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Investment and Risk Management

Climbing to the Top: Approaches and Outlook for Active Management in Institutional Portfolios

This edition addresses active management and how careful manager selection has the potential to generate meaningful alpha.

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How Many Eggs? How Many Baskets? 

This edition analyzes the topic of diversification of active risk within a multi-manager portfolio.
 

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Nature and Drivers of Volatility

This edition analyzes the main drivers of market volatility and assess the performance of long and short volatility strategies.

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How Smart is Smart Beta

In this issue, we examine the virtues and limitations of smart beta strategies, quasi-passive portfolios with a built-in bias, promoted for their potential to add value over ordinary benchmarks by exploiting market inefficiencies

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The Long and Short of Extension Strategies

This edition considers the structural impediments to adding value faced by long-only strategies and examines how extension strategies can surmount these obstacles.

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How Risk Management Adds Wealth

Investors instinctively associate risk control with avoiding losses. But limiting risk is also a way to build wealth, especially when combined with systematic, informed risk budgeting constraint.

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Common Pitfalls of Hiring and Firing Investment Managers

This edition of our Fiduciary Insights series considers the common difficulties of hiring and firing investment managers and contrasts our track record with the poor performance of many other investors.

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Socially Responsible Investing with Hedge Funds

Some institutional investors seek to align their investment decisions with their social mission and core values by pursuing what has been labeled “Socially Responsible Investing” (SRI).

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Are Hedge Funds an Asset Class?

Although hedge funds do not satisfy the traditional criteria for an asset class, fiduciaries may need to segregate them in policy to reflect their special characteristics.

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Optimizing Your Bond Portfolio Through Risk Factor Modeling

Fixed income investments span a broad range of sensitivities to changes in yields and credit spreads.

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A Framework For Managing Active Risk

Accurately identifying and managing active risk exposures is essential to fiduciaries’ efforts to add value over policy benchmarks while limiting the impact of unintended shocks to the portfolio returns.

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Using Portable Alpha to Enhance Return Efficiency

Portable alpha strategies transfer alpha from one asset class to another by combining hedge funds with futures. This edition looks at how this feature enables such strategies to exploit opportunities in all asset classes. 

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