Chinese Equities: Envisioning the Endgame
While the current party may end badly, their long-term prospects still look good.
Equities
Manager Hiring and Firing
This report uses extensive data to support our conviction that investors should be cautious about firing poorly performing managers that have simply adhered to their strategy during an unfavorable part of the market cycle and whose results fall within the range investors should have reasonably expected.
U.S. Convertible Securities Investing
Does the hybrid equity-debt structure of convertibles add real value or simply create unneeded complexity? Topics discussed include the economic basis for returns, market composition, valuations, convertibles’ role in policy portfolios, and benchmarking issues.
Exchange-Traded Funds – Versatility at Price
A primer on exchange-traded funds (ETFs), including a comparison of the costs and benefits of ETFs and index funds in terms of trading costs, fees, tracking error, and capital gains.
Global Distressed Investing
An examination of types of distressed opportunities and strategies, and the historical performance of distressed funds. Exhibits cover distressed capital structure, sample fund composition, and a review of terms.
Enhanced U.S. Equity Indexing
Investors index to achieve portfolio diversification at the lowest possible cost, but abandon any chance of outperforming the chosen benchmark. In contrast, active investors pay higher fees and incur the risk of underperforming the benchmark because they believe their managers will add value over time. With lower fees than active management, close benchmark tracking, but…
Equity Market Timing, Valuations and Momentum Investing
This brief report argues against several popular market-timing strategies and examines the potential risks and rewards of momentum investing for short- and long-term investors.
Equity Portfolio Protection – The Cost of ‘Costless’ Collars
This brief report examines various portfolio protection products, their risks, cost, and effectiveness.
Firing Managers: Should Performance Be Your Guide
A demonstration that short-term performance is a poor criterion on which to base manager hiring decisions.
U.S. Equity Indexing
This guide to indexing addresses methods (replication, sampling, optimization), benchmarks, transactions costs, fees, and client servicing.