- Alternative Assets
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Portfolio Management
Firm
Type
Global Macroeconomics
February 2026
2025’s Implications for the Future: “Some Like it Hot”?
Research Affiliates
Research
28 Pages
Jim Masturzo says markets in a high temperature regime show unpredictable correlations and return patterns compared with stable low volatility environments.
Portfolio Management
February 2026
Capital Market Assumptions for Major Asset Classes
AQR
Research
19 Pages
AQR updates its five to ten year expected returns across major asset classes and explains how starting valuations shape the math.
Portfolio Management
February 2026
Seizing fundamental and quant alpha in developed equity markets
Robeco
Research
17 Pages
Robeco examines how blending fundamental stock selection with quantitative signals can help investors pursue alpha in developed equities.
Portfolio Management
January 2026
Fundamental Equity Quarterly 01 2026
Robeco
Research
17 Pages
Robeco frames early 2026 as constructive for equities as monetary conditions ease and multiple growth engines stay active, including AI capex, European spending, and emerging market catch up.
Pension Funds & Endowments
December 2025
The Asset Owner 100 | The most influential capital on the planet
Thinking Ahead Institute
Research
16 Pages
Thinking Ahead Institute profiles the largest asset owners in the world and how their decisions shape markets and the real economy.
Portfolio Management
December 2025
The Dystopian Symbiosis : Passive Investing and Platform Capitalism
AllianceBernstein
Research
13 Pages
AllianceBernstein explores the uneasy relationship between dominant technology platforms and the rise of passive, cap weighted investing.
Capital Allocation
December 2025
Looking Back at M&A in 2025: Behind the Great Rebound
Bain & Company
Article
16 Pages
Bain’s “Looking Back at M&A in 2025” finds that global deal value rebounded sharply—up about 36% to an estimated $4.8 trillion—with tech and AI-related acquisitions leading growth and strategic M&A taking center stage for companies reshaping their businesses.
Asset Allocation
December 2025
Decoding Markets: The accidental death of diversification
Schroders
Research
14 Pages
Schroeders explains how the classic 60/40 portfolio became the most concentrated balanced portfolio in modern history, and how to bring genuine diversification back to life.
Annual Report
December 2025
The Asset Owner 100
Thinking Ahead Institute
Research
16 Pages
The study reveals the world’s 100 largest asset owners are now responsible for US$ 29.3 trillion as of the end of 2024; experiencing an increase in assets of 11.3% compared to the previous year.
Dividends
December 2025
Why dividend growth investing has staying power
T. Rowe Price
Research
6 Pages
T. Rowe Price explains why sticking with a dividend growth strategy can provide useful diversification while creating an opportunity to compound returns over the long term.
Portfolio Management
December 2025
Equity style: value vs growth
Meketa
Research
16 Pages
Meketa Investment Group revisits the long running debate between value and growth equity styles using United States index data and sector breakdowns.
Portfolio Management
December 2025
Hold the Dip
AQR
Research
22 Pages
AQR examines whether the popular buy the dip mantra actually beats a simple buy and hold approach over many decades.
Portfolio Management
December 2025
Equity Market Focus: Subjective Expected Returns
AQR
Research
16 Pages
Antti Ilmanen examines how subjective expected equity returns differ from model based estimates built from valuations and fundamentals.
Markets
December 2025
Tech Dilution Through Q3: Discipline Cracks at Big Tech
Platform Aeronaut
Article
10 Pages
Thomas Reiner reviews how share based dilution has evolved across tech through Q3 2025, with discipline slipping at Big Tech.
Markets
December 2025
Does Share Repurchase Legalization Really Harm Corporate Investments?
Research
56 Pages
Using staggered legalizations across countries, the authors test whether permitting open-market buybacks reduces corporate investment and real activity.
Portfolio Management
December 2025
World Equity Allocations: Global in Name Only?
Acadian
Research
6 Pages
Acadian Asset Management examines how global equity benchmarks have evolved into portfolios dominated by United States large cap and technology exposure.
Portfolio Management
December 2025
It’s Probably A Bubble, But There Is Plenty Else To Invest In
GMO
Research
10 Pages
Ben Inker lays out an agnostic playbook for investors who suspect an AI bubble yet are not fully convinced.
Asset Allocation
November 2025
Curing Paranoia
Man Group
Research
23 Pages
Man Group uses two centuries of data to compare risk parity with classic 60-40 portfolios and draw asset allocation lessons.
Alternative Assets
November 2025
Alternatives & Strategic Asset Allocation Creating a robust framework for private investors
Deutsche Bank
Research
24 Pages
Deutsche Bank explains how alternative investments can be integrated into a strategic asset allocation for private investors. The paper details the evolution of private markets, clarifies what counts as an alternative asset, and emphasizes risk factor diversification over headline outperformance.
Portfolio Management
November 2025
Diversifying Concentrated Stock Positions
Neuberger Berman
Research
9 Pages
Neuberger Berman tackles the problem of concentrated, low basis stock positions that create both portfolio risk and tax headaches.
