S4 | Episode 1: Rejecting the Cult of Equities in Utah's Sovereign Wealth Fund with Peter Madsen
The episode offers a look at how a permanent-fund CIO frames risk, equity beta and drawdown sensitivity, and how location in a venture ecosystem fits into that approach.
Summary
By our deskPeter Madsen, CIO of the $5B Utah School and Institutional Trust Funds Office (SITFO), discusses his formative years in capital markets and how they shaped his approach to managing risk and return for a permanent fund. He describes being circumspect about equity beta, sensitive to drawdown risk, finding alpha in up and down markets, and ensuring each strategy contributes to total portfolio goals. He also discusses the benefits of being located in Utah's Silicon Slopes and its venture ecosystem.
- Madsen is CIO for the $5B Utah School and Institutional Trust Funds Office (SITFO).
- He discusses how his formative years in capital markets shaped his risk-and-return philosophy for a permanent fund.
- He is described as circumspect about equity beta and sensitive to drawdown risk while finding alpha in up and down markets.
- He discusses the benefits of Utah's Silicon Slopes and its venture ecosystem.
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