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White Paper

Tactical Tilts and Foregone Diversification

Investors tend to forget that tactical timing may incur a penalty: forgone diversification. We discuss that hurdle here, as well as the situations in which we would consider employing tactical timing.

White Paper

Diversification Revisited

Many investors argue that diversification failed them during the market turmoil of 2007 and 2008. We challenge that line of thinking by examining the performance of different asset allocations through that market downturn.

Bibliography

Value Investing Bibliography

We have compiled a list of books, journal articles and working papers that were helpful in developing our research around value strategies.

White Paper

Portable Beta?

We believe investors are not optimally diversified across betas. We suggest greater exposure to low-volatility betas (such as fixed income risk premia) and levering this optimal combination of betas to the desired risk level.

White Paper

It's Alpha to You

Many investors think of alpha as excess returns from active management accessed through manager skill in security selection. We discuss a different, more systematic method of increasing expected returns.

Interview

Fiduciary Considerations for Adding Liquid Alternative Investment Strategies to DC Plans and Target-Date Funds

Attorneys Amy Pocino Kelly and Julie Stape discuss fiduciary due diligence considerations for defined contribution (DC) plans.

Alternative Thinking

The Role of Alternative Beta Premia

Alternative beta premia—dynamic long-short strategies—offer effective diversified sources of return. To us, the most useful classifications are hedge fund strategy premia and style premia, two complementary approaches

Alternative Thinking

Active and Passive Investing — The Long-Run Evidence

More careful thinking is needed to separate facts from fiction in the hotly contested debate between active and passive investing.