Portfolio Manager - Absolute Return

This position reports to the Director of Alternatives and is responsible for identifying, analyzing, selecting, monitoring, and managing investments in the Absolute Return and Private Income portfolios, with an emphasis on Absolute Return. As a key member of the Investments Department, the Portfolio Manager will contribute knowledge and perspectives and will assist with investment decisions. APFC is specifically seeking a candidate with a background that includes evaluating and making investments in hedge funds, but will consider candidates with broader experience.

Key Attributes

• Strong commitment to APFC’s vision and its shared values of integrity, stewardship, and passion
• Self-motivation and a very strong sense of personal and professional integrity
• Intellectual curiosity and excellent attention to detail
• Humility, tenacity, and professional flexibility
• A belief that great outcomes come from great teams; a demonstrated ability to collaborate well in a small collaborative team environment
• A background and track record as an investor in the hedge fund industry

Principal Responsibilities

The Portfolio Manager – Absolute Return and Private Income will focus on the Absolute Return portfolio with the following responsibilities: (i) monitor and analyze the existing portfolio; (ii) develop and track a pipeline of new opportunities; (iii) perform comprehensive due diligence on new opportunities; (iv) evaluate and recommend investment decisions to the Director of Alternatives and broader Private Markets team; and (v) negotiate legal documentation and coordinate with the finance team to close new investments. The Portfolio Manager is also expected to contribute, though to a lesser extent, to monitoring, diligence, and decision making in the Private Income portfolio.

Other responsibilities will include:

• Continuously monitor the portfolio through flash performance reports, third-party risk systems, investor letters, and meetings with managers.
• Monitor, identify, and evaluate changes to existing investments.
• With the General Counsel, monitor adherence to contracts, investment policies, and all relevant legal matters.
• Compare existing, or prospective, managers with similar mandates and market indices.
• Source, screen, evaluate, and track prospective investments.
• Generate recommendations on investment decisions (rebalancing portfolio, redeeming existing investments, or adding new investments) to CIO and Director of Alternatives.
• Document investment proposals with thorough qualitative and quantitative analysis.
• Collaborate with third-parties and APFC Finance and Legal teams to effect transactions.
• Communicate effectively and discerningly with the relevant stakeholders, including: CEO, CIO, Director, Senior Portfolio Manager, Board, staff, investment managers, lawyers, and consultants.
• Collect, verify, and analyze investment data and benchmarks to provide quarterly updates to the Board; provide ad hoc reports to the Board and internally upon request.
• Prepare Absolute Return portfolio agenda items and make presentations at Board meetings when called upon.

 Required Qualifications

• Bachelor’s Degree; advanced degrees or designations (e.g., CFA, CAIA) are preferred
• Minimum of 5 years of relevant professional experience. A working knowledge of portfolio management, investment analysis, and legal documentation
• High level proficiency in mathematics, Microsoft excel, and financial modeling 
• Proven understanding of investment strategies used by hedge fund managers
• Strong technical writing and effective presentation skills
• Exceptional critical thinking and problem solving skills

APFC Absolute Return Overview

APFC has built a portfolio of hedge fund investments with the objective of delivering consistent, accretive returns to the Fund, while limiting correlation to traditional, market-driven asset classes. As of December 31, 2018, this portfolio represented $3.4 billion of the $61.9 billion sovereign wealth fund and consisted of 18 underlying fund investments. APFC invests with managers that employ a variety of strategies which can be broadly categorized as Relative Value, Event-Driven, or Directional. The team oversees these investments from start to finish: identifying and evaluating new opportunities, monitoring existing investments, and making investment or redemption decisions. Through a steady administration of these responsibilities, we aim to build a portfolio of top tier investment managers with the capability of delivering accretive returns while protecting capital through unpredictable market cycles and events.

Other Duties

Please note this job description is not designed to cover or contain a comprehensive listing of activities, duties or responsibilities that are required of the employee for this job. Duties, responsibilities and activities may be added, removed or changed at any time with or without notice.

AAP/EEO Statement

APFC provides equal employment and advancement opportunities to all. APFC follows all applicable Federal and State laws and does not discriminate in employment opportunities or practices on the basis of race, color, religion, sex, national origin, age, disability, or any other class protected by law.