White papers and commentaries explaining our investment strategies.
Many famous investors are outspoken about their investment philosophies, and carefully apply them to a select number of securities.
This paper aims to increase familiarity of the credit asset class and provide an overview of our approach to systematic credit investing.
Successful market timing is a tantalizing holy grail for investors, especially when there seems to be persuasive evidence that simple valuation measures can predict subsequent market performance.
Systematic style investing is increasingly popular in equity markets but much less frequently applied in fixed income markets.
DC savings analyses typically anchor on long-term stock and bond returns when estimating retirement income. We make the case that these historical returns may not be achievable in the future, and quantify the impact this could have on savers’ retirement income replacement ratios (RR). We find that required savings rates nearly double when return prospects are reduced by ~2% to be more in line with current yields.
Defined contribution (DC) plans have, to this point, delivered uneven and sometimes inadequate results. We believe that DC sponsors can do much better in the future by maintaining the many important advantages of DC plans while simultaneously employing the best features of defined benefit (DB) plans.
We contrast two common approaches to long-only style investing: the “portfolio mix” and the “integrated portfolio.”
This paper provides a general framework for optimal portfolio choice with frictions and multiple time-varying signals about expected returns.
We discuss how active equity managers can raise expected returns of their portfolios by relaxing the long-only constraint.
A Factor-Based Approach in Fixed Income Markets