Published in the Financial Analysts Journal the flagship publication of CFA Institute

The average monthly premium of the Market return over the one-month T-bill return is substantial, as are average premiums of value and small stocks over Market. As the return horizon increases, premium distributions become more…

This report by Willis Towers Watson's Thinking Ahead Institute provides detailed analysis of the world's largest pension funds. Funds increased their value by 15.1% in 2017, compared to an increase of 6.1% in 2016. North America remains the largest region in terms of assets under management (AUM), accounting for 42.3% of all…

In this paper for the Journal of Portfolio Management, Robert D. Arnott, Denis B. Chaves, and Tzee-man Chow examine the interplay that exists between the Shiller P/E ratio and the macroeconomy.

Long-term investors often passively track a strategic asset allocation benchmark whose weights across the various asset classes remains constant over a multi-year horizon (usually 10, 15 years, or longer). Specialist teams, internal or external, may be setup to add an active overlay portfolio in the form of a tactical asset…

In this paper, Professor Aswath Damodaran examines ways of estimating equity risk premiums (ERP). He begins by considering the economic determinants of ERP, including information uncertainty, perceptions of macroeconomic risk and risk aversion by investors. This is the 11th edition of this paper. It has been produced…

Some veterans of the asset management distribution industry describe the current environment as the most competitive of their careers. Investors are demanding much more, and turnover rates have reached almost 20%, with many firms forced to further institutionalize and professionalize their teams. This latest report, "Talent…

As more investors seek new sources of returns less correlated with the downward swings of the equity and bond markets, liquid alternative strategies have emerged as one of the more viable, and popular, investment options. Investors and their financial advisors are conditioned to select managers based on the asset class they…

The adoption of ESG principles is picking up steam and moving into the mainstream, reflecting a view that ESG insights and perspectives can address multiple objectives. In this survey SSGA finds that, in addition to targeting positive social or environmental impacts, ESG criteria are increasingly seen as capable of improving…

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, which has been authored by prominent industry professionals, discusses a different facet of financial markets including risk and return over the long…

This paper by PwC examines investment process best practices by global pension funds. It looks at growing asset allocation trends, regulations, governance models, and other drivers of change.

Formal meetings with investment consulting firms can be make-or-break moments for asset managers. Strengthening relationships with consultants and ultimately winning a prized spot on their selective shortlists hinges on a manager’s performance in face-to-face formal meetings.

Our recently released white paper, Best…

Baillie Gifford is challenging the investment industry to return to its fundamental purpose, namely deploying clients’ capital into tangible, sustainable activities, allowing companies to grow and prosper over the long term, whilst still generating positive returns for shareholders. ‘Actual’ investment requires a willingness…

The 2019 edition of J.P. Morgan Asset Management's Long-Term Capital Market Assumptions draws on the best thinking of our experienced investment professionals worldwide. Refined and expanded over 23 years, our in-depth, proprietary process provides 10- to 15-year risk and return projections for more than 50 strategy and…

This detailed report (169 pages) is a collaborative effort between CFA Institute and Principles for Responsible Investment. It provides important global insights into the ESG integration techniques of leading portfolio managers and analysts around the world.

Download our Expected Returns 2019-2023 report (116 pages). This publication includes our five-year investment outlook for all major asset classes. In five special features we also look at some of the tough questions professional investors face today.

This report is not available for users from countries where the…

While many investors have long taken factors into account for risk management, they’re increasingly recognizing that factors can also be return drivers. Ron Ratcliff, BlackRock’s Head of Multi-Asset Investment Risk for Americas West and Russ Koesterich, Portfolio Manager for BlackRock’s Global Allocation discuss how raised “…

This paper draws on the insights of an array of PGIM investment professionals—as well as leading academics and foreign policy experts—to discuss the most relevant geopolitical themes, the potential winners and losers, and the implications for investors and portfolios.

Now in its fifth year, the 2018 FTSE Russell global smart beta survey provides unique insight into major trends in awareness, popularity and use of smart beta strategies among global asset owners. In 2014, 25% of investors reported no current allocation in smart beta and had no plans to evaluate it in the future, today, it…

Artificial intelligence may be the most transformative and disruptive advancement since the Industrial Revolution. After decades of hype and disappointment, AI is poised to fuel the next wave of innovation, and potentially provide unprecedented opportunities for companies and investors.