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Savvy Investor Awards 2017: The Best White Papers

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CFA Institute Research Foundation wins "Best Investment Paper 2017"

The Savvy Investor Awards 2017 celebrate the best investment and pensions papers from the last 12 months.

Savvy Investor is the world's leading research network for institutional investors. Since the site launched in 2015, the Savvy Investor research team has curated over 20,000 investment and pensions papers, placing it in a unique position to judge the best white papers of 2017. The official announcement of winners was made on December 5.

The accolade of “Best Investment Paper 2017” is awarded to the CFA Institute Research Foundation for the paper, "Financial Market History: Reflections on the Past for Investors Today."

The CFA Institute's content has been consistently popular with Savvy Investor's institutional audience; the winning paper racking up over 2,000 views within weeks of its release.

Savvy Investor

Best Investment Paper 2017

Financial Market History: Reflections on the Past for Investors Today (CFA Institute Research Foundation)

This 279-page compendium of papers, published by CFA Institute Research Foundation, provides a detailed and fascinating look at the history of financial markets. Each section, authored by prominent industry professionals, discusses a different facet of financial markets including risk and return over the long run, bubbles and crises, financial innovation, and more. A compelling tour de force! 

Best Asset Allocation Paper 2017

Five-Year Expected Returns 2018-2022: Coming of Age (Robeco) 

Highly Commended:
Do bonds diversify equity risk? by Wellington Management 
JP Morgan Quarterly Guide to the Markets, Q4 2017 by JP Morgan Asset Management
Demographics will reverse three multi-decade global trends by Bank for International Settlements
Global Investment Returns Yearbook 2017 by Credit Suisse
The Shift to Reflation: Assessing the Impact to Portfolios by PineBridge Investments

Best Smart Beta Paper 2017

How active managers are using factor strategies (BlackRock)

Highly Commended:
Factor Investing and Asset Allocation by CFA Institute Research Foundation
Ten things you should know about factor investing by Robeco 
Contrarian Factor Timing is Deceptively Difficult by AQR Capital Management 
Why should investors consider credit factors in fixed income? by Invesco 
The Merits and Methods of Multi-Factor Investing by S&P Dow Jones Indices
Smart beta: 2017 global survey findings from asset owners by FTSE Russell 

Best Fixed Income Paper 2017

The Future of Monetary Policy (Credit Suisse)

Highly Commended:
Eight centuries of the risk-free rate: bond market reversals from the Venetians to the ‘VaR shock’ by Bank of England
Natural Interest rate: uncertainties and policy implications by BBVA
2017 AFP Liquidity Survey: Report of Survey Results by SSGA and AFP
Shift in EU Investors Towards U.S. Municipal Bonds by Franklin Templeton
Fixed Income Investing and Interest Rates: From shake-up to the new normal by NN Investment Partners

Best ESG Paper 2017

Shifting Perceptions: ESG, Credit Risk and Ratings (UN Principles for Responsible Investment)

Highly Commended:
Research reveals why "sin stocks" outperform by Robeco
Sustainable Finance Report by Deutsche Asset Management
Up in the air on carbon: How investors can leverage carbon data by UBS Asset Management
ESG Investing and Portfolio Integration by William Blair
Responsible investing and active ownership by Invesco

Best Pensions Paper 2017 (North America)

Designing the Future of TDFs: A new blueprint for improving retirement outcomes (AllianceBernstein)

Highly Commended:
2017 U.S. Investment Management Fee Survey by Callan Associates
Designing retirement schemes Canadians want: observations from a Modern DB Pension Plan by CAAT Pension Plan 
2017 U.S. Defined Contribution Plan Sponsor Survey Findings by JP Morgan Asset Management
The Benefits of Real Assets Diversification in Defined Contribution Plans by Cohen & Steers

Best Pensions Paper 2017 (UK)

Pension Fund Indicators 2017 (UBS Asset Management)

Highly Commended:
Selecting Fund Managers and Consultants - What Do Trustees Look For? by Aon Hewitt and Leeds Business School 
Decomposing Funding-Ratio Risk: Key Insights for Pension Funds by BNP Paribas Asset Management 
Integrated risk management for DB pension schemes by the Institute & Faculty of Actuaries
Pensions: Why being cashflow negative is irrelevant to risk by KPMG

Best Superannuation Paper 2017

The Australian Superannuation Industry (ASFA)

