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.
Table of Contents:
What Is a Tontine?
Why Study Tontines?
A (Very) Brief History of Tontines
Are Tontines Legal?
The Fair Tontine Principle
Fair vs. Equitable
Risk Pool Ownership Constraint
Tontines Compared with Traditional Investment Portfolios
Tontines Compared with Income Annuities
Tontine Accounting Illustrated