S4 | Episode 1: Rejecting the Cult of Equities in Utah's Sovereign Wealth Fund with Peter Madsen
For allocators and wealth professionals, it offers a sitting CIO's account of how a permanent fund frames equity risk, drawdowns and strategy contribution. The Utah venture discussion adds a regional ecosystem angle.
Summary
By our deskPeter Madsen, CIO of the $5B Utah School and Institutional Trust Funds Office (SITFO), discusses his path in capital markets and the risk-and-return philosophy he applies to a permanent fund. The conversation covers circumspection about equity beta, sensitivity to drawdown risk, finding alpha in rising and falling markets, and making each strategy contribute to total portfolio goals. It closes on Utah's Silicon Slopes and the state's venture ecosystem.
- Madsen is CIO of the $5B Utah School and Institutional Trust Funds Office (SITFO).
- He describes a philosophy for a permanent fund that is circumspect about equity beta and sensitive to drawdown risk.
- The episode covers finding alpha in both up and down markets and ensuring each strategy contributes to total portfolio goals.
- It also discusses the benefits of being located in Utah's Silicon Slopes and its venture ecosystem.
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