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A Modern Approach to Asset Pricing for Unlisted Assets
EDHECinfra has developed a Modern Asset Pricing Methodology to derive produces fair value estimates for equity and senior debt instruments in each infrastructure firm in its Sampled Universe. Given enough data, this form of `hedonic factor pricing’ addresses the biases of observable transaction data and of the uniqueness of each transaction, and focuses on deriving average valuations driven by the price of systematic risk factors that can be extracted from actual transactions i.e. in line with IFRS-13 guidelines.
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In the news
This blog was first public on top1000funds.com The EDHECinfra/G20 survey of infrastructure benchmarking practices, which included representatives of 130 asset owners accounting for $10 trillion, has found that existing performance monitoring benchmarks are self-defeating for asset owners and managers. But improvement, in the form of a more representative, better defined benchmarks, may be possible thanks to recent progress. This is the second in a three-part series examining the results of the survey. Infrastructure investment requires customised performance benchmarking Performance-monitoring benchmarks differ from the asset-allocation benchmarks insofar as they should represent actual investment choices made when implementing a fund’s investment policy. In the case of infrastructure, the difference between policy and performance-monitoring benchmarks is all the more significant in that the ability to implement…