How Mandate Floors, Volatility Targets, Leverage Ratios and Fund Gates Turn Diverse Investors Into a Single Forced Seller — and Why the Last Percent Comes at a Price

by Milan Adams, Prepp Group: A pension fund in the Midlands runs a cash sleeve its investment committee still calls “dry powder,” a phrase that has survived eleven consecutive quarterly reports. The label flatters the arrangement. Cash inside a written mandate behaves as a quantity only while the rule governing it stays distant; approach the […]