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The key driver for strong returns among the largest institutions was a heavy allocation into alternatives, according to a recent KKR report.
With top equity research firms predicting equity returns below 5% until 2030, many institutions have increased their allocation to alternatives by 10x, according to Morgan Stanley.
But there's one alternative that $1B+ portfolios are especially bullish on: Contemporary Art.
Steve Cohen, for example, has invested over 10% of his overall $12B fortune in paintings by Basquiat, and Picasso.
He's not alone: Leon Black, Charles Saatchi, and Bernard Arnault have similarly-sized collections.
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Healthcare watch: Amgen (NASDAQ:AMGN) holds a conference call on October 4 in conjunction with the European Academy of Dermatology and Venereology Congress to discuss on the expanding inflammation portfolio from EADV.Watch Amgen (AMGN), AstraZeneca PLC (NASDAQ:AZN), ContraFect Corporation (NASDAQ:CFRX), Cara Therapeutics (NASDAQ:CARA), Lyra Therapeutics (NASDAQ:LYRA), Landos Biopharma (NASDAQ:LABP) and Kaleido Biosciences (NASDAQ:KLDO) for Phase 2 or Phase 3 updates to be presented at various conferences during the week.
Conference schedule: Notable conference in the week ahead include the Deutsche Bank 29th Annual Leveraged Finance Conference, Chardan's Virtual 5th Annual Genetic Medicines Conference, Chardan Virtual 5th Annual Genetic Medicines Conference and the Guggenheim 2nd Annual Vaccine and Infectious Disease Conference. Read Seeking Alpha's Catalyst Watch for a detailed list of specific events to watch.
Notable annual meetings: Annual meeting are on tap for Richardson Electronics (NASDAQ:RELL) and Inter Parfums (NASDAQ:IPAR) on October 5. Nike (NYSE:NKE) also holds its annual meeting on October 6. One of the shareholder proposals for Nike centers on it providing information regarding its process for assessing the "effectiveness" of its diversity, equity and inclusion programs and its "assessment" of program effectiveness, as reflected in any goals, metrics and trends related to the promotion, recruitment and retention of protected classes of employees. Nike says it already discloses adequate DEI information.
Box office: The fall movie season is expected to strong with Sony's (NYSE:SONY) Venom: Let There Be Carnage, Warner Bros.' (NYSE:T) The Many Saints of Newark and United Artists' The Addams Family all debuting. The international numbers for Bond film No Time To Die will also be watched closely ahead of the U.S. premiere next week.
Stock splits: A three-for-one stock split by Intuitive Surgical (NASDAQ:ISRG) will become effective on October 5.
Barron's mentions: The publication takes on the issue of supply chain havoc wrecking the Christmas season with port congestion in Los Angeles and Long Beach widely reported. It is noted that many savvy retailers and importers advanced their orders, meaning the issue may be decidedly overblown and the holidays may be more normal than some expect for companies like Hasbro (NASDAQ:HAS), Mattel (NASDAQ:MAT) and Target (NYSE:TGT). The worldwide energy crunch is also on the radar this week, with companies that have natural-gas exposure and benefit from rising oil prices as well looking particularly attractive. Cimarex Energy (NYSE:XEC), which won shareholder approval this week to merge with Cabot Oil & Gas (NYSE:COG), is singled out. Marathon Oil (NYSE:MRO) and Royal Dutch Shell, Cheniere Energy (NYSE:LNG) and small-cap Tellurian (NASDAQ:TELL) are also called intriguing energy plays.
Sources: EDGAR, Bloomberg, CNBC, Reuters, Renaissance Capital
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