Bernat Raventós en Citiwire

BlackRock is on a mission to make alternatives mainstream but should selectors be following suit? From hedge funds to private debt to Alt Ucits, what does the term mean to you and which funds and managers in these areas are rising up the agenda in your portfolios?

Bernat Raventós - Solventis, Spain

In a world where central banks are an active player in the market and the risk-adjusted return binomial is becoming more challenging, alternative strategies have become an increasing part of our asset allocation. It is undeniable that if you want to diversify and decorrelate your client's portfolios you need to add alternatives. When we talk about the alternative universe, we like to include hedge funds, mutual funds and private debt funds. For example, Nordea 1 - Flexible Fixed Income is a fund that has the flexibility to invest in the fixed income universe while yielding attractive returns. This type of alternative fund provides higher returns on a risk-adjusted basis than conventional fixed income rivals. On the other side of the spectrum, we build our portfolios with funds that provide stable returns and lower drawdowns compared with the equity market For this reason a fund like BSF European Absolute Return is a good fit for our strategy.

If we take a look at private debt, given the mature economic cycle we are in, we need to look for stable, high-quality senior debt. While defaults rates are at historic lows, any tail event may trigger new highs. That's why we like to have a defensive, uncorrelated fund like Spanish Direct Leasing in our portfolio. We are convinced that over time private debt funds will be an even more important part of asset allocation. Identifying, monitoring and selecting the best ones will be key for a successful portfolio.

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