固定缴款计划中另类投资的潜力（英）_64页_811kb

The Potential of Alternative Investments in Defined Contribution Plans

Brian Wong's dissertation examines how alternative investments can enhance retirement savings in defined contribution (DC) plans. Alternative investments, characterized by low correlation to public markets, illiquidity, and lighter regulation, offer diversification benefits that improve risk-adjusted returns. However, barriers to individual adoption include high minimum investments, liquidity constraints, and complex fee structures.

Key Findings

• Mean-variance optimization using data from six financial institutions shows that portfolios including alternatives outperform traditional-only portfolios across various risk levels, achieving higher returns with similar or lower risk.
• Alternatives like private equity, hedge funds, and real estate consistently contribute to portfolio diversification, but specific asset classes vary by institution's coverage.
• Broader adoption requires addressing barriers through pooled assets in DC plans, such as target-date funds and collective investment strategies, leveraging the fiduciary standard under ERISA.

Recommendations

• Policymakers should support ERISA guidance to facilitate employer-led inclusion of alternatives in DC plans.
• Financial education and improved access structures, such as those seen in 529 plans, can mitigate individual adoption barriers while maintaining risk management.