US Treasury Inflation-Protected Securities (TIPS): An Introduction
An introduction to U.S. TIPS, their performance and correlations to other asset classes, as well as the pros and cons for a TIPS allocation and investing strategies.
Research Publications Archive
Portable Alpha: A Closer Inspection
This paper focuses on how portable alpha can be applied by investing portfolio assets with a manager that can generate alpha and using index derivatives to acquire the desired beta exposures. Included is a discussion on implementation strategies, identifying and measuring alpha, diversification, leverage, and liquidity. Exhibits show a hypothetical example for using portable alpha,…
Why Are Interest Rates so Low? Exploring the Conundrum
Yield curve movements since June 2004 have shown how difficult it is to forecast—let alone explain—the twists and turns of interest rates.
U.K. Equity Valuations
U.K. equity valuation metrics provide mixed signals, but suggest that the market is close to fair value unless one assumes a rather dramatic decline in earnings just over the horizon.
The Case for Global Diversification
U.S. investors that maintain a home bias should cast a wider net.
How to be Bullish
While a continued rally is not our base scenario, a plausible argument can be made that U.S. equities are attractively priced and thus poised to move higher.
The All-Share Grows More Concentrated
The Royal Dutch/Shell merger will make the already top-heavy FTSE indices even more concentrated.
Asian Markets Primer Part VI
A look at the performance history and valuations of style indices.
Assets Under Management
As assets under management grow, investment flexibility is limited and managers must make choices. How much money can investment managers take in before the ability to add value fades away to market returns minus fees?
U.S. TIPS Look Before You Leap
With real yields of just 1.6%, ten-year U.S. TIPS are currently an expensive inflation hedge.