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Thought Leadership Bulletin - featuring CFA Institute

Savvy Investor fund managers CFA Institute thought leadership

Featured Organization: CFA Institute

CFA Institute is a global association of more than 140,000 investment professionals. The vast majority of members work in the financial services industry, with more than half of them being research analysts, portfolio managers, risk managers, or financial advisers.

The organization offers the Chartered Financial Analyst (CFA) designation, the Certificate in Investment Performance Measurement (CIPM) designation, and the Investment Foundations certificate program. It provides continuing education, conferences, seminars, webcasts, and publications to allow members and other participants to stay current on developments in the investment management industry.

To find out more about the organization's research and services, or to subscribe to their regular content, please contact Michele Armentrout, Content Engagement and Publishing Specialist, CFA Institute at

CFA Institute publishes Financial Analysts Journal, CFA Institute Magazine, CFA Digest, and other valuable sources of high-quality, thought-provoking content. Below is a selection of their most popular featured content, including white papers, research articles, and books:

Financial Market History: Reflections on the Past for Investors Today (CFA Institute Research Foundation, 2016)
This 279-page book, published by CFA Institute Research Foundation, provides a detailed and fascinating look at the history of financial markets.

Factor Investing and Asset Allocation (CFA Institute Research Foundation, 2017)
Factor investing is as old as the hills yet it has only recently become a widespread practice. What is behind this sudden change in the fund management industry?

Inefficiencies in the Pricing of Exchange-Traded Funds (Financial Analysts Journal, 2017)
This paper by Dr Antti Petajisto examines the topic of ETF pricing inefficiencies. He introduces a novel approach that uses the cross section of prices on a group of similar ETFs to control for stale pricing of the underlying assets.

Technical Analysis: Modern Perspectives (CFA Institute Research Foundation/Market Technicians Association, 2016)
This paper, a collaboration between CFA Institute Research Foundation and the Market Technicians Association, explores in detail the different facets of technical analysis.

Fundamentals of Efficient Factor Investing (Financial Analysts Journal, 2017)
This paper appeared in CFA Institute Financial Analysts Journal. It examines factor-based investing and simulates optimal combinations of factor and security portfolios.

The Shiller CAPE Ratio: A New Look (Financial Analysts Journal, 2016)
The Shiller CAPE ratio has served as one of the best models for forecasting long-term future stock returns. However, recent forecasts may be overpessimistic as a result of changes in the computation of GAAP earnings used in the model.

Are Cash Flows Better Stock Return Predictors Than Profits? (Financial Analysts Journal, 2016)
This 27-page paper appears in CFA Institute Financial Analysts Journal. It examines whether cash flows, instead of profits, are a better predictor of stock returns.

Global Equity Fund Performance: An Attribution Approach (Financial Analysts Journal, 2016)
Using data on portfolio holdings, this paper examines the performance of 143 global equity funds over 2002–2012. They find that the average global equity manager outperforms the benchmark by 1.2%–1.4% a year before fees.

Fundamental Indexing in Global Bond Markets: The Risk Exposure Explains It All (Financial Analysts Journal, 2016)
This 20-page paper appears in CFA Institute Financial Analysts Journal. It examines the fundamental indexing methodology when applied to global government bond markets and its exposure to a variety of risk factors.

Trading and Electronic Markets: What Investment Professionals Need to Know (CFA Institute Research Foundation, 2015)
Few institutions or practices have changed as quickly in recent years as equity trading. This document by CFA Institute Research Foundation seeks to re-educate everyone, especially those who learned about trading before this new century.

Longevity Risk and Retirement Income (CFA Institute Research Foundation, 2015)
This document discusses research studies that model and evaluate portfolio design, implementation, and management strategies for producing adequate lifetime income for retired investors.

GIPS Treatment of Fees Survey (CFA Institute, 2016)
This survey by CFA Institute categorises fees into three sections: trading expenses, admin fees and investment management fees. It provides detailed and important insights.

A Comprehensive Guide to Exchange-Traded Funds (CFA Institute Research Foundation, 2015)
Exchange-traded funds (ETFs) are now one of the fastest-growing segments of the investment management business. This book aims to help investors understand and effectively use ETFs to meet their investment return and risk objectives.

Islamic Finance: Ethics, Concepts, Practice (CFA Institute Research Foundation, 2014)
Islamic economic thought and finance are rooted in Islamic ethics. Their ideals and means are not, however, exclusive to Islam. This document explores in detail the ethics, concepts and principles of Islamic finance.

Portfolio Structuring and The Value of Forecasting (CFA Institute Research Foundation, 2016)
Factor investing strategies systematically hold non-market capitalization weights of securities with an aim to harvest broad, persistent drivers of returns. This 32-page paper explores them in detail.

The Industrial Organization of the Global Asset Management Business (CFA Institute Research Foundation, 2015)
This book provides an overview of the global institutional asset management industry. It discusses, among other things, the competitive structure, conduct, and performance of the asset management industry.

Investor Risk Profiling: An Overview (CFA Institute Research Foundation, 2015)
This document by CFA Institute Research Foundation reviews current risk-profiling practice. It's contrasted with regulatory demands and recent research findings.

Manager Selection (CFA Institute Research Foundation, 2013)
Manager selection is a critical step in implementing any investment program. This book by the CFA Institute Research Foundation is designed to help investors improve their ability to select managers.

Rethinking the Equity Risk Premium (CFA Institute Research Foundation, 2011)
In 2001, a small group of academics and practitioners met to discuss the equity risk premium (ERP). Ten years later, in 2011, a similar discussion took place, with participants writing up their thoughts for this volume.

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