Practical analysis for investment professionals

Performance Measurement & Evaluation

Finding Winners in Actively Managed Mutual Funds (Podcast)

Previous research has shown that the average actively managed mutual fund underperforms a low-cost index fund after accounting for fees and expenses, but a new paper quantifies the size of active positions and distinguishes between different types of active managers.

Performance Reporting: Winning the Scoreless Game

Lately, academics and investment practitioners have been debating over the justification of investment management fees, hedging tail risks, and whether or not active investing is in fact a “loser’s game”. But before we lose any more sleep over the intricacies of the game, shouldn’t we first make sure it’s most valuable player is keeping score?

Impact Investing: How Do You Measure Social and Environmental Impact?

One of the toughest challenges for the growing field of impact investing is measuring and reporting social and environmental impact. The Global Impact Investing Network (GIIN) has developed a number of tools to help.

Choosing Investment Managers: A Guide for Institutional Investors

Many institutions, even the large, sophisticated plan sponsors, end up buying high and selling low when it comes to hiring investment managers. How can that be?

Returns on Negative Enterprise Value Stocks: Money for Nothing?

Negative Enterprise Value stocks have offered attractive returns over the past 40 years and may be well worth a look.

Do Dividends Create Shareholder Value?

Berkshire Hathaway has never paid a dividend, yet Warren Buffett extols the dividends the company receives. What gives?

Where Is Risk Hiding Now? Pandas, Tail Risks, and Safe Havens

The efforts of some financial institutions to quantify value at risk (VaR) and other uncertainties, and to establish an effective culture of risk management, have blown up spectacularly at both an organizational and a portfolio level.

How Does Gender Affect the Performance and Career Outcomes of Sell-Side Analysts? (Podcast)

Rodney N. Sullivan, CFA, discusses his recent research on the effects of gender in the sell-side analyst field.

How to Choose a Good Hedge Fund for Your Portfolio: Mark Anson’s Secret Formula

The chief investment officer at the Bass Family Office says that the expected quality of a hedge fund manager is a function of additional return, minimal volatility, a bias toward positive returns, and less big blow ups.

Investment Strategy: Rethinking Hedge Fund Indices

Creating a hedge fund index that reflects investor experience is certainly a challenge, but the assertions made in the academic research point fingers at the wrong issues. Ted Seides thinks it worthwhile to set the record straight.

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