White Papers Subscribe to this section

Smart(er) Beta? Part 1 of a Series on Multifactor Smart Beta ETFs

Is it alpha or is it beta? Is it smart beta, or is it dumb? Can it be timed, or is that dumb? Is a crash looming? The questions fueling “smart beta” debates carry on, but that hasn’t stopped a number of providers from launching a “smarter” product – and from picking up assets as […]

Read more

Hexit: Is Now the Time to Pull Out of Hedge Funds?

As the trickle of announcements about institutional investors exiting hedge funds became a steady stream, MPI decided to explore whether performance really justified an apparent growing disillusionment. Whereas much analysis and commentary to date had focused on the recent failure of hedge funds to beat the S&P 500 and other equity benchmarks, in our research […]

Read more

Examining Recent Winners and Losers in the Nontraditional Bond Fund Category

The recent investment climate has been a challenging one for nontraditional bond funds, strategies that generally trade rate risk for credit risk. Confounding the chorus calling for the end of the 35-year bond bull market, U.S. Treasurys have rallied, credit spreads have widened and emerging market debt has faced heavy selling pressure. Due to market […]

Read more

A Peril of Hedge Fund Allocation: Investing Too Little

Following the news of CalPERS’ termination of its ARS program and at the request of Risk Magazine, we looked at the relationship between scale, selection and impact on total portfolio returns that hedge fund allocations can possibly have at large pensions. To perform this study, we base our hypothetical pension portfolio off of CalPERS’ portfolio. […]

Read more

Too Heterogeneous to Handle? The Case for Careful Analysis of Nontraditional Bond Funds

As the end of the 30 year bond bull market begrudgingly gives over to the consensus-expected rate rise, investors’ persistent worries about the impacts of falling bond prices on their portfolios have provided great opportunity for asset managers to aggressively market and/or launch “nontraditional bond” funds. Unlike core or intermediate term bond funds, which typically […]

Read more