White papers and commentaries explaining our investment strategies.
Defensive equity seeks to provide the “best of both worlds,” promoting not only wealth accumulation by delivering the equity risk premium but also wealth preservation by investing in less risky equity securities. This paper describes ways to implement defensive equities within a retirement portfolio.
In a prospectively low-return environment, equity investors seeking potential outperformance over benchmark returns should consider Relaxed Constraint (“RC”) strategies (also popularly known as 130/30 strategies).
This issue updates our multi-year expected return assumptions for major asset classes like equity and bond markets, credits and commodities.
This paper shows that downside risk tends to be the main source of long-run returns in equities and other asset classes, and argues that long-term investors are better off embracing downside risk.
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.
We contrast two common approaches to long-only style investing: the “portfolio mix” and the “integrated portfolio.”
Over a 40-year working life, Defined Contribution (DC) savers try to maximize two basic investment outcomes: wealth accumulation and wealth preservation. However, these objectives present a basic tradeoff: for many retirement savers, the investments designed to promote wealth accumulation (equities) are different than the investments designed to promote wealth preservation (e.g., cash, bonds).