comfortable with Being Uncomfortable
Nili Gilbert
“In order to find unique investment opportunities, investors have to get comfortable with being uncomfortable,” says Nili Gilbert, Co-Founder and Portfolio Manager of Matarin Capital Management. She points out that the easy decisions have already been discounted in the markets, so the challenge is finding ideas that others haven’t found – in trades that would be uncomfortable to many investors. She cites companies with strong fundamentals but whose stock has dropped dramatically as an example.
Building a Bellwether
T. Troy Dixon
The hedge fund industry is changing dramatically on a daily basis, says T. Troy Dixon, Founder and Chief Investment Officer, Hollis Park Partners LP. In the current environment, solution-based investing is as important as alpha generation. He envisions his firm as becoming one of the bellwether alternative asset managers within the structured products space globally.
Avoiding Groupthink
Christopher Robinson
Emerging managers and diverse owned management firms bring a different way of thinking about how to acquire portfolio companies, what price they are looking to pay for them and how to position leadership on those portfolio companies. Christopher Robinson, Partner, Investment Funds Group of Kirkland & Ellis LLP, says these new perspectives help avoid group thinking and offers another way to approach the marketplace – something LPs appreciate.
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