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Published Dec 31, 2024

Interview with Chief Investment Officer of $16 Billion Firm

RockCreek's Co-CIO Alifia Doriwala unveils the firm's adaptive asset management strategies, emphasizing thematic investments and flexibility to meet client needs in today's intricate market landscape. She also shares her perspectives on career growth, market trends, and the critical role of active and alternative investment strategies for future diversification and growth.
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Episode Highlights

  • IPO & M&A

    Alifia Doriwala anticipates a resurgence in IPOs and increased M&A activity in 2025, driven by a more stable political environment and improving economic fundamentals. She highlights the removal of uncertainty with the current administration, which she believes will boost market confidence and activity. Alifia is optimistic about the potential for innovation in sectors like healthcare and biotech, which are ripe for investment opportunities 1.

    We now know what is the situation for at least the next two years in terms of administration. And I think that uncertainty being lifted from the market is one element of why we think that the IPO market will start to get stronger.

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    This optimism is already reflected in the venture side, where marks have begun to improve, signaling a promising outlook for the coming year.

       

    Interest Rates

    Interest rates and inflation are pivotal factors in Alifia's market outlook. She predicts a stable interest rate environment in the short term, with potential long-term inflationary pressures due to trade policies and tariffs. Alifia emphasizes the importance of monitoring the yield curve to manage these risks effectively 2.

    I think for the next year, year to two years, we're fairly constructive that we'll be in a similar interest rate environment to where we are today.

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    She also notes that technological advancements in supply chain diversification could mitigate some inflationary impacts, particularly for multinational companies.

       

    Public Markets

    In the public markets, Alifia sees significant opportunities, particularly in U.S. equities. She advises a focus on sectors like energy, pharmaceuticals, and fintech, where active management can capitalize on specific macro policies and market dynamics 3. While emerging markets present some risks, Alifia maintains a U.S.-centric approach due to better risk-reward ratios.

    Our portfolios are definitely biased towards US public equities today.

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    She believes that active management will become increasingly important as market dynamics broaden, offering more opportunities for stock pickers 4.

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