Scott Aboukir
speaker
493 appearances
1 recordings
1 series
first heard Jul 2026
last heard 17 Jul
Scott Aboukir’s voice in public audio — every appearance, attributed to the second.
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recordings per month · last 12 monthsRecordings per month over the last 12 months — 1 in all, peaking in Jul 2026 with 1.
Appearances
But when it comes to the unfunded commitment specifically, what we do is we basically take the liquid assets in our portfolio.
And I mean like purely daily liquid.
So SMA equities are fixed income and cash.
And we apply those drawdowns in a draconian way, kind of all at the same time.
And we make sure our unfunded agreement is never higher than that stressed amount.
So let's say, just to keep it simple, let's just say our liquid portfolio is $100 million of equity.
We think the drawdown potential of that is roughly $50 million, $45 million, whatever.
And so we make sure that at any given point in time, in that case, our unfunded liabilities would be no more than $45 million.
And this is a very draconian situation.
It sort of implies that what we're trying to make sure is that if all of our things experience this drawdown at the same time, and all of our managers that we've committed to call at the same time,
which is not gonna happen.
No, so it can be in, but it's sort of like a capital charge in some ways.
The more we put in equity, which has a high drawdown, the more it doesn't help us against the unfunded as much as just, like cash, you can hold dollar for dollar for unfunded, right?
Because we actually ascribe a 0% drawdown threshold to cash.
So $45 million of cash laying around, you could easily, in our system, justify $45 million of... But you need whatever it is.
$90 million of equity to do that same thing.
So we're always... I mean, again, it sounds a little bit silly in a vacuum.
I don't know if you've ever read any.
Kevin Kelly, Out of Control is one place where this shows up.
He talks a little bit about like...
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