Highly Commended:
Australia: State of the Asset Management Industry by the Australian Financial Services Council and UBS Asset Management 
2017 Asset Owner Study by Future Fund and Willis Towers Watson 
How Australia Saves 2017: A report on superannuation data by Vanguard and Sunsuper 
What technology-based engagement tools are working for the super industry? by Willis Towers Watson 

Best Innovations Paper 2017

Disruptive Innovations: Ten More Things to Stop and Think About (Citi GPS)

Highly Commended:
Technology Transforms the Financial Landscape: Do Not Underestimate It by BlackRock
Artificial Intelligence: It's Not the Future, It's Now by Capital Group
Invested in Disruption: IQ Magazine Q3/Q4 2017 by SSGA
Robo-advice: A true innovation in asset management by Deutsche Bank
Real use cases for Blockchain and DLT in the Asset Management sector by KPMG

Best Real Assets Paper 2017

The Behavioural Science of Real Estate Cycles (BNP Paribas Real Estate)

Highly Commended:
The Case for Global Listed Infrastructure by Cohen & Steers
Global Alternatives Survey 2017: Including the top alternative asset manager rankings by Willis Towers Watson
DNA of a Manager Search: Infrastructure by bfinance
We are Overbuilding! Office Forecasts for 100 Global Cities, 2017-2019 by Cushman & Wakefield
Some Like It Hot: Fiscal Policy, Inflation and the Role of Real Assets by QMA

Best Private Equity Paper 2017

Global Private Equity Report 2017 (Bain & Company)

Highly Commended:
Squaring Venture Capital Valuations with Reality by Will Gornall and Ilya Strebulaev
Private Equity Fund Investment Due Diligence by Hamilton Lane
When Secondaries Should Come First by Cambridge Associates
Private Credit Strategies: An Introduction by Cambridge Associates
Enhancing Private Equity Manager Selection with Deeper Data by eVestment

Best Emerging Markets Paper 2017

Asia: Leaning In (KKR)

Highly Commended:
Revisiting the Traditional EM Equities Allocation Framework by GMO
China through the mosaic of its share classes by FTSE Russell
Emerging-market debt: Navigating the allocation dilemma by Eaton Vance
Does 'buying the dips' work for EMD? by Fidelity International

Best Quant Paper 2017

Embracing Downside Risk (AQR Capital Management)

Highly Commended:
Adding Alpha by Subtracting Beta: A Case Study on how Quant Tools can Improve a Portfolio's Returns by Axioma
An Asset Allocation Primer: Connecting Markowitz, Kelly and Risk Parity by PIMCO
Managing equity portfolio volatility by harnessing the volatility risk premium by Eaton Vance
Start of Something Big: Demystifying the Source of Large Alpha in Small Caps by QMA

Best Investment Industry Paper 2017

Global Asset Management 2017: The Innovator's Advantage (Boston Consulting Group)

Highly Commended:
Looking for Easy Games: How Passive Investing Shapes Active Management by Credit Suisse
Future State of the Investment Profession by CFA Institute
Beyond Fintech: A Pragmatic Assessment of Disruptive Potential in Financial Services by World Economic Forum
Global Investment Management Fees: New Savings, New Challenges by bfinance
2017 Talent and Compensation Trends in Asset Management Distribution by Heidrick & Struggles

Best ETFs Paper 2017

Active Strategies, Indexing and the Rise of ETFs (Greenwich Associates)

Highly Commended:
Inefficiencies in the Pricing of Exchange-Traded Funds by Financial Analysts Journal
A Guided Tour of the European ETF Marketplace by Morningstar
Institutional guide to Bond ETFs by BlackRock
ETFs in Insurance General Accounts by S&P Dow Jones Indices

Notice for Award Winners (including highly commended papers) 

Savvy Investor has created digital assets (award banners and links) for you to publicise your award, for example in social media, blogs, emails, newsletters and on your website. To receive your digital assets, please email

About the Savvy Investor Awards

Savvy Investor is the world’s leading resource hub for institutional investors. Since launch in March 2015, more than 23,000 members from across the globe have registered for the site, with 150-200 new members joining every week.

We curate the best pensions and investment white papers from around the world, and having uploaded more than 20,000 since launch, have a unique platform from which to host these Awards. The Savvy Investor Awards are judged on the basis of the quality and readability of the paper and its appeal to our institutional investor audience.

To find out how you can partner with Savvy Investor this year to enhance your thought leadership credentials in the institutional investor marketplace, please contact our Business Development Manager, Stuart Blake,