Showing 1 - 10 of 99 results

Sort By
  • Relevance
  • Newest
  • Oldest

White Paper

Understanding Managed Futures

Many investors have shied away from managed futures, perhaps due to a lack of understanding of how and why they work. This paper shows how such a strategy can be implemented. We then discuss their performance and diversification benefits historically

White Paper

Understanding Defensive Equity

This paper analyzes the intuition behind defensive equity. We then analyze the empirical evidence, construction and performance of defensive equity portfolios, and discuss the possible explanations for its historical outperformance.

White Paper

Seven Thoughts on Running Big Money for the Long-Term

Although there is no silver bullet in asset management, there are several fundamental principals. Taking risk and having a long-term perspective are the keys to investment success and the most important predictors of long-term returns.

White Paper

Alpha Beyond Expected Returns

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

Portfolio Rebalancing: Common Misconceptions

We address misunderstandings about the role and implications of rebalancing, particularly in the context of actively-managed portfolios.

White Paper

A Framework for Environmental, Social, and Governance Considerations in Portfolio Design

We propose a simple framework to consider the impacts of ESG issues with respect to their role in investment decisions.

Journal Article

Stocks vs. Bonds: Explaining the Equity Risk Premium

From the 19th century through the mid-20th century, the dividend yield (dividends/price) and earnings yield (earnings/price) on stocks generally exceeded the yield on long-term U.S.

White Paper

Understanding Risk Parity

This paper describes a simple risk parity strategy and compares its performance to the typical 60/40 portfolio over nearly 40 years of historical data.

White Paper

Risk Without Reward: The Case for Strategic FX Hedging

In the wake of losses associated with the sharp rise in the U.S. dollar between 2014 and 2015, we look at the long-term case for strategic currency hedging.