The top 16 white papers in March 2016
Savvy Investor is a major new knowledge network site that focuses on curating the very best pensions and investment content from across the web - from white papers and articles to news and blogs.
These were our most viewed and trending papers from the last month:
1. Expected Returns on Major Asset Classes (Antti Ilmanen)
In this paper, Antti Ilmanen asks if the science and art of investment management can be narrowed down to a range of patterns that markets follow generally, in seeming violation of the efficient market theory.
2. Robustness of Smart Beta Strategies (EDHEC-Risk Institute)
The authors of this paper examine the importance of robustness for smart beta strategies. They describe how the robustness of smart beta performance can be assessed and quantified. They describe different approaches which may be used to improve the robustness of smart beta strategies.
3. Multifactor Indexes: The Power of Tilting (FTSE Russell, 2016)
Institutional investors have become increasingly convinced of factor investing and its benefits, as a result of the proliferation of a variety of indices each focusing on a specific risk factor. This paper by FTSE Russell examines alternative processes for building multifactor indexes, in order to benefit from a diversified exposure to the various source of factor return.
4. Front Office and Asset Management Salaries 2016 - New Surveys
Our most read surveys cover compensation benchmarks for different positions within UK Front Office and Asset Management, US Asset Management, Canadian CFA Charterholders and Asian/Australian roles.
5. Understanding Modern Portfolio Construction (Cullen Roche, 2016)
In this paper, Cullen Roche of Orcam Financial Group, aims to show how the portfolio construction process can be simplified. He provides (i) an overview of the development of different ideas in modern finance; (ii) a helpful foundation for grasping portfolio construction; and (iii) a streamlined process to help create a suitable and realistic portfolio construction process.
6. Credit Suisse Global Investment Returns Yearbook 2016
This detailed report from Credit Suisse considers topical themes (particularly recent monetary policy) within the context of global investment returns. The document contains data for 21 countries going back to 1900. Using that data, the authors then ask questions like: 'Is the market's fixation on rate hikes historically warranted by their impact on bond and equity returns?' 'How have trading strategies performed over rate hiking and easing cycles?' 'What were some of the differences and similarities between the global financial crises of the 1890s, 1930s and 2008/09?' etc.
7. Equities - the "new safe option" for portfolios? (Allianz, Mar 2016)
In the authors' view, not taking any risks is the biggest risk of all. They argue that equities are more "secure" than bonds in these times of financial repression - but that depends on perspective. Their study focuses on the long run behavior of equities.
8. 101 Formulaic Alphas
In this paper, the authors present explicit formulas (including computer code) for 101 real life quant trading alphas. They examine the results, detailing also the average holding period, and examining the dependence of these alphas upon volatility and turnover.
9. How can Fintech facilitate fund distribution? (Deloitte/Alfi, 2016)
Fintech is proving to be an asset management industry game changer. This report by Deloitte and ALFI (the Association of the Luxembourg Fund Industry) seeks to describe the impact this recent phenomenon is having on the distribution model of the industry and the strategies to be adopted by incumbent players.
10. Global Macro: Spotlighting 2016's Great Debates (KKR, March 2016)
This excellent paper from KKR "spotlights" some key issues from recent debates its professionals have been having about recent market volatility and the outlook for the global economy.
11. In-house Investment Management: Making and Implementing the Decision
This report has been authored by the Center for International Financial Regulation. In it, the authors examine in-house investment management by asset owners, focusing specifically on the approaches and opinions of Australian superannuation (pension) funds. They also propose a framework to help asset owners make and implement decisions to manage assets in-house.
12. Preqin Investor Outlook: Alternative Assets H1 2016
This survey from Preqin provides insights into the alternative investments marketplace, covering Private Equity, Real Estate, Hedge Funds, Private Debt, Infrastructure and Natural Resources.
13. The end of negative rates, but not central bank alchemy (Gavyn Davies, Mar 2016)
Gavyn Davies of Fulcrum Asset Management examines the impact of negative interest rates, particularly on the profitability of the financial sector.
14. Brexit: Big Risk, Little Reward (BlackRock)
This paper provides the thoughts and opinions of BlackRock's Investment professionals on the economic, policy, market, regulatory and financial industry implications of a potential "Brexit".
15. UK Pensions De-Risking report 2016 (Willis Towers Watson)
This report by Willis Towers Watson shines a light on current UK defined benefit ("DB") pension market activity. The authors also share their expectations for the future.
16. ACA 2015/16 UK Pension Trends Survey
This paper provides important findings from the Pensions Trends survey 2015/16. The survey revealed, among other things, that there is little industry enthusiasm for reform to pension taxes, while more collaborative thinking is needed to raise pensions contributions as the next wave of DB scheme closures gets closer.
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