Stock Selection and Analysis - Articles & White Papers
Research and papers relating to stock selection and security analysis. This section includes reports and articles which help fund managers and investment analysts examine their stock selection process. Popular themes in this category include papers on company valuation methods; how to assess equity valuation and identify the best approaches to stock screening; how to use price/book ratio...
, PE multiples, PEG ratios, equity cash flow, free cash flow, APV (Adjusted Present Value), economic profit, EVA, dividend discount models, and other metrics. Papers which help equity fund managers use factor-based investing models to build a better beta (smart beta approaches using risk factors to achieve superior returns) are also well read. Other surveys and white papers in this section look at the case for active equity managers, the characteristics (hallmarks) of successful equity managers, how to use big data in stock selection, active versus passive strategies, momentum strategies, trading rules, pairwise correlations and stock volatility. A key question for equity managers is how to determine the valuation of an equity market. One of the most credible tools for equity valuation is the Shiller PE. To see our latest blog post on the Shiller PE and economic conditions, please visit https://www.savvyinvestor.net/blog/Shiller-PE-Economic-Conditions
Trends and thematic investment strategies have enjoyed quite some popularity over the past few years. This can largely be explained by their attractive narrative and – in some cases – good short-term investment results. Yet, not all trends and thematic strategies are born equal. Some offerings are clearly better than others…
Growth opportunities are plentiful in emerging markets thanks to strong secular tailwinds — but they are company-specific. Identifying strong growers within a changing opportunity set is key to unlocking the potential of this asset class, suggests Jennison Associates.
Adam Berger, CFA, Wellington's Multi-Asset Strategist, updates his thinking on the COVID pandemic, inflation prospects, and provides a road map for portfolio responses.
Factor investing is a simple concept. Put simply, factor exposures drive the performance of diversified portfolios. With a construction technique that furnishes the ability to achieve precise and controlled factor exposures, it is possible to readily construct factor strategies — and their opposites — in a transparent manner…
Welcome to Invesco's fifth annual Global Factor Investing Study, based on an interview programme with 238 factor investors. This study incorporates the views of 138 institutional investors and 100 wholesale investors that are together responsible for managing over US$25.4 trillion in assets (as of 31 March 2020). Factor…
Welcome to Invesco's fifth annual Global Factor Investing Study, based on an interview programme with 238 factor investors. This study incorporates the views of 138 institutional investors and 100 wholesale investors that are together responsible for managing over US$25.4 trillion in assets (as of 31 March 2020). Factor…
This book represents a selection of the working papers and discussion papers which seem the most representative of Amundi's work over the past 12 months. A vast array of work is included, encompasssing most aspects of investment management.
Wells Fargo AM take a look at the reasons behind the slump in the US integrated energy sector and argue forcefully that investors should reconsider the sector particularly as it adapts strategies to cope with a decarbonizing economy.
Why it might not make sense to invest in well-run companies: a deep dive into the Quality factor asks whether growth at any price has changed investing forever.
Even a long history of gains is hard to reconcile with a decade of pain for Value investors. In the second webinar of our CIO Agenda series, Sandy Rattray and Daniel Taylor discuss whether the march towards zero or negative nominal interest rates and their consequences can help provide some clues as to Value’s fate.
David Blitz, Head of Quant Research at Robeco, shares his personal view on whether quantitative investing is still viable, given recent underperformance by many quant strategies. He reflects on the history of quant investing, the current situation, and future expectations.
Adam Berger, Wellington's Multi-Asset Strategist, offers his views on where he thinks markets are headed, offers a game plan and answers a few pressing investor questions.
Institutional investors are often faced with the question of which factor strategies should be implemented in different phases of the economic cycle. In this paper, FTSE Russell examines how factors behave across economic cycles for the US market.
This study documents annual returns of the invested global multi-asset market portfolio, using a newly constructed unique dataset which basically covers the whole invested market. We analyze returns as well as risk over the period from 1960 to 2017. The market realizes a compounded real return in US dollars of 4.45% with a…
The prolonged poor performance of the value factor has led to doubts about whether the value premium still exists. Some have noted that the observed returns still fall within statistical confidence intervals, but such arguments do not restore full confidence in the value premium. This paper adds to the literature by showing…
In a famous article written 50 years ago, Milton Friedman argued ‘the social responsibility of business is to increase its profits’. The statement remains a lightning rod for the debate on ‘corporate purpose’ – whether public corporations should be managed just for the benefit of shareholders or for a broader set of…
Welcome to Invesco's fifth annual Factor Investing Study, based on an interview program with 238 factor investors. This study incorporates the views of 138 institutional investors and 100 wholesale investors that are together responsible for managing over US$25.4 trillion in assets (as of 31 March 2020).
Welcome to Invesco's fifth annual Factor Investing Study, based on an interview programme with 238 factor investors. This study incorporates the views of 138 institutional investors and 100 wholesale investors that are together responsible for managing over US$25.4 trillion in assets (as of 31 March 2020). Factor investing…
Style-factor risk premia have been well-documented (and harvested) in the equity world for decades, but have proven far more elusive for bonds. The new Axioma Factor-based Fixed Income Model (FFIM) demonstrates that style factors not only do exist in credit, but that they also carry discernible risk premia, which, in turn,…
