Part 3: Investors' Methods for Seeking Returns
The 10x10 report
第三部分：投资者寻求回报的方法
如果低回报环境属实，那么资产管理人和所有人都在如何应对这种环境？他们是如何应对低利率的？ 他们期望私募市场和另类投资在投资组合中发挥多大的作用？ 费用下调压力对他们又有哪些影响？
Kate El-Hillow
President & Chief Investment Officer, Russell Investments
About the 10x10 report
In 3Q 2021, Russell Investments held its annual Partner Innovation Lab, a roundtable event where large asset owners from various geographies brainstorm their greatest concerns and areas of interest. We asked Cerulli Associates to interview participating organizations, as well as some of our asset management partners, to extract individual perspectives on topics discussed at the event.
The result is a three-part series:
Part 3: Investors' Methods for Seeking Returns
(This report)
Participating institutional investors included the following corporate retirement plan sponsors, in alphabetical order: The Boeing Company, Fujitsu Global, Mazda Motor Corporation, Microsoft, Mitsubishi Electric, Nestlé, Roche and Unilever. It also included the following non-profit investors: The New York Presbyterian Hospital, Robert Wood Johnson Foundation and Thomas Jefferson University.
Participating alternative asset managers included: Brevan Howard, Hamilton Lane and Oaktree Capital Management. Participating fixed-income asset managers included: BlueBay Asset Management and Western Asset Management Company. And participating multi-asset-class managers included BlackRock, J.P. Morgan Asset Management, Morgan Stanley, Putnam Investments and Wellington Management.
寻求回报的问题
2021财年许多投资者公布了出色的业绩。而之后，资产所有人和管理人预期会面临一个回报更低的环境。除了与回报走低前景相关的挑战之外，资产管理人还必须设法适应费用降低的环境，即需要采取措施来降低成本。
全球一些优秀的资产所有人和管理人，分享了他们对于未来回报环境、私募市场投资前景和费用压缩的看法。Cerulli发现，资产所有人和管理人普遍认同回报走低的前景，也认同私募市场一定程度上为投资者提供了一种维持回报目标的途径。许多10X10参与者指出，私募投资未能免受回报降低的影响。也就是说，许多已经配置了传统私募股权的投资者，正寻求将投资组合扩大到其他私募投资领域，包括成长型、风险投资和私募固定收益。
未来的回报环境
大多数资产所有人和管理人预计2022年及以后的回报率会更低。这一群体的主流观点是，央行已经用光了可以用来推动市场的政策工具。
几位参与者告诉Cerulli，他们已经下调了回报目标以匹配目前的前景展望。一位资产管理人告诉Cerulli，其大多数客户在过去10年里逐渐下调了回报目标，这说明机构很难即时大幅度地修改回报目标，因为会影响资金流动（规定的缴款额和分红）。这位管理人告诉Cerulli，客户大概每年下调回报目标25-50个基点。
From the experts:
"The longer it goes on, the greater the worries become that we get that asset price bubble. Even though we aren’t out of the crisis, we are emerging with valuations that are fuller than they have been in other financial crises."
- Asset manager
"If you have an incremental dollar, where do you want to put it? Equities are fully valued. Do you want to be buying bonds? Maybe if you think its QE forever…[The] other place is private equity and venture capital, but there’s a ton of capital on the sideline. The valuations are very rich. [There is] not much value anywhere."
- Asset owner
私募市场
对于那些寻求提高风险偏好、获取更高回报的投资者而言，私募市场和私募固定收益尤其受到他们的关注。已经在私募投资领域取得进展的投资者，正寻求从传统的私募股权（如杠杆收购）扩展到成长型和风险投资。
低流动性是私募市场投资的一个显著特点。虽然它经常被认为是溢价的来源，但参与调研的资产所有人和管理人指出，它并非溢价的唯一来源。也就是说，从该资产类别获得的溢价更准确的描述是复杂性和渠道溢价，前者反映的是投资的管理，后者反映的是投资的整合。若干10X10调研参与者指出，低流动性还有其他好处，包括平滑回报效应，即投资者可免受情绪波动的影响，从而避免所需缴款额出现更大幅度的波动。
From the experts:
"What we are seeing today is a tremendous desire for private markets. That move is not finished; clients still want private markets where they can find yield and are willing to take more risk—either volatility risk, credit risk, or illiquidity risk—to fulfill their target returns."
- Asset manager
"Private equity—you can’t do tactically; they are long-term in nature and difficult to reverse course. So the allocations we made 10 years ago, we are cognizant of how we are reinvesting this capital."
- Asset owner
费用下行压力
除了回报率更低的前景外，资产管理人还必须应对利润率不断压缩的环境。随着议价能力继续转向投资者，管理人一直面临费用压力和服务水平提升的预期。为了保持竞争力，许多公司利用优质的客户服务能力，提供远超传统委托范围的顾问服务。控制成本的一个常见方法，是利用技术来简化运营，提高客户服务的效率。10X10参与者指出，即便是传统上更不易受费用影响的私募投资公司，未来几年也会陆续感受到费用压力。而且，客户服务期望升高趋势同样也会对他们产生影响。
From the experts:
"There’s no question that the amount of services we provide has gone up. For the dollar of income we got 30 years ago, that has gone down because we are doing far more for our clients."
- Asset manager
"We aren’t of the mindset that lower fees are always better, because you get what you pay for. All things equal, lower fees are better, but we’ve tried to make sure we are ever diligent that our fees are incredibly competitive."
- Asset owner
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