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:

CFA Institute Research Foundation

Kindle

Apple iBook

Google Play

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