Practical analysis for investment professionals

performance measurement


Private Equity Presentations: Are Some Tall Tales?

Private investment fund internal rate of return (IRR) and volatility calculations can sometimes be quite misleading. So what can be done about it? Preston McSwain has some recommendations.

Evolving States of Trust and Value: Anne Cabot-Alletzhauser

The "Future State of the Investment Profession" explores evolving states of trust and their interdependence with demonstrating and creating value. To get a better understanding of what it means for investment professionals to provide value and how that relates to building trust and improving investor outcomes, we discussed these topics with Anne Cabot-Alletzhauser.

Top Five Articles from August: The Market in Wartime, Sam Zell, Fund Names

Leading posts from August include Preston McSwain's call for more honest and accurate fee disclosures and performance reporting; an examination of Sam Zell's take on the economy by Julie Hammond, CFA; tips on how to ace job interviews by Julia VanDeren; Will Ortel's exploration of what's in a hedge fund name; and an analysis of capital markets during times of war by Mark Armbruster, CFA.

Ignoring Fees Doesn’t Beat the Market

A large asset manager has claimed their funds beat the S&P 500 93% of the time. Unfortunately, that's only true without accounting for fees. Preston McSwain explores what to learn from this exercise.

In Practice Summary: Social Responsibility (SR) Screens and Fund Performance

Does environmental, social, and governance (ESG) investing add or subtract value from investment portfolios? According to the findings of a trio of researchers, summarized in the new In Practice series, the answer is neither: Investors can both match index performance while also “doing good” for the environment and society.

Shortcuts to Factor Investing: Equities and Beyond

In the latest installment of his Shortcuts to Factor Investing series, Mark Harrison, CFA, takes a deeper dive into equities and factor investing's wider applications to other asset classes, including fixed income.

A Valuation Method for Private Equity

A new firm offers up a unique valuation methodology for private equity. In this interview with CFA Institute, Sheridan Porter, cofounder of FEV Analytics, reveals some of the secrets to how they overcome traditional problems in order to value private companies.

Hedge Funds and the Active Management Crisis

It is no secret that active management and hedge funds have underperformed in recent years, but is there a case to be made for them in the long run? When discussing fund performance, the devil is always in the details.

An Easier Way to Understand Hedge Fund Leverage

It is possible to create a valuation-based “rule of thumb” computation for the implied leverage that hedge fund strategies need given market valuations.

Book Review: Performance Evaluation and Attribution of Security Portfolios

Highly recommended for professionals who evaluate portfolio managers (e.g., wealth managers, advisers, fund allocators), this book blends traditional concepts of portfolio evaluation with the latest academic findings. Unlike books that are either concerned exclusively with nuts-and-bolts issues or unduly theoretical, it provides an optimal balance for the benefit of both practitioners and academicians.



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