Client Advisory

Concentrated equity strategies have gained attention from asset owners seeking high conviction active investments, but do they live up to that premise? In this session, we present novel empirical research that addresses this question, and we highlight challenges that concentrated strategies pose for manager selection and portfolio construction. We then contrast concentrated equity strategies with an alternative path to high conviction—systematic extension strategies.

Assessment of crowding risk today versus the pre-2007 quant crisis; evaluation of potential crowding indicators; why some exposure to crowding is inevitable—and can be healthy if managed.

The investing climate around China has been in flux during recent years, leading many investors to reassess whether and how they should obtain exposure to the country. In this discussion, we offer a structured approach to key questions facing asset owners regarding their EM allocations in relation to China. We consider pros and cons of EM investing based on conventional benchmark definitions as opposed to bifurcating China from the rest of EM, and we highlight key considerations in engineering such allocations.

The current state of AI in systematic investing; the realistic near-term outlook and key obstacles; questions asset owners should ask managers about their AI use.

In this talk, we take a provocative look at value. Leveraging our extensive research on the topic, we dispel myths about value’s performance in equity markets around the world, and we consider its outlook afresh. We outline a clear approach to value investing and demonstrate the benefits of nuanced implementation.

The expanding opportunity set for stock selection in EM; reliance of discretionary EM managers on country selection and how it influences their stock picking.

Shifting macro and market conditions raise fundamental questions for investors. Do markets compensate investors for rising volatility? Does turbulence make for a “stock picker’s market?” How does active strategy performance depend on the business cycle? In this talk, we challenge conventional wisdoms around these questions and draw inferences for asset allocation and manager selection.