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We are pleased to announce the CFA Institute Research Foundation has published Tontines: A Practitioner’s Guide to Mortality-Pooled Investments, a first of its kind primer for investment practitioners on the subject of tontine portfolios. Many thanks to the Foundation for funding this research brief.

Available at/on:

CFA Institute Research Foundation


Apple iBook

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Table of Contents:

  • Preface
  • Acknowledgements
  • What Is a Tontine?
  • Why Study Tontines?
  • Longevity-Risk Pooling
  • A (Very) Brief History of Tontines
  • Are Tontines Legal?
  • Literature
  • The Fair Tontine Principle
  • Fair vs. Equitable
  • Mortality Rates
  • Forfeiture Allocation
  • Risk Pool Ownership Constraint
  • Tontines Compared with Traditional Investment Portfolios
  • Tontines Compared with Income Annuities
  • Tontine Payouts
  • Structured Payouts
  • Tontine Accounting Illustrated
  • Tontine Structures
  • Additional Topics
  • Conclusion
  • References