December 2019 SPIVA Persistence Scorecard
Since 2002, S&P Dow Jones Indices has published its SPIVA reports, which compare the performance of actively managed equity funds to their appropriate index benchmarks. It also puts out a pair of scorecards each year that focus on persistence of performance. Here are the latest results.
The Case for Replication in Alternative Asset Classes
Advisors and allocators have struggled for years with a simple question:
How can my clients get the diversification benefits of leading hedge funds, but in a mutual fund or ETF with reasonable fees and less downside risk?
In this webinar, Andrew Beer will explain how hedge fund replication is a potential solution. Hedge fund replication, broadly defined, is a strategy that seeks to match or outperform hedge fund returns with lower fees, daily liquidity and less downside risk by mimicking the core exposures and trading strategies of high cost, illiquid hedge funds. The webinar will cover key educational topics, such as
- What are the different forms of hedge fund replication?
- What’s worked well and what hasn’t?
- Why do some replication-based strategies outperform actual hedge funds?
- Why should advisors consider a hedge fund replication-based mutual fund or ETF today?
The presenters will be available after the presentation to answer attendees' questions live.
Contrarian views from Rupal Bhansali, CIO-Global Equities & Author, ‘Non-Consensus Investing’
Only 2% of mutual fund assets are managed by women. One of them is Rupal Bhansali, who also happens to be a woman of color. She offers some insights into the keys to her successful career path, as well as the top contrarian opportunities she sees in the non-U.S. markets.
High Yield 2020 Outlook
2019 was a very unusual year. Domestic growth whipsawed from strong (over 3%) to concerning (just over 1%). This volatility was compounded by both domestic and global headline factors: a very public trade dispute and very weak global growth.
Bitcoin Has Its Best Start to a Year Since 2012
Among the biggest contributors to the bitcoin rally is the hope that 2020 could finally see institutional investors move into the digital field en masse, prompted by growing client demand and more attractive ways to get exposure.
Passive Strategies Are Speculation, Not Investing
Value investing is an active management strategy that considers company fundamentals and the valuation of securities to acquire that which is undervalued. But as Graham and Dodd defined it, passive strategies are not investing; they are speculating.
Comparison & The Role Your Advisor Should Play
Comparison-created unhappiness and insecurity is pervasive, judging from the amount of spam touting everything from weight-loss to plastic surgery. The basic principle seems to be that whatever we have is enough, until we see someone else who has more. Whatever the reason, comparison in financial markets can lead to remarkably bad decisions.
2020 Sector Outlook: Bank Loans
Markets appear to expect the Federal Reserve to hold interest rates steady during 2020. In this environment, we think the outflows seen in leveraged loan mutual funds are likely to abate, and possibly change directions.
The Known Unknowns of 2020
Trump's decision to take out the Islamic Republic's most celebrated military leader, Qassem Soleimani, was a timely reminder that we face many problems. An armed conflict between the US and Iran is clearly one of them but far from the only one. Here is a list of the ones we worry mostly about, going into 2020.
Investing in Climate Change: Profiting the Right Way
To be honest it shouldn’t matter where you stand on the climate change debate, the way I see it these are words that we should all take seriously, if for no other reason just in case. It is a call to action that we ignore at our own peril and that of untold future generations to come.