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QIC has broken relatively new ground in the asset allocation arena by investing $30 million in an international intellectual property fund.
QIC announced in early March that it had awarded the mandate to Toronto-based fund, which will seek to generate revenues from areas such as patent royalties, copyrights and film and television rights.
QIC said the allocation was part of its strategy to further diversity beta return in line with QIC’s new investment structure, which separates alpha and beta across all asset sectors.
Discussing the decision, QIC’s chief strategist said incubator assets provided a means of gaining exposure to an asset class that would be difficult to research with traditional methods.
“The days of putting your money into equities and bonds are over,” he said. “Managers now have to work a lot harder to generate the returns demanded by clients.”
Day described intellectual property as being an “incubator asset”.
“Incubator assets not only diversify revenue streams but also generate returns at different times of the economic cycle,” he said.
“Intellectual property is just the first investment QIC will make of this type,” Day said. “We are also researching other incubator asset classes such as general insurance, rural property, water rights and weather derivatives.”
AUTHOR
Mike Taylor
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