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Chief Investment Quarterly
You Can’t Hedge, but You Can Diversify
May 8, 2019
Investors may benefit from adding diversifiers to their portfolios, but diversifiers aren’t hedges. Hedges serve a different purpose…unless they’re from Texas.
Chief Investment Quarterly
Who Knew Annuities Could Be So Exciting?!
May 8, 2019
The debate over annuities in Defined Contribution (DC) plans is so boring that it’s a bipartisan issue. But, their impact on retiree consumption is actually pretty exciting.
Chief Investment Quarterly
Not Expecting to Hit Your Expected Return? Cash Is the Culprit
September 18, 2019
Today’s lower return targets for pension plans are actually harder to reach. Here’s why.
Trade Publication
Where the Wild Things Aren't: Using Derivatives and Leverage to Improve Portfolio Performance
May 13, 2010
In the current world of modest risk premia, investors face a choice to limit their investment options, or diversify and build more stable portfolios.
Chief Investment Quarterly
Buffett's One Choice Buffet
June 7, 2019
We challenge an assertion in Warren Buffett's latest annual letter and emphasize the need for diversification for pensions and endowments.
Trade Publication
Taking Control of Your Risk Allocation
June 3, 2015
Investors who choose risk parity are able to more fully realize the benefits of that strategy by targeting diversification and consistent total portfolio risk at each point in time.
Trade Publication
Risk Parity: A Supplement to Traditional Portfolios, Not Their Replacement
January 1, 2012
It is often said that long-term investors can rely on equity returns since they can withstand short-term periods of underperformance and still survive to realize the benefits in the long-term.
Journal Article
Asset Allocation in a Low Yield Environment
August 21, 2017
In 2016, bond yields dropped to unprecedented low levels in major developed markets. Even in a low rate environment, we think it’s important to diversify across many return sources.
White Paper
Not Risk Parity Funds
February 7, 2018
The source of the recent market disruption may not be fully understood yet, but we can reveal what it wasn’t.
White Paper
Can Risk Parity Outperform If Yields Rise?
July 1, 2013
Risk parity investing is not, as some critics say, simply “leveraging bonds.” The evidence suggests that a risk parity portfolio may improve long-term risk-adjusted returns relative to traditional, equity-centric portfolios.