Portfolio Management
November 2025
The Next Chapter for U.S. Corporate Pension Plans
KKR
Research
14 Pages
KKR looks at how stronger funded status and shorter liabilities are reshaping U.S. corporate pension plans.
Portfolio Management
November 2025
Diversifying Alternatives and the Rearview Mirror
AQR
Research
13 Pages
Antti Ilmanen looks at why diversifying alternatives are hard for investors to stick with. He contrasts their objective case in portfolios with the behavioral biases and rearview mirror thinking that lead to under allocation.
Markets
November 2025
Capital Allocation
Morgan Stanley
Research
88 Pages
Michael Mauboussin updates his 2022 study of how public companies in the U.S. spend money.
Portfolio Management
November 2025
Momentum factor investing: Evidence and evolution
Research
47 Pages
The authors review momentum’s evolution and test it across 150 years and 46 countries, finding it is “sizable, robust, persistent, and fundamentally multi-dimensional".”
Portfolio Management
November 2025
The Rise of Alternatives
Research
67 Pages
Juliane Begenau, Pauline Liang, and Emil Siriwardane examine why U.S. public pension funds have shifted heavily into alternatives, showing that consultant influence and return expectations—not risk appetite—primarily drove the move.
Diversification
November 2025
The Agony and Ecstasy • EMEA Edition
J.P. Morgan Asset Management
Research
24 Pages
Michael Cembalest first published the ‘Agony & Ecstasy’ analysis in 2004, and the EMEA team released an updated version based on June 2025 data.
Asset Allocation
November 2025
Multi-Asset Strategies and Asset Allocation
Vanguard
Research
22 Pages
Vanguard’s Investment Strategy Group presents a tax aware multi asset construction framework that optimizes after tax outcomes by modeling income, dividend, and capital gains rates alongside rebalancing frictions.
Asset Allocation
November 2025
Strategic Style Allocation: Absolute or Relative?
Robeco
Research
17 Pages
Robeco examines how to allocate equity styles for absolute versus benchmark-relative goals, demonstrating how factor combinations can be tailored to meet different investment objectives.
AI
November 2025
Why we are not in a bubble… yet
Goldman Sachs
Research
29 Pages
Peter Oppenheimer explains why he believes the markets show froth but aren’t quite yet in bubble territory.
Asset Allocation
November 2025
A New Era of Higher Inflation Risks
Bridgewater
Research
17 Pages
Bridgewater says most portfolios remain poorly equipped to manage structurally higher inflation risks than pre-COVID.
AI
November 2025
Surviving the AI Capex Boom
Sparkline Capital
Research
14 Pages
Kai Wu finds historical capital expenditure booms have typically resulted in overinvestment, excess competition, and poor stock returns.
Factor Investing
October 2025
Factoring in the Low-Volatility Factor
Research
52 Pages
The authors evaluate why low volatility is missing from common asset pricing models and test it under real world constraints.
Asset Allocation
October 2025
A Second Opinion on the 60/40 Default
GMO
Research
10 Pages
GMO reexamines the 60/40 portfolio through a valuation lens and argues that today’s starting point warrants a more dynamic approach.
Asset Allocation
October 2025
Investing in Everything, Everywhere, All at Once
Goldman Sachs
Research
44 Pages
Peter Oppenheimer's team looks at the World Portfolio, which is the sum of all investable assets globally (estimated to be roughly US$250trn, or 200% of world GDP) and has returned 7.8% nominal and 4.1% in real terms annually since 1950.
Capital Allocation
October 2025
Global economic profit bounces back to an all-time high
McKinsey & Company
Research
7 Pages
McKinsey analyzes why global economic profit rebounded sharply after years of decline, drawing on data from the four thousand largest nonfinancial companies since 2005.
Europe
October 2025
Quantitative Precision: Seeking to Unlock High Alpha Potential in European Equities
Goldman Sachs
Research
20 Pages
Goldman Sachs Asset Management outlines a systematic approach to harvesting stock selection alpha in Europe using multi signal models and strict portfolio construction. Emphasis falls on exploiting wide dispersion in quality and valuation, neutralizing unintended bets, and integrating liquidity and risk controls to make signals investable at scale.
Asset Allocation
October 2025
Long-term treasuries in diversified portfolios
Meketa
Research
18 Pages
Meketa analyzes the role of long-term U.S. Treasuries in institutional portfolios, emphasizing their unique ability to hedge equity drawdowns, dampen volatility, and enhance liquidity during stress periods.
Portfolio Management
October 2025
How Private Companies Are Reshaping Public Markets
Morningstar
Research
18 Pages
Morningstar examines how the rise of private markets is reshaping U.S. public equities—particularly the small-cap segment.
Portfolio Management
September 2025
A Closer Look at Long-term Returns
Commonfund
Research
5 Pages
The 2024 CCSF Study shares a closer look at long-term returns for foundations.
Portfolio Management
September 2025
Global Pension Assets Study
Thinking Ahead Institute
Research
44 Pages
The Thinking Ahead Institute published their Global Pension Assets Study, covering $58 trillion across 22 markets.
