Budgeting Events Risk Analysis 
Brown Advisory
MARCH 28, 2019
DEFINING RISK When it comes to managing institutional portfolios, most CIOs, committees and advisors adopt one of two philosophical approaches. The first approach is to determine an acceptable level of risk—often termed a “risk budget”—and then seek to maximize potential return within that risk constraint.
Brown Advisory
MARCH 28, 2019
The first approach is to determine an acceptable level of risk—often termed a “risk budget”—and then seek to maximize potential return within that risk constraint. Alternately, they can determine a target or required rate of return, and then adjust risk up or down to meet that return goal.
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Brown Advisory
OCTOBER 11, 2021
Hedge funds can include a number of strategies: long-short, trading-oriented, global macro, event-driven and activist. This can mean liquidity is less available initially and comes later in the fund life from distributions when companies are sold or other types of liquidity events occur after the companies grow and mature.
Brown Advisory
OCTOBER 11, 2021
Hedge funds can include a number of strategies: long-short, trading-oriented, global macro, event-driven and activist. This can mean liquidity is less available initially and comes later in the fund life from distributions when companies are sold or other types of liquidity events occur after the companies grow and mature.
Brown Advisory
AUGUST 14, 2023
We have twice seen British Sterling spike up as a factor risk on one-off non-repeatable issues: Brexit in 2016 and the mini-budget fiasco in 2022. Both “risks” faded in the models quickly; the events had already happened. The future is rarely the same as the past.
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