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    Effective as of  17 January 2014

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Constructive thinking on active allocations

Gregg Thomas, CFA; Kent Stahl, CFA; Matt Kyller, CFA

Reinventing the core: Alpha opportunities in an evolving market efficiency landscape

Our Fundamental Factor Team shares a framework for evaluating market efficiency and its impact on active management and asset allocation decisions. Drawing on the framework, they discuss ways in which...

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Jeff Heuer, CFA; Mike Bacevich; David Marshak

Taking an “active” interest in bank loans

We have a positive outlook for bank loans, based on a strong macroeconomic environment and solid corporate fundamentals. Bank loans generate meaningful income and have tended to exhibit lower volatility...

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Adam Berger, CFA

Narrowing the return gap: 10 steps in the right direction

Many investors are stuck between relatively high return targets and stubbornly low market return expectations. While no single “bridge” will get investors where they need to go, we think this...

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Adam Berger, CFA

EM evolution: New paths in portfolio construction

Given major market and economic changes over the past decade, it may be time to rethink EM equity and debt exposures. In this paper, we lay out simple frameworks investors...

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Adam Berger, CFA

Investment Stepping Stones

Institutional investors’ return targets remain relatively high, yet long-term return expectations for the capital markets are stubbornly low. We offer an overview of this return-gap challenge and our proposed solutions...

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Mark Lynch, Brian Garvey, Saul Henry, CFA

Evolve your tactical asset allocation by redefining TAA

We could be in exactly the type of market environment that is conducive for asset allocation strategies, and the performance and diversification benefits they offer. The key to successful TAA...

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Andrew Heiskell

Long/short investing in financials: Tapping into an industry renaissance

The prospective unwinding of post-crisis policy accommodation by central banks and a more sensible approach to regulation and corporate tax policy in the US suggest a fertile environment for long/short...

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Adam Berger, CFA

An index isn’t a fiduciary — and six other concerns about the push for passive

We offer a framework for investors grappling with the role of active and passive strategies, taking into account key decision points such as the “zero-sum” argument for passive, the role...

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Mark Whitaker, CFA

Insiders out: Why index owners may be getting less of the “good stuff”

Because free-float weighted indexes underrepresent companies with high insider ownership, index owners may end up with less exposure to great businesses than they realize.

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Evan Hornbuckle

The consumer sector: Tailor-made for beta-neutral long/short investing

Over the long term, there has been significant dispersion in returns of consumer stocks, driven by fundamentals and structural changes in the sector. At the same time, short periods of...

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Michael Taylor

Making fixed income work harder

In today’s market environment, we believe that strategies focused on achieving specific outcomes are better suited to meeting investor goals than traditional approaches based on broad market indexes. In this...

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Brian Garvey, Brij Khurana

Maximizing total return in fixed income: The three key ingredients

A framework that combines long-term strategic themes, market-neutral approaches, and tactical positions can be well positioned for generating returns in today’s challenging bond markets .

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Nanette Abuhoff Jacobson, Jeff Sinder, CFA

Correlation and dispersion: Return of the stock picker’s market?

We’ve seen early signs of a more fertile environment for skilled equity managers. In this paper, we consider these trends and some of the conditions that could help them endure.

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Chris Perret, CFA, Paul Skinner

The renewed case for absolute return fixed income: From challenges to opportunities

We examine the challenges faced by absolute return strategies, and share evidence suggesting a transition to an environment that will once again put these strategies in a strong position to...

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Chris Goolgasian, CFA, CPA, CAIA

Accepting market returns: Risky business for defined contribution plans?

Low expected capital market returns call into question the adequacy of index-tracking passive investments alone to help participants become retirement-ready. As co-fiduciaries, we believe that plan sponsors, consultants, and managers...

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Robert Gelwick, CFA

Downside risk management: Theory in practice

We think investors should cast a wider net and consider a more diverse set of styles and techniques to mitigate downside risk. The strategies highlighted in this paper may help.

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Matthew Scales, CFA

Equity long/short funds: Are the good times gone or does skill still matter?

In this paper, we assess the recent track record of equity long/short funds and the factors that have contributed to performance disappointments. We believe a number of these factors are...

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Nanette Abuhoff Jacobson; Michael Miller

Six reasons to stay active in fixed income

Active strategies have often outperformed passive approaches in many parts of the fixed income market, and may better align an investor’s objectives with risks in five key areas: debt, duration,...

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