Contents
Preface xv
1 Investment Assets Held by Pension Funds 1
1.1 Money-market securities 1
1.2 Bonds and loans 5
1.3 Shares 10
1.4 Collective investment vehicles 13
1.4.1 Unit trusts and open-ended investment vehicles 13
1.4.2 Investment trusts 15
1.4.3 Insurance products 16
1.4.4 Exchange-traded funds and guaranteed growth
funds 17
1.5 Real assets 18
1.5.1 Property 18
1.5.2 Land 21
1.5.3 Collectibles 21
1.6 Derivatives 22
1.6.1 Forwards and futures 22
1.6.2 Options, warrants and convertibles 26
1.6.3 Swaps 32
1.6.4 Forward-rate agreements 36
1.6.5 Synthetic securities 37
1.7 Alternative investments 37
1.7.1 Public market strategies 38
1.7.2 Private market or private equity strategies 44