Portfolio Management
September 2025
When Public Meets Private: Rethinking the Modern Market
Morningstar
Research
12 Pages
Morningstar Indexes introduces the Morningstar PitchBook US Modern Market 100 Index, a benchmark combining 90 public and 10 private companies to capture the full scope of the modern U.S. equity landscape.
Portfolio Management
September 2025
Adapting to the Terrain: 2025 Family Office Investment Insights
Goldman Sachs
Research
44 Pages
Goldman Sachs published their 2025 Family Office Investment Insights report.
Portfolio Management
August 2025
American Unexceptionalism
GMO
Research
15 Pages
GMO challenges the long-held belief in U.S. equity superiority by breaking down the S&P 500’s outperformance into key sources—80% derived from dollar strength and valuation expansion, not sustained fundamental growth.
Portfolio Management
July 2025
Equity Market Focus: Objective Expected Returns
AQR
Research
2 Pages
AQR examines how “objective” valuation-based models—such as equity yields or cyclically adjusted metrics—predict multi-year U.S. equity returns.
Portfolio Management
July 2025
The Risk, Reward, and Asset Allocation of Nonprofit Endowment Funds
Research
79 Pages
The authors analyze more than 800 U.S. nonprofit endowments to assess their performance, asset allocation, and risk-adjusted outcomes over two decades.
Portfolio Management
July 2025
Equity Market Focus: Interrogating the Historical Data
AQR
Research
12 Pages
In the fifth post from Antti Ilmanen’s series, he examines long-run U.S. equity returns and the pitfalls of relying on historical averages.
Portfolio Management
July 2025
Buffett’s Intangible Moats
Sparkline Capital
Research
15 Pages
Sparkline captures how Warren Buffett’s success stems from evolving beyond traditional value investing toward companies rich in intangible assets—such as brand equity, IP, and network effects.
Portfolio Management
July 2025
In an Unsteady World, Time to (Finally) Tilt Away from U.S. Equities?
Acadian
Research
5 Pages
Acadian argues that post‑Global Financial Crisis tailwinds that favored U.S. equities have diminished, making a case to rebalance toward non‑U.S. equities.
Portfolio Management
June 2025
The International Rebalance
Morgan Stanley
Research
7 Pages
Morgan Stanley highlights the entrenched home‑country bias among U.S. investors, with nearly 15 years of U.S. equity dominance masking broader opportunities abroad.
Portfolio Management
June 2025
How Did We Get Here? A Brief History of Expected Returns Formation
AQR
Research
16 Pages
In the fourth post from Antti Ilmanen’s series, he analyzes how investors have formed long-run return expectations over time, and how academics have perceived that investors do it (or ought to do it).
Portfolio Management
June 2025
Balancing Act: Building Resilient Portfolios in a Changing Landscape
PIMCO
Research
6 Pages
PIMCO’s mid-2025 asset allocation outlook outlines a systematic approach to building resilient portfolios amid policy uncertainty and shifting global growth dynamics.
Portfolio Management
June 2025
Risk Speedometers: What are allocators buying and selling?
Vanguard
Research
12 Pages
Vanguard shares what allocators are buying and selling across more than 100 sub-asset classes, durations, styles, sectors and thematic investment strategies.
Quantitative Investing
June 2025
What makes thematic investing a strong alternative in volatile markets
Robeco
Research
32 Pages
Robeco analyzes how thematic investing can provide diversification and resilience during volatile markets by aligning with structural megatrends.
Portfolio Management
June 2025
Seizing fundamental and quant alpha in developed equity markets
Robeco
Research
17 Pages
Robeco compares quantitative and fundamental equity strategies in developed markets, finding a combined approach offers diversification and enhances consistency in alpha generation.
Portfolio Management
May 2025
What Has Private Equity Done to Small-Cap Stocks?
Marquette Associates
Research
6 Pages
Marquette Associates examines how the expansion of private equity is reshaping small‑cap public markets: firms now stay private longer, capturing growth privately and shrinking the small‑cap universe.
Portfolio Management
May 2025
Alternatives & Strategic Asset Allocation Creating a robust framework for private investors
Deutsche Bank
Research
24 Pages
Deutsche Bank outlines a strategic framework for incorporating alternatives into long-term asset allocation, emphasizing their role in diversification and risk balance.
Portfolio Management
May 2025
Go Small or Go Home
AQR
Research
9 Pages
AQR explores why small caps, especially in the international and emerging regions, present a compelling investment opportunity driven by the potential for higher expected market returns, attractive earnings growth, strong diversification benefits, and rich alpha opportunities.
Portfolio Management
May 2025
Active Management Is Suited to Uncertain Times
Morgan Stanley
Research
7 Pages
The report emphasizes the growing importance of active management in fixed income investing.
Portfolio Management
May 2025
Buffer Madness
AQR
Research
10 Pages
Cliff Asness follows up on AQR’s recent piece, which was critical of options-based strategies such as "defined outcome funds" and "buffered ETFs".
Alternative Assets
May 2025
The Demise of Alternative Investments
Research
21 Pages
Richard Ennis argues that alternative investments bring extraordinary costs but ordinary returns.
