Episode 6

E6. Saving Delta’s Pension with Portable Alpha - Jonathan Glidden

In this episode, we delve into the world of portable alpha and risk management with Jon Glidden, a seasoned investor with over a decade of experience. Jon shares his journey from his early days in Newport News, Virginia, to his current role in managing billions of dollars. We explore the intricacies of portable alpha, the role of hedge funds, and the importance of governance buy-in.

(0:00) Introduction of Jonathan Glidden and his background in portable alpha strategies

(1:35) Podcast introduction, disclaimer, and hosts

(2:43) Sponsor: returnstack.com

(3:11) Jonathan's professional journey in portable alpha for Delta's pension plan

(14:27) Evaluating alpha sources and hedge funds suitability

(22:50) Challenges and reframing of hedge fund investments with a focus on high residual information ratio

(26:01) Leverage limits and risk management in portable alpha

(29:53) Alpha validation and lessons from 2008

(39:02) Gaining stakeholder buy-in and impact of overfunding on strategy

(46:30) Adjusting derivatives and hedging in portable alpha management

(49:11) Day-to-day complexities and liquidity management in pension portfolios

(54:11) The effect of market conditions on pension fund performance and scalable strategies

(58:50) Advice and importance of liquidity management during market shocks

(1:06:11) Key lessons and concluding thoughts

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About the Podcast

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About your hosts

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Rodrigo Gordillo

Rodrigo Gordillo is the President and Portfolio Manager at ReSolve Asset Management Global, an alternative asset management firm specializing in globally diversified systematic investment strategies. He co-founded ReSolve Asset Management Inc. in 2015 and expanded to ReSolve Asset Management Global in 2021. Starting his career at John Hancock focusing on pensions, Gordillo transitioned to the ultra-high-net-worth sector with i3 Advisors Inc. He held significant roles at Macquarie Private Wealth, Dundee Goodman Private Wealth, and Richardson GMP, enhancing his expertise in investment decisions and client wealth management.
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Corey Hoffstein

Corey Hoffstein is the CEO and Chief Investment Officer of Newfound Research, a quantitative investment and research firm based in the Greater Tampa Bay Area, United States. Hoffstein co-founded Newfound Research with the aim of assisting investors in proactively managing investment risks through diversification, specifically by leveraging Return Stacking™ strategies. The firm specializes in managing alternative strategies and capital-efficient solutions, enabling the implementation of these innovative investment concepts. In addition to his role at Newfound Research, Hoffstein also serves as a Portfolio Manager at Return Stacked® Portfolio Solutions.