$HEDGEFUNDS - Hedge funds remain a meaningful 27% allocation at Williams, valued for returns, liquidity, and volatility management. With volatility returning and rates no longer zero, the environment may be improving for hedge fund strategies after a difficult period.
$BUYOUTS - Williams is increasing commitments to buyouts as companies stay private longer and compound in private portfolios. Their modeling indicates they need to step up buyout commitments despite expectations of reduced liquidity.
$BIOTECH - Williams has identified biotech as an attractive opportunity set where they previously had little exposure. New team members with deep biotech experience brought well-developed lists of high-quality managers, leading to increased allocation.
$RENEWABLES - Williams is pivoting their real assets strategy toward renewable infrastructure and power generation as they move away from traditional oil and gas extraction funds.
Bearish:
$INVESTMENTGRADEBONDS - Williams eliminated investment grade fixed income entirely in 2019 and only reintroduced a minimal 1% position recently. The allocation has declined from 10% to 1%, reflecting reduced conviction in the asset class.
$OILGAS - Williams has completely exited funds dedicated to oil and gas extraction, representing a structural shift away from traditional fossil fuel investments in their real assets portfolio.