Portfolio Management
May 2025
Exceptional Expectations: U.S. vs. Non-U.S. Equities
AQR
Research
12 Pages
Part II in the series by Antti Ilmanen applies the ideas to expectations for U.S. equities versus the rest of the world by analyzing the drivers of relative performance—in particular the different roles of fundamentals and valuations—and assessing the most likely implications for future returns.
Portfolio Management
May 2025
Passive Aggressive: The Risks of Passive Investing Dominance
Research Affiliates
Research
14 Pages
Chris Brightman and Campbell Harvey explore the systemic risks associated with the growing dominance of passive, capitalization-weighted index funds.
Portfolio Management
May 2025
Why Are Bond Investors Contrarian While Equity Investors Extrapolate?
AQR
Research
15 Pages
In Part III of the series from Antti Ilmanen, he explores why equity investors tend to extrapolate recent trends in returns and earnings growth, while bond investors tend to expect mean reversion in rates.
Portfolio Management
April 2025
Market Timing: More than a Mirage
Man Group
Research
12 Pages
Man Group says market timing, when executed with skill and discipline, is a powerful tool that allocators should use in seeking to deliver returns to their investors across the cycle.
Portfolio Management
April 2025
Capital Market Assumptions: Redefined
Man Group
Research
33 Pages
Man Group critiques the conventional use of 10-year Capital Market Assumptions (CMAs), arguing they’re often inaccurate and misapplied.
Portfolio Management
April 2025
Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks
Research Affiliates
Research
13 Pages
Research Affiliates says the current valuation gap favoring small-cap stocks signals the potential to unlock value and outperform.
Portfolio Management
April 2025
Playing a Bigger Game
MFS
Research
16 Pages
MFS President Carol Geremia addresses the pervasive short-termism in the investment industry and advocates for a transformative shift towards long-term value creation.
Portfolio Management
April 2025
What Should You Do When You Don’t Know What to Do?
Man Group
Research
14 Pages
Man Group emphasizes that in the face of heightened market uncertainty, investors should focus on three core principles: diversification, volatility-based exposure management, and systematic risk controls.
Portfolio Management
April 2025
Choosing to Lose: Country Misallocation in Discretionary EM Investing
Acadian
Research
9 Pages
Acadian studies the country positioning of emerging market equity managers, finding it didn’t help returns and was infected by return chasing.
Portfolio Management
April 2025
How Do Investors Form Long-Run Return Expectations?
AQR
Research
16 Pages
This paper is Part I in a series from Antti Ilmanen, which tries to understand how investors actually form long-run return expectations.
Portfolio Management
March 2025
Rebuffed: A Closer Look at Options-Based Strategies
AQR
Research
5 Pages
AQR critically evaluates the performance of popular options-based investment strategies, such as buffered and defined outcome funds, over the period from 2020 to early 2025.
Portfolio Management
March 2025
Dividends and Buybacks – Inertia and Me-tooism!
Research
23 Pages
Professor Aswath Damodaran provides a framework for thinking about how much cash a business can return to its owners, and then argues that, in reality, this decision is affected by inertia and me-tooism.
Portfolio Management
March 2025
Concentrated portfolio managers: Courageously losing your money
Acadian
Research
10 Pages
Acadian Asset Management critically examines the widespread belief in concentrated portfolios, arguing that such strategies often lead to significant wealth destruction due to overconfidence and a misunderstanding of risk.
Markets
February 2025
Investor Perspectives: Intangible Assets
CFA Institute
Research
144 Pages
CFAI provides an analysis of the rise of intangible assets relative to the market capitalization of firms today.
Portfolio Management
February 2025
A New Paradigm in Active Equity
AQR
Research
17 Pages
AQR covers two hot topics in today’s market: equity market concentration and technological innovation.
Portfolio Management
January 2025
2035: An Allocator Looks Back Over the Last 10 Years
AQR
Research
6 Pages
Cliff Asness presents a fictional endowment manager reflecting on a decade of underwhelming investment performance, emphasizing the enduring value of diversification, disciplined asset allocation, and contrarian investing, especially when such approaches are out of favor.
Portfolio Management
January 2025
Can Private Markets Be the Alternative to Lofty Public Market Valuations?
Apollo
Research
10 Pages
With both stocks and bonds becoming more correlated and trading at elevated valuations, Apollo looks at whether or not private markets can enhance potential returns and improve diversification.
Portfolio Management
December 2024
The Red Thread: The Diversification Edition
UBS
Research
45 Pages
UBS’ latest edition of The Red Thread delves into the complexities of diversification, emphasizing that while diversification remains a foundational investment principle, its practical application is increasingly nuanced in today's market environment.
Portfolio Management
December 2024
Formula Investing
Robeco
Research
13 pages Pages
Marcel Schwartz and Matthias Hanauer evaluated the effectiveness of four popular investing formulas—the F-Score, Magic Formula, Acquirer's Multiple, and Conservative Formula.
Portfolio Management
December 2024
Choosing the Right Diversifying Strategies for your Portfolio
NEPC
Research
14 Pages
NEPC looks at true diversifying strategies - those that utilize investment processes that produce returns driven by idiosyncratic risk rather than factor risk.
