In this episode of Investing for Tomorrow, we explore the Total Portfolio Approach (TPA) — a model that prioritises long-term goals, cross-team collaboration, and dynamic decision-making over rigid asset class buckets.
Joined by Sue Brake, former CIO of the Future Fund and Board member at NZ Super Fund and Stephen Gilmore, Chief Investment Officer at CalPERS, we unpack the practical and cultural changes required to implement TPA, from breaking down silos to fostering joined-up thinking. As well as the benefits and the real challenges in making the transition.
Whether you’re just starting to explore TPA or looking to deepen your understanding, this episode offers timely insight into one of the most promising evolutions in institutional investing.
Taking away the controls that are intrinsic in SAA is a dangerous thing to do if you haven’t already got the governance right. But when you have a team that’s operating in that space, it’s exhilarating. It’s actually really fun to work as a single team. Everyone’s very purpose focused because everyone’s got the same purpose. That aspect of it is extremely rewarding.
Sue Brake, former CIO, the Future Fund, & Board member, NZ Super Fund
You need a new mindset, thinking about the whole portfolio rather than a siloed asset class perspective. But to do that you need to have collaboration, the systems in place and a common language.
Stephen Gilmore, Chief Investment Officer, CalPERS
Research paper: It’s about time
Research hub: Total Portfolio Approach (TPA) hub
Industry study: Global Asset Owner Peer Study on best practices
Article: More funds consider TPA despite challenges
Video: Training: Total Portfolio Approach (TPA)
