Thread by @yomeeks

This is your daily pension announcement: All hands on deck edition!
Every day I descend in to the filth and muck of the Alberta pension decision making apparatus to sift out an undigested nugget of truth. Today I have sluiced several nuggets. #ABLeg #handsoffmypension

Well, there have been developments that give me hope! Yesterday, Travis appointed Tim Wiles to the ATRF Board. Not a #petrosexual. Not a consort of W Brett. That is a victory in itself. Tim is currently the CEO of the Credit Union Deposit Guarantee Corp. #ABLeg

Tim also spent some years as a Deputy Minister with a number of ministries including Treasury Board and Finance and Education.
At the same time, Maria Holowinsky was reappointed to the ATRF Board for another term. Given Travis' record in this area these are both welcome moves.

On a negative note, I need to share the 2019 investment results for PSPP provided by AIMCO. They earned 12.35% against a benchmark of 13.80%. So an average manager could have earned 13.80%. And AIMCo earned...well I can't even say it, the value add was NEGATIVE 1.46%. #ABLeg

I will say the value add was at least positive for the last 4 years with PSPP.
My next concern is how AIMCO is faring with the COVID driven market turbulence. Extreme market events can cause derivative strategies to go bad (see "the financial crisis") The message from LAPP is..

"The risk management strategy successfully implemented by LAPP Corporation, through collaboration with Alberta Investment Management Corporation (AIMCo), can effectively be described as “insurance” that will provide financial compensation to LAPP to help offset market losses."

Well, I definitely need details on this risk management strategy. When Q1 2020 is over I will give you a complete breakdown. This will be a great test for teachers to see if they can have faith in AIMCo's strategy during extreme market events. #ABLeg #handsoffmypension