Portfolio Management
November 2024
The rise of passive ownership across the S&P 500 and its impact on company valuation and performance
Goldman Sachs
Research
37 Pages
Goldman Sachs assesses the impact of passive investing on the stock market and says, "for stock pickers the share of passive ownership of a company is much less important for valuation multiples than fundamental attributes."
Asset Allocation
November 2024
Negative Correlations, Positive Allocations
PIMCO
Research
8 pages Pages
PIMCO discusses the resurgence of the inverse relationship between bonds and stocks, highlighting its potential to enhance risk-adjusted returns in multi-asset portfolios.
Portfolio Management
November 2024
Diversification properties and risk-adjusted performance of security lending
State Street
Research
29 Pages
State Street conducted a deep dive on securities lending, noting that while the returns may seem small on an absolute basis, it provides strong risk-adjusted returns, offers diversification benefits due to low correlation with other investments, and performs especially well during market crises.
Markets
November 2024
The Asset Owner 100
Thinking Ahead Institute
Research
69 Pages
Explore the global asset management landscape through an analysis of the world’s 100 largest asset owners, uncovering their scale, influence, and the key themes reshaping the investment world today.
Portfolio Management
October 2024
Against Apathy
Man Group
Research
9 Pages
Man advocates for a balanced investment strategy that includes asset and regional diversification and selective market timing to manage risk and reduce potential losses during market downturns, challenging the idea that a purely passive, U.S.-focused stock approach is always best.
Portfolio Management
October 2024
Buybacks for US, Dividends for EU
Verdad
Research
4 Pages
Verdad’s deep dive on shareholder yield finds it “does a relatively good job of spreading returns in a linear fashion, both in the US and abroad.”
Markets
October 2024
Diversify to Amplify
Goldman Sachs
Research
19 Pages
Peter Oppenheimer’s team says economic growth alongside lower policy rates creates a more favorable environment for equities, though high valuations and rising long-term rates may limit index-level gains, making alpha generation and diversification key drivers of future returns.
Portfolio Management
October 2024
A Second Opinion Is Just What the Doctor Ordered
GMO
Research
9 Pages
GMO shares where they see opportunity if you are willing to look different than a standard, capitalization-weighted 60/40 portfolio.
Portfolio Management
October 2024
A Historic Opportunity in Deep Value Stocks
GMO
Research
3 Pages
GMO shares an update on deep value stocks, which is their highest conviction idea and are trading at a valuation in the bottom decile of its history relative to the overall market.
Portfolio Management
October 2024
Broad Strategic Asset Allocation: Sizing Allocations to Liquid and Illiquid Alternatives Alongside Traditional Assets
AQR
Research
21 pages Pages
AQR's Portfolio Solutions Group explores the integration of liquid and illiquid alternative investments into traditional portfolios, aiming to enhance diversification and improve risk-adjusted returns.
Portfolio Management
October 2024
Concentrated Equity: Practice Versus Premise
Acadian
Research
12 pages Pages
Acadian critically examines the efficacy of concentrated equity strategies, which focus on a limited number of high-conviction holdings, to determine if they deliver superior active returns compared to more diversified approaches.
Portfolio Management
October 2024
Leveraging the Low-Volatility Effect
Robeco
Research
13 pages Pages
Robeco provides an explanation of the low-volatility effect and explores five use cases to leverage upon the low-volatility effect to unlock the full potential of this underutilized factor.
Portfolio Management
September 2024
Are private assets worth the effort? A study of their impact on endowments and foundations’ returns and spending
Fidelity Investments
Research
9 Pages
Fidelity’s analysis shows nonprofits can potentially both improve investment performance and reduce spending volatility by accessing above-median private market managers.
Portfolio Management
September 2024
The Great Rotation: Part II
Verdad
Research
3 Pages
This follow-up explores the historical context behind the current record-high U.S. market weight in global indices and highlights the growing imbalance between equity representation and economic output.
Portfolio Management
September 2024
Risk Speedometers: What are allocators buying and selling?
Vanguard
Research
12 Pages
Vanguard analyzes allocators' risk appetite and what they’re buying and selling across more than 100 sub-asset classes, durations, styles, sectors, and thematic investment categories.
Portfolio Management
September 2024
The Great Rotation: Part I
Verdad
Research
6 Pages
This research highlights the growing imbalance in U.S. equity allocations, arguing that emerging valuation risks could prompt investors to rebalance toward international markets.
Portfolio Management
August 2024
Nixed: The Upside of Getting Dumped
Research Affiliates
Research
11 Pages
This paper examines the long-term performance of stocks deleted from major cap-weighted indexes, finding that such "nixed" companies tend to outperform post-removal due to mean reversion and liquidity-driven mispricing.
Portfolio Management
August 2024
A guide to 130/30 loss harvesting
Apiero
Research
15 Pages
Apiero analyzes the effects of leverage on tax-managed public equity strategies by comparing 130/30 long/short portfolios to traditional long-only portfolios.
Portfolio Management
August 2024
A Rose by Any Other Name Would Smell as Sweet
GMO
Research
5 Pages
GMO explains why deep value stocks are their highest conviction long-only investment idea.
