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DoubleLine Podcasts

S11 E5: HIERS’ Elizabeth Burton on Meeting Target Returns, Protecting Retirement Benefits

Elizabeth Burton, Chief Investment Officer of the Hawaii Employees Retirement System (HIERS), discusses her management of the pension’s $21 billion in assets with DoubleLine’s Jeffrey Sherman, Deputy Chief Investment Officer, and Samuel Lau, Portfolio Manager. Among other issues, Ms. Burton discusses her objective as CIO (3:57) “to achieve our target return within the given level of risk the board sets out, which would be 7% target return…. At the end of the day, the Number One thing I have to do is protect retirement benefits.” That task, she says, is “getting more challenging,” particularly given the prospect for higher inflation. Whiles HIERS a couple years ago increased its private equity allocation from 6% to 13%, she does not anticipate a further increase given signs of froth in that asset class (17:36). “I don’t want to call a bubble here,” Ms. Burton says, “if you look at the definition of a bubble, there’s a lot of signals that might be happening.”

Regarding her macroeconomic outlook (33:54), Ms. Burton doubts inflation will be “transitory. I do think it’s a little bit longer lasting. I don’t have a ton of faith in the Fed to reign it in.” She expects the “helicopter money,” and its flow into the equity market, to persist longer than many people expect (42:38). “My concern’s more on the regulatory side. What is this administration going to do if this does go south?”

Guest Speaker Bio

The views and opinions expressed herein are as of the date recorded and should not be construed as an offer to buy or sell any securities. Such views/opinions may differ from those of DoubleLine Capital or other of its affiliates and are subject to change without notice. DoubleLine has no obligation to provide any updates or changes. The following audio presentations represent DoubleLine’s intellectual property. No portion of these presentations may be published, reproduced, transmitted or rebroadcast in any media in any form without the express written permission of DoubleLine. DoubleLine has no obligation to provide any updates or changes. To receive permission from DoubleLine please contact [email protected].

Neither DoubleLine nor any of its affiliates makes any representation or warranty as to the accuracy or completeness of the statements or any information contained in this podcast and any liability therefore (including in respect of direct, indirect or consequential loss or damage) is expressly disclaimed.

DoubleLine is not providing any financial, economic, legal, accounting or tax advice in these podcasts. The receipt of these podcasts by any listener is not to be taken as constituting the giving of investment advice by any DoubleLine entity or individual to that listener, nor to constitute such person a client of any DoubleLine entity. The portfolio risk management process includes an effort to monitor and manage risk, but does not imply low risk.

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