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2 minutes to read by  PH&N Institutional team Dec 19, 2024

Allocations to alternative investments in institutional portfolios have increased meaningfully over the past decade in order to address the return challenges associated with traditional fixed income, and to diversify portfolios away from equity market risk. Despite the corrections in both fixed income and equity markets during 2022 – which significantly improved the forward-looking return expectations for both asset classes – alternative investments continue to provide important portfolio benefits through enhanced diversification and return expectations. For this reason, we expect alternative investments will find a permanent place in the policy asset mix of many institutional investors.

The purpose of this paper is to share some high-level observations on how institutional investors have built out their alternative investment portfolios to date, and to offer some perspectives for investors to consider as they refine their alternative allocations going forward. Specifically:

  • While adoption of alternative investments has been relatively widespread, there is considerable variability in the policy allocations to alternatives – what factors influence the allocation decision?

  • In establishing dedicated credit allocations, many investors have favoured private over public markets – can public market credit now play a larger role?

  • Liquid alternative strategies have generally been overlooked – what conditions could make them more appealing?

Read the full piece here.

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Investments in alternative strategies are speculative and involve significant risk of loss of all or a substantial amount of your investment. Alternative strategies: (i) may engage in leverage and other speculative investment practices that may increase the risk of investment loss; and (ii) can be highly illiquid. In assessing the suitability of these investments, investors should carefully consider their personal circumstances including time horizon, liquidity needs, portfolio size, income, investment knowledge and attitude toward price fluctuations. Investors should consult their professional advisors and consultants regarding any tax, accounting, legal or financial considerations before making a decision as to whether the strategies mentioned in this material are a suitable investment for them.This document contains statements that are not purely historical in nature, but are “forward-looking statements.” These include, among other things, projections, hypothetical performance analyses, hypothetical analyses of income, yield or return, future performance targets, sample or pro forma portfolio structures or portfolio composition, scenario analyses, specific investment strategies and proposed or pro forma levels of diversification or sector investment. These forward-looking statements are based upon certain assumptions and involve significant elements of subjective judgment and analysis. No representation is made that any returns indicated will be achieved or that all assumptions have been considered or stated. Actual events are difficult to predict and are beyond our control. Hence, actual events may differ materially from those assumed. All forward-looking statements included are based on information available on the date hereof and we do not assume any duty to update any forward-looking statement. Some important factors which could cause actual results to differ materially from those in any forward-looking statements include, without limitation, changes in general economic, market, legal and financial conditions. Accordingly, there can be no assurance that hypothetical returns or projections can be realized, that forward-looking statements will materialize or that actual returns or results will not be materially different than those presented.


RBC Global Asset Management is the asset management division of Royal Bank of Canada (RBC) and includes RBC Global Asset Management Inc. (RBC GAM Inc.), RBC Global Asset Management (U.S.) Inc., RBC Global Asset Management (UK) Limited, RBC Global Asset Management (Asia) Limited, and RBC Indigo Asset Management Inc., which are separate, but affiliated subsidiaries of RBC. PH&N Institutional is the institutional business division of RBC GAM Inc. Phillips, Hager & North Investment Management is a division of RBC GAM Inc. RBC GAM Inc. is the manager and principal portfolio manager of the Phillips, Hager & North (PH&N) and RBC investment funds.


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