Portfolio Management
August 2024
Considerations for active fund investing
Vanguard
Research
17 Pages
Vanguard provides a framework for investors considering active fund strategies, emphasizing the importance of aligning such investments with specific market segments and individual goals.
Asset Allocation
August 2024
The Risk and Reward of Investing
Robeco
Research
44 Pages
Ronald Doeswijk and Laurens Swinkels analyze the risks and rewards of investing by constructing a comprehensive global market portfolio valued at $150 trillion, covering the period from 1970 to 2022.
Markets
July 2024
Which One Is It?
Morgan Stanley
Research
20 Pages
This report examines how public companies manage equity issuance and buybacks, highlighting the importance of aligning actions with intrinsic value. Firms engaging in both simultaneously may undermine shareholder returns if price and value diverge.
Portfolio Management
July 2024
The Yieldy Put: To Infinity and Beyond Bonds
Man Group
Research
8 Pages
Man suggests that liquid alternative strategies, specifically trend-following and long/short quality stocks, could be viewed as the new bonds, providing both diversification and defensiveness.
Portfolio Management
July 2024
The Art of Patient Investing
Meketa
Research
15 Pages
Meketa makes the long-term case for a diversified portfolio and explores various areas where investors may want to remain patient in the current market.
Portfolio Management
July 2024
Worth the Weight
S&P Global
Research
19 Pages
S&P Dow Jones Indices examines the S&P 500 Equal Weight Index’s historical outperformance, identifying the structural and factor-based drivers behind its returns relative to the traditional market-cap-weighted benchmark.
Portfolio Management
June 2024
Should Your Stock Portfolio Consider Your Career?
Morningstar
Research
35 Pages
Morningstar explores how investors can improve risk-adjusted returns by aligning stock portfolios with their nontradable wealth, such as human capital and restricted stock units.
Portfolio Management
May 2024
Tapping Private Market Insights for Public Market Investments
Man Group
Research
11 Pages
This paper explores how data and frameworks from private equity markets can enhance public equity investing. It presents a methodology for extracting valuation insights from private transactions to inform factor exposures in public portfolios.
Portfolio Management
May 2024
Analysis of Large US University Endowment Outperformance
True North Institute
Research
29 Pages
Stan Miranda analyzed the performance of 12 large US university endowments and shares four key takeaways.
Portfolio Management
March 2024
FY2023 Ivy Report Card: Volatility Laundering and the Hangover from Private Markets Investing
Research
10 Pages
Fiscal year 2023 proved challenging for Ivy and elite endowments, which underperformed both smaller endowments and global benchmarks.
Portfolio Management
March 2024
2024 Diversification Landscape
Morningstar
Research
52 Pages
Morningstar offers a deep dive into the diversification potential of several major asset classes.
Portfolio Management
March 2024
The Cockroach Approach
Mutiny Funds
Research
86 Pages
The Mutiny team wrote a long paper on the cockroach portfolio, which shares their framework for portfolio construction to compound wealth in both boom and bust environments.
Portfolio Management
March 2024
Why capital allocation matters for companies and investors
T. Rowe Price
Research
6 Pages
David Giroux gives an overview of capital allocation, with examples from Danaher, GE & AutoZone, and explains why he believes finding companies that deploy capital well is still an inefficiency that can be exploited.
Portfolio Management
March 2024
Record Highs…But We’re Still Excited
GMO
Research
2 Pages
This brief piece from GMO explains why an abundance of cheap assets and appealing valuation spreads within asset classes presents the best relative asset allocation opportunity they’ve seen in 35 years.
Portfolio Management
February 2024
Don’t Blame Indexing for Your Problems
Acadian
Research
6 Pages
Owen Lamont thinks the discussion about passive investing is misguided. He argues an increase in passive investing does not necessarily mean the market becomes less efficient.
Portfolio Management
February 2024
Top Three Investment Ideas to Consider for 2024
AQR
Research
4 Pages
AQR revisits their top three investment ideas from 2023 and explains why they still like the set up for all three in 2024.
Portfolio Management
February 2024
Where Can Investors Find Geographic Diversification Today?
Bridgewater
Research
9 Pages
Bridgewater investigates which countries outside the U.S. are most beneficial from a diversification standpoint. They highlight China, Japan, Brazil & India as four countries that can be valuable diversifiers to a US-centric portfolio.
Portfolio Management
February 2024
Risk Parity with Trend Following
LongTail Alpha
Research
17 Pages
This paper evaluates how augmenting traditional risk-parity portfolios with trend-following strategies—especially those incorporating carry filters—can improve risk-adjusted performance.
Portfolio Management
February 2024
Magnificently Concentrated: Your active managers are more competent than they look
GMO
Research
10 Pages
GMO's Q1 2024 letter discusses the extreme concentration of U.S. equities, particularly the dominance of the “Magnificent Seven,” and suggests this dynamic favors active managers who deviate from cap-weighted benchmarks.
Portfolio Management
February 2024
Regime-Based Investing
Man Group
Research
11 Pages
Henry Neville introduces a regime-based investment framework that segments macro conditions—like inflation levels, growth trends, yield curve shapes, and market sentiment—to help investors understand how various strategies and asset classes behave across different environments.
Portfolio Management
January 2024
Value investing: “The reports of my death have been greatly exaggerated”
Robeco
Research
11 Pages
Robeco explores the resurgence of the Value factor since the Covid-19 vaccine announcement roughly three years ago, with insights from ten key graphs.
Portfolio Management
January 2024
The Quality Anomaly: The Weirdest Market Inefficiency in the World
GMO
Research
10 Pages
Ben Inker of GMO explores the enduring and puzzling “quality anomaly,” where higher quality equities and bonds—despite being lower risk—have historically delivered better returns.
Portfolio Management
December 2023
Constructing return-target portfolios: A time-varying, valuation-aware approach to asset allocation
Vanguard
Research
14 Pages
Vanguard presents a framework for building return target portfolios that link medium term return goals to evolving market valuations.
Portfolio Management
December 2023
Endowment asset allocations: insights and strategies
Research
20 Pages
This paper highlights the importance of asset allocation in portfolio performance, along with the relevance of various asset classes (including International Equity, Real Estate, and Natural Resources) over time.
Markets
December 2023
Searching for Great Dividend Funds
Morningstar
Research
19 Pages
Morningstar analyzes various dividend strategies: dividend income, dividend growth, and dividend growth & income. Then they share a “how to” guide with what to focus on when trying to identify dividend funds that will perform well over the long run.
Portfolio Management
November 2023
Pricing Power Everywhere
Research
16 Pages
Bloomberg Indices examines how corporate pricing power can be defined and measured across global equity markets.
Markets
November 2023
Total Shareholder Return: Linking The Drivers of Total Returns to Fundamentals
Morgan Stanley
Research
32 Pages
Morgan Stanley Investment Management explores how total shareholder return ties stock price, earnings, valuation and capital distributions back to fundamentals.
Portfolio Management
November 2023
Beyond the Status Quo: A Critical Assessment of Lifecycle Investment Advice
Research
29 Pages
This paper challenges two central tenets of lifecycle investing — savers should diversify across stocks and bonds and the young should invest more heavily in stocks than the old.
Portfolio Management
October 2023
Honey, the Fed Shrunk the Equity Premium
AQR
Research
18 Pages
AQR Capital Management examines how higher interest rate levels affect equity risk premia and strategic asset allocation.
Portfolio Management
September 2023
The Cross-Section of Factor Returns
Robeco
Research
33 Pages
Robeco Quantitative Investments analyzes more than 150 equity factors to understand how they behave across market environments.
Portfolio Management
September 2023
Valuations, economy may favor value stocks
Vanguard
Research
4 Pages
Vanguard argues that value stocks look notably cheap relative to growth after a long stretch of underperformance.
Markets
August 2023
The Difference of Dividends
WisdomTree
Research
6 Pages
WisdomTree analyzes how dividends have driven long run equity returns and how its dividend indexes compare with the S&P 500.
Portfolio Management
August 2023
Empirical evidence on the stock-bond correlation
Robeco
Research
57 Pages
The authors examine long run stock bond correlations across major markets to understand when bonds hedge or move with equities.
Portfolio Management
July 2023
The Road Ahead: Of Rocks and Hard Places
Man Group
Research
7 Pages
Man Institute explores how long only equity and bond investors can navigate an unappealing valuation backdrop using portfolio construction tools.
Portfolio Management
June 2023
Assessing Alternative Value Metrics
Dimensional
Research
16 Pages
Dimensional Fund Advisors investigates whether alternative valuation ratios add value beyond traditional price to book.
Portfolio Management
June 2023
Intangible Value: A Sixth Factor
Sparkline Capital
Research
8 Pages
Sparkline Capital introduces the Intangible Value factor as an additional building block alongside market, size, value, quality and momentum.
Portfolio Management
June 2023
The Quality Spectrum: Stability in an Unstable World
GMO
Research
7 Pages
GMO explores how quality companies and junk companies sit at opposite ends of the equity risk spectrum in a fragile macro backdrop.
Portfolio Management
May 2023
Value investing: avoiding climate traps
Robeco
Research
12 Pages
Robeco discusses how traditional value portfolios can fall into climate traps when cheap looking companies face rising environmental costs.
Portfolio Management
May 2023
International Diversification— Still Not Crazy after All These Years
AQR
Research
12 Pages
AQR Capital Management revisits international equity diversification and argues it still makes sense even after a long stretch of US outperformance.
Portfolio Management
March 2023
Risk Mitigating Strategies (RMS) Framework
Meketa
Research
10 Pages
Meketa Investment Group lays out a risk mitigating strategies framework that groups defensive tools by how they behave in equity stress.
Portfolio Management
February 2023
A Century of Asset Allocation Crash Risk
Samonov & Sorokina
Research
56 Pages
Samonov and Sorokina analyze one century of asset allocation crash risk across popular portfolio frameworks.
Portfolio Management
January 2023
Don’t Lose Faith in the 60/40 Portfolio
Morningstar
Research
13 Pages
Morningstar reassesses the classic 60/40 mix and argues its core logic still holds.
Portfolio Management
January 2023
After a Timeout, Back to the Meat Grinder!
GMO
Research
10 Pages
GMO argues the first and easiest leg of a speculative bubble has burst, but risks remain.
Portfolio Management
January 2023
Quarterly Letter 4Q 2022
GMO
Research
9 Pages
GMO reviews how 2022 rewarded patience as speculative assets deflated and unfashionable exposures held up.
Portfolio Management
January 2023
Functional Allocation Framework
Meketa
Research
18 Pages
Meketa outlines a portfolio design that groups assets by what they do rather than by traditional labels.
Markets
December 2022
Capital Allocation: Results, Analysis and Assessment
Morgan Stanley
Research
85 Pages
Morgan Stanley explains why capital allocation is the CEO’s most important job and a major driver of long term value per share.
Portfolio Management
December 2022
Growth Versus Value: End of an Era?
Acadian
Research
9 Pages
Acadian Asset Management argues the 2022 value comeback story is messier than headlines suggest because common value benchmarks now embed big sector bets.
Portfolio Management
December 2022
Part 1: THE VALUE OPPORTUNITY UPDATED After a Good Run, Value Looks Anything but Exhausted
GMO
Research
12 Pages
GMO revisits value versus growth and argues the value opportunity still looks unusually compelling, even after a strong relative run.
Portfolio Management
November 2022
Investing in Influence
Sparkline Capital
Research
14 Pages
Sparkline Capital argues political influence is an overlooked intangible asset that investors can quantify and potentially monetize.
Portfolio Management
November 2022
Quality Time in Small Cap
GMO
Research
6 Pages
GMO argues small cap quality is finally offering both long term appeal and near term valuation support.
Portfolio Management
November 2022
Investing Through a Structurally Inflationary Regime
Bloomberg
Research
23 Pages
Bloomberg examines how portfolio construction changes when inflation is structural rather than fleeting.
Portfolio Management
September 2022
Liquid Venture Capital
Sparkline Capital
Research
17 Pages
Sparkline Capital argues investors can capture much of venture capital’s innovation premium with liquid public equities, and complement blockchain exposure with crypto tokens.
Portfolio Management
September 2022
Is Value Just an Interest Rate Bet?
AQR
Research
7 Pages
AQR argues the popular idea that value is simply an interest rate trade is mostly wrong.
Portfolio Management
August 2022
Why Fundamentals Matter
O’Shaughnessy Asset Management
Research
9 Pages
O’Shaughnessy Asset Management argues fundamentals reassert themselves when cheap money fades and narratives stop doing the heavy lifting.
Portfolio Management
August 2022
Alternative Thinking – New Rules of Diversification
AQR
Research
18 Pages
AQR looks at why 2022 felt like a “different kind” of recession risk, where inflation and tightening can pressure both stocks and bonds at once.
Portfolio Management
July 2022
Investing in Deflation, Inflation, and Stagflation Regimes
Robeco
Research
38 Pages
Robeco examines how stocks, bonds, and factor premiums behave across deflation, inflation, and stagflation regimes.
Portfolio Management
July 2022
The Stock/Bond Correlation
AQR
Research
18 Pages
AQR Capital Management explains why the stock and bond correlation may turn positive again and why that matters.
Portfolio Management
June 2022
Growth Traps Snap Shut: More portfolio pain to come?
GMO
Research
5 Pages
GMO explains what growth traps are and why they have been especially painful for investors recently.
Portfolio Management
June 2022
Conservative investing stands the test of time
Robeco
Research
6 Pages
Robeco explains conservative investing as “winning by losing less” and tests it using a US stock database stretching back to 1866.
Portfolio Management
June 2022
Who Need TIPS When You’ve Got Friends Like This?
GMO
Research
9 Pages
GMO argues that resource equities can still help protect portfolios from inflation even after a powerful commodity rally.
Portfolio Management
May 2022
Long-Only Value Investing: Does Size Matter?
Alpha Architect
Research
29 Pages
Alpha Architect studies how firm size affects the value premium when investors hold long only portfolios rather than academic long short factors.
Portfolio Management
May 2022
Investing in Innovation
Sparkline Capital
Research
17 Pages
Sparkline Capital builds a long history of innovation investing using patent data and natural language processing to track emerging technologies.
Pension Funds & Endowments
April 2022
Endowments Record Their Best Performance Since 1989
Pictet
Research
5 Pages
Pictet Wealth Management examines why US university endowments delivered their strongest results in decades.
Pension Funds & Endowments
April 2022
Endowment and Foundation Annual Newsletter
Meketa
Research
9 Pages
Meketa Investment Group reviews the extraordinary 2021 market environment and how it translated into outcomes for endowments and foundations.
Pension Funds & Endowments
April 2022
2021 NACUBO-TIAA Study of Endowments
Nacubo
Research
16 Pages
TIAA and NACUBO analyze how US college and university endowments invested and performed in fiscal 2021.
Portfolio Management
March 2020
Examining Share Repurchasing and the S&P Buyback Indices in the U.S. Market
S&P Global
Research
27 Pages
S&P Dow Jones Indices examines how share repurchases evolved into the dominant corporate payout method and how related indices behave.