countercyclical investment

IMF on performance-chasing by the world's biggest investors

Institutionalizing Countercyclical Investment: A Framework For Long-Term Asset Owners by IMF

Prepared by Bradley A. Jones

Abstract

Do portfolio shifts by the world’s largest asset owners respond procyclically to past returns, or countercyclically to valuations? And if countercyclical investment (with both market-stabilizing and return-generating properties) is a public and private good, how might asset owners be empowered to do more of it? These two questions motivate this study. Based on analysis of representative portfolios (totaling $24 trillion) for a range of asset . . .

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