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White Paper
It’s Not a Bound; It’s an Opinion
November 20, 2020
In the second paper of our “Bonds Today” series, we review the popular belief that bond yields are too close to zero to fall much further and then explain why we disagree.
White Paper
Don’t Hate the Asset; Hate the Constraint
November 20, 2020
What role do bonds play in a portfolio today? We explain why it all depends on investors’ ability to own them in a capital efficient way.
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.
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
Dog Bites Man: In August, Equity Selling in Risk Parity Was a Tiny Fraction of Market Volume
September 21, 2015
Commentators like to believe all price changes are about investors moving capital. But prices can move without trading, or with very little trading, if investors’ assessments of fundamentals or their eagerness to take risk, changes.
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.
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.
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.
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.
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.