XxX | Feature Contents Editorial
FIXED INCOME: IT’S NOT ABOUT THE MONEY
When Warren Buffett speaks investors listen. The $100bn fortune that the 90-year-old has amassed from spotting undervalued businesses has made him a legend among his fellow investors while his annual letter to shareholders is compulsory reading for stu- dents and businesses leaders alike. In these letters, the Sage of Omaha gives his views on the investment climate. This year’s letter was no different and it painted a dreary picture for those relying on bonds as a source of income. But, as our cover story highlights from page 18, bonds provide more than just income for pension schemes, so asset owners do not necessarily have to move into riskier or less liquid assets just yet.
This edition also looks at the food that we could consume in the future. Could climate change, health concerns, water stress and more than 3 billion extra mouths to feed by the end of the century mean that we could regularly sit down to eat insects or processed vegetable proteins. Perhaps we should not rule out popping pills to nourish our bodies, as depicted in the science fiction films of the 1940s and 50s. Our findings can be read from page 26. We also look at the growing market for fallen angels. A slew of downgrades means that high-yield investors have more bonds that were once investment grade to pick from. We brought trustees, asset managers, an insurer and consultants together to discuss this growing market. You can read what they have to say from page 42. Institutional investing is not just about pension schemes, although they form a large part of our coverage. In this edition we look at what charitable foundations are invest- ing in to address the decline in income that has resulted from cancelled fundraising events. Our coverage starts from page 48. Finally, Wyn Francis, the new chief investment officer of BT’s pension scheme, tells portfolio institutional about his plans for one of the UK’s largest pension funds. You can read about his blueprint from page 14.
Mark Dunne Editor
m.dunne@portfolio-institutional.co.uk
Issue 102 | April 2021 | portfolio institutional | 3
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