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Library » Are Active Managers Doing Their Job?

March 25, 2015 | Active Management

Introduction Since the market downturn of 2008, active equity managers have come under fire. Not only did many of these managers fail to provide meaningful downside risk management relative to market indices during the credit crisis, but most have failed to keep up with their benchmarks as the …

Library » Defining a Market Cycle

December 05, 2014 | Market Commentary

Introduction Performance measurement is one of the most discussed topics in the investment industry. For example, if an investment has strong returns over the past 12 months, is it a good investment? What if returns are attractive over three, five, or ten years? Before answering this question, …

Library » Modern Portfolio Theory: Expectation vs. Reality

November 26, 2014 | Active Management

MPT Background Academic studies have shown that the asset allocation decision accounts for a meaningful portion of long-term portfolio returns1. As such, the asset allocation decision remains the central element of portfolio construction in the investment industry today. While there are numerous …

Library » Constructing Performance Benchmarks for Life Cycle Options

September 10, 2014 | Retirement Plans

Introduction Active multiple asset class managers generally employ relatively flexible investment mandates, allowing them to invest in a variety of asset classes in varying degrees based on changing market conditions. Performance benchmarks must reflect both the overall asset allocation ranges …

Library » Why a Coordinated Portfolio Management Structure is Important

April 29, 2014 | Active Management

Portfolio Management Structure refers to the basic issues related to setting up and maintaining an investment portfolio. The key issues to consider when evaluating a portfolio’s management structure include: the mechanism for adjusting the portfolio to fundamental shifts in the market and …

Library » Why Security and Sector Diversification Are Important

February 20, 2014 | Active Management

Security diversification refers to the allocation of a portfolio across different securities, so that no single security makes up too large a percentage of the portfolio. Sector diversification takes this idea one step further, making sure that the portfolio is distributed among multiple …


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