Clear Portfolio Analytics & Communications

Portfolio Analysis

Case Study: A factor-based analysis of three US Large Value funds

Tuesday 8th August, 2017

Comparing Fundamental Active, Smart Alpha, and Smart Beta Funds with Objective Factors

Learn how factor-based analysis of funds can identify underlying – and often unexpected – differences in similarly labeled funds. In a previous Style Research article, Bernie Nelson discussed key criteria for an effective factor-based analytical framework. In this new case study, Bernie puts this approach into practice, analyzing three funds labeled “US Large Value.” A deeper, more detailed comparison using transparent factors reveals distinctions in stock diversification, sector exposures, and specific styles – and shows how these funds are more different than their descriptions would indicate.

Author: Style Research | Categories: Peer & Competitive Analysis, Portfolio Analysis

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Why You Need Factors to Comply with the DOL Fiduciary Rule

Monday 31st July, 2017

Style Research_Use Factors to Comply with DOL Fiduciary Rule

The DOL Fiduciary Rule adds pressure on asset managers and financial advisors already encumbered by increasing competition and ongoing regulatory change. That’s why factor-based analysis is so valuable. Analyzing funds based on individual factor exposures provides the level of insight, detail, and transparency that enables managers to respond not only to the new rule but to demonstrate greater product differentiation and deliver better customer service.

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Author: David Merrill | Categories: Peer & Competitive Analysis, Portfolio Analysis

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Style Guide: Emerging markets: Dimensional takes a different direction

Monday 17th July, 2017

Analysts delve deep into portfolio holdings to see what drives performance.

 

 

 

 

Dimensional Fund Advisors’ Emerging Markets Value Portfolio is among the largest mutual funds focused on developing economies, housing $18 