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A Practitioner’s Primer on Tontine Portfolios

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:

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


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