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Journal Article
Working Your Tail Off: Active Strategies vs. Direct Hedging
June 1, 2015
Economic theory and empirical evidence support the idea that investors should, over the long term, be compensated for bearing risk.
Trade Publication
Style Investing: The Long and the Long/Short of It
January 2, 2014
Many investors agree that applying systematic tilts away from a passive, capitalization-weighted portfolio is a good idea; fewer agree on how best to capture these style-based returns.
White Paper
Building a Better Core Equity Portfolio
May 1, 2013
We believe that style-based investing represents a better approach to traditional active equity portfolio management, by focusing on sources of excess returns that may be more pervasive and persistent. These factors include value, momentum and profitability.
White Paper
Alpha Beyond Expected Returns
March 1, 2012
Many institutional investors focus primarily on one source of alpha: expected returns. We argue that “alpha” may also becaptured in virtually every other stage of the investment process and discuss seven sources of opportunities.
White Paper
Building a Better Long/Short Equity Portfolio
July 1, 2013
Conventional approaches to long/short equity (LSE) can introduce unintended risks. We propose an alternative approach that may more efficiently harvest the returns underlying LSE investing, while providing greater transparency and better risk control.
White Paper
A Better Approach to Alternative Investing
May 1, 2013
The goal of a portfolio is to maximise risk-adjusted return. Adding alternative investments to a traditional portfolio is a way to potentially do this, reducing downside risk while maintaining or even increasing the portfolio's expected return.
White Paper
Chasing Your Own Tail (Risk)
July 1, 2011
The financial crisis of 2008 made investors painfully aware of tail risk. We present several approaches, when used in combination, may be effective in reducing tail risk.
White Paper
Risk Parity, Risk Management and the Real World
April 1, 2011
At its core, risk parity is an argument about the importance of diversification. Long term, we think the best risk parity portfolios will be those that both adopt a dynamic approach to risk management and have a plan to preserve capital in a crisis.
White Paper
Building a Better Equity Market Neutral Strategy
April 10, 2015
Equity Market Neutral (EMN) is a well-established strategy designed to seek positive performance without exposing investors to the risk of the overall equity market. We explain how systematic EMN works to potentially improve diversification and returns.
DC Solutions
DC Solutions Series: Defensive Equity, Part 1
June 1, 2016
In part one of this two-part series, we focus on the intuition behind defensive equity and present evidence for its efficacy as part of an effective defined contribution retirement plan.