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Total Fund Management

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Total Fund Management

The Total Fund Management (TFM) department focuses on management of total fund activities across all investment horizons that will have a dynamic and direct impact on the Fund’s overall performance. TFM also leads ongoing implementation of the Total Portfolio Investment Framework.

TFM ensures our investing activities collectively produce the best possible portfolio for the Fund that maximizes long-term returns without taking undue risk. This is achieved through:

  • Working with our Board of Directors to clearly articulate and interpret our mandate, objectives and key constraints;
  • Designing optimal investment portfolios that exploit the three sources of return – diversification, security selection and strategic positioning;
  • Aligning activities within the Investment Departments to support a total portfolio aim, including allocating capital between investment departments and providing medium- and near-term portfolio guidance;
  • Building and operating an investment process that supports total portfolio aims; and
  • Balance-sheet management, including leverage and liquidity.

TFM is responsible for implementing an investment framework that includes:

  • Driving total fund activities across all investment horizons, including short, medium and long-term portfolio construction and management;
  • Partnership with Investment Departments to characterize and allocate to investment strategies; and
  • Work on the total fund daily investment cycle, including all processes, systems and data needed to structure the portfolios in response to ongoing cash flow and exposures into, and out of, the CPP Investments Fund.

TFM is comprised of five groups:

Portfolio Design & Construction (PD&C)

 

Delivers short- and long-term portfolio design and construction. This group is responsible for recommending the Fund’s risk appetite and allocation at all relevant horizons.

Active Investment Management (AIM)

 

Maximizes the risk-adjusted return of the Active Portfolio by ensuring the Fund has the best possible combination of active programs. The group manages the Active Portfolio and acts as a connector between the Fund’s investment framework and the business lines within the investment departments.

Research, Enhancements & Models (REM)

 

This centre of excellence in research is a centralized team that ensures TFM delivers focused and impactful research, develops robust and consistent tools, and operates as efficiently as possible.

Exposure, Leverage & Liquidity Management (ELLM)

 

Responsible for management and delivery of the Fund’s exposures, leverage and liquidity. The integrated group dynamically manages the portfolio and the balance sheet to optimize the trade-offs between exposures, leverage and liquidity.

Strategy & Operations (S&O)

 

Works with the leadership team to design, monitor and drive implementation of the TFM strategy and objectives, helps manage key internal and external relationships, acts as the liaison for TFM to the rest of the Fund, and provides stewardship and support for implementation of the Total Portfolio Investment Framework.

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