What Works in Tough Equity Markets?
During the market crisis of 2008–2011, traditional equity style strategies such as value and growth underperformed the markets, often by wide margins. But our research shows that there was a way to diminish the negative impact of market turmoil on portfolio returns.
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Emerging-Market Credit
Has Come of Age
While investors have flocked to emerging-market government bonds in recent years, some still perceive emerging-market corporate bonds as an immature asset class. Shamaila Khan, who manages global credit portfolios, questions some assumptions about emerging credit.
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Exploiting ZIRPonomics in a World
of Ultralow Interest Rates
We’re living in a world of zero interest-rate policies (ZIRP). Central bank interest rates and market yields are at historical lows in most of the developed world and some of the emerging world. Are you making ZIRPonomics work for you?
read moreDefining a New Framework for Equity Investing
Equity investing is facing a crisis of confidence. After several years of high volatility, disappointing returns and the failure of conventional diversification, the fear of equities is pervasive. After all, how can anyone rely on equities to meet future targets when extreme market turmoil can destroy years of careful planning in a heartbeat?
read moreManager Diversification: Why Conventional Wisdom Is Wrong
There’s a strong case to be made that investors should diversify their exposure to passive managers more—not less—than they diversify their exposure to active managers.
read moreThe Market Seems to Be Favoring Stock Pickers Again
Several key indicators have bolstered our confidence in the outlook for equities, as my colleague Kevin Simms explained in an article first published on Institutional Investor.com.
read moreA New Paradigm for Balancing Risk and Return
One of the greatest challenges facing money managers in the aftermath of 2008 has been how to balance the fear of loss against the need to take risk in order to generate positive real returns. Striking the right balance between them will, I believe, be the key to investment success in 2012.
read moreThe Importance of Being Active
The financial crisis of the last four years has damaged the financial conditions of cities and states—and municipal bond insurers. In our view, this has increased the value of research and undermined individual investors’ classic approach to municipal bonds: laddering. My colleague Guy Davidson explains why, below and in the Reuters muniland blog.
read moreThe Tyranny of Bond Benchmarks
With interest rates at historic lows and the number of risk-free assets in the world shrinking, sovereign bonds are becoming an increasingly risky and complex asset class. In this environment, tethering portfolios to benchmark bond indices is fraught with problems.
read moreHigh-Yield Bonds: Are ETFs the Best Vehicle?
High-yield exchange-traded funds (ETFs) have been growing like gangbusters in recent months, despite continued weak performance relative to the indices that they track. While these instruments make sense for investors who make rapid, tactical trades into and out of the asset class, we think they’re a poor choice for those seeking to gain long-term exposure [...]
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