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Barron's, January 28, 2008, "The Great Submergence." John Chisholm provided a cautious outlook for the emerging markets over the next three to six months, particularly for larger, highly extended markets such as China and India.
Wall Street Journal, December 16, 2007, "How to Beat the Next Bubble." Terry Burnham commented on crowd-following behavior and its impact on investments.
Business Week, December 10, 2007, "High Returns -- and Low Volatility?" Charles Wang discussed the investment potential of African stock markets, noting "This kind of growth and diversification are a free lunch."
Wall Street Journal, November 21, 2007, "A Nervous Investor's Guide to Overcoming Market Jitters." Terry Burnham discussed the biological basis for market risk aversion. "We're built to do exactly the wrong thing," he commented.
Journal of Indexes, October 1, 2007, "MSCI Considers a New Frontier." Acadian's Constantine Papageorgiou discussed frontier markets and commented, "As…emerging markets have matured, as they have received more and more foreign investor interest, the correlations between emerging and developed markets have increased over time. Although they do provide some diversification for portfolios, they're certainly not the great diversifiers they were 15 years ago or so." He also noted, "It's entirely possible that there are certain anomalies or inefficiencies that may exist in the frontier markets that have been traded away in the developed or emerging markets over time."
Investment News, September 10, 2007, "Investing in Africa: Is now the time to jump In?" John Peta commented, "We're now buying sovereign bonds from Egypt, Nigeria, Ghana and Uganda…Many have only become available in the last year and a half."
Pensions & Investments Online, September 6, 2007, "Web Extra: Changes Ahead."
FundFire, August 30, 2007, "Emerging Markets Surge May Force Rebalancing." Churchill Franklin spoke about the emerging and frontier markets and the widespread closure of the best-performing funds and strategies.
Dow Jones Newswires, August 20, 2007, "UPDATE: Emerging Mkt Assets Trade Sideways As Jitters Remain." "It is rarely a good decision to react to sudden events due to fear," said Acadian's Charles Wang.
Pensions & Investments, August 20, 2007, "Alaska Permanent Fund."
Investment Management Weekly, August 20, 2007, "Alaska Perm. Fund Hires New Managers."
Anchorage Daily News, August 17, 2007, "Inside Alaska Business."
Money Management Letter, August 13, 2007, "Acadian Launches Domestic All-Cap 130/30." (PDF)
Christian Science Monitor, August 13, 2007, "Could red-hot foreign markets burn out?" John Chisholm noted that market returns from abroad still look relatively favorable, if not as stellar as in recent years. From a returns perspective, Mr. Chisholm commented, "there still is a reason to stay invested" overseas.
Barrons, July 30, 2007, "Is the Bloom off Emerging Markets?"
Wall Street Journal, July 30, 2007, "Stock Declines Spur New Look At Risk Picture --- With Returns Thinning, Emerging Markets No Longer as Attractive." Ron Frashure noted that the broad-based rally in global stocks of the past few years "largely leveled the playing field…Table-thumping opportunities elude our vision."
Institutional Investor, July 11, 2007, "MONEY MANAGEMENT - Who Says It Doesn't Grow on Trees?"
Wall St. Journal, July 11, 2007, "Why Your Paycheck Is Really a Bond."
Dow Jones Business News, July 10, 2007, "DUE DILIGENCE: CORRECT: Old Mutual Targets New Funds As U.S. Expansion Mounts."
LiveMint.com, July 5, 2007, "US portfolio managers lukewarm about India." "India is one of the most expensive emerging markets," said Charles Wang. "You need breadth and depth to make it more stable. The India market is quite a risky market in our view."
Pensions & Investments, June 25, 2007, "Profiles of the top 50 international/global managers."
Insurance Asset Manager, June 2007, "The Risk-Return Advantages of Low-Volatility Equity Portfolios."(PDF)
Europe
Novecon Information Agency, August 21, 2007, "ACADIAN Becomes Major MTS Minority Shareholder."
AFX News, August 21, 2007, "Moscow shares TFN at a glance outlook."
Australia/New Zealand
Australian Associated Press, July 23, 2007, "Media Release: Colonial First State."
Acadian is introducing a new U.S. equity product under the guidance of Jackson Loomis, who joins Acadian after almost a decade at Fidelity Management & Research. Jackson will develop an algorithmic U.S. equity strategy, which models how fundamental analysts evaluate stocks. While the new product will function differently from Acadian's core U.S. equity strategy, it will be similar in its reliance on active, quantitative techniques.
The algorithmic approach, which will be available later this year, demonstrates a low correlation with Acadian's existing strategies, opening up new sources of alpha to the firm and potentially increasing investment capacity.
A chartered financial analyst, Mr. Loomis holds a doctorate of Philosophy in Physics from Brown University. He also holds a High Honors, B.S. in Physics and Astronomy with a Mathematics Minor from the University of Iowa.
John Peta has joined Acadian, along with Marie Usumanu and Bryan Carter, to implement an emerging markets local currency fixed-income strategy that will be launched in the near term. This represents a new strategy for Acadian, but is an extension of our core philosophy of broad global diversification and the attractiveness of developing markets. Particularly as our emerging markets equity strategy has been closed for several years due to capacity constraints, this strategy represents a new way for us to offer emerging markets exposure to our clients.
John and his team bring a solid track record in emerging market debt, with both dollar-denominated and local currency strategy experience. The approach will combine fundamental analysis, focusing on the determinants of economic growth, with quantitative research, which forms the basis of Acadian's core equity approach. This development is part of our general search for new alpha engines managed by individuals with a highly credible investment process. While John and his team will be working closely with the Acadian research team, they will be an independent group focused on their own process and portfolios. Acadian's existing investment team will remain focused on the continual improvement of our equity process and the management of equity client portfolios.
John comes to Acadian from Standish Mellon Asset Management, where he managed emerging market debt assets of $600 million and oversaw the emerging markets asset allocation and investment process. He also developed quantitative models for use in asset allocation and country analysis. He received a B.S. in civil engineering from South Dakota State University and an M.B.A. from the University of Washington.
Leading academics Malcolm P. Baker and Jeffrey Wurgler have joined Acadian as consultants. Malcolm Baker is a professor of finance at the Harvard Business School and Jeff Wurgler is a professor of finance at the Stern School of Business at New York University. Each received their Ph.D. from Harvard University. Both professors will work closely with the Acadian research team and will be fully involved in the formulation of our investment models, including both bottom-up stock selection and the study of top-down, macro-economic variables.
Professors Baker and Wurgler are also faculty research fellows in the corporate finance program at the National Bureau of Economic Research (NBER). Professor Baker's primary research focus is on the interaction between corporate financing decisions and inefficiency in capital markets. Professor Wurgler's research and teaching interests include corporate finance, capital markets, and asset pricing.
Acadian strongly believes that only through employing world-class talents can we continue to consistently add value for clients in an increasingly competitive environment. In 2006 we made five senior additions to our team of researchers/portfolio managers, bringing the total to over 30, up from approximately ten at the beginning of the decade.
Malcolm Baker holds a B.A. in Applied Mathematics from Brown University; and a Ph.D. in Business Economics (Finance) from Harvard University. Malcolm has made numerous presentations on asset pricing, corporate finance, and behavioral finance to academic and practitioner audiences. With Jeffrey Wurgler, he received the prestigious Brattle Prize from the American Finance Association. He has published papers in the Journal of Finance, the Journal of Financial Economics, the Journal of Financial Markets, the Journal of Law and Economics, the Quarterly Journal of Economics, and the Energy Journal.
Jeffrey Wurgler received a Ph.D. in Business Economics (Finance) from Harvard University. His bachelor's degree is in economics and mathematical and computational sciences from Stanford University, where he graduated Phi Beta Kappa. He has taught corporate finance and behavioral finance in the MBA programs at NYU, Yale, and Oxford. Jeff has made numerous presentations on asset pricing, corporate finance, and behavioral finance to academic and practitioner audiences. He has published extensively in the Journal of Business, Journal of Finance, the Journal of Financial Economics, and the Quarterly Journal of Economics.
Acadian has further expanded our senior investment staff with the hire of Qi Zeng. Qi joins us as a member of the portfolio management and research teams. Previously she worked at Morgan Stanley and also for State Street Global Markets as their lead quantitative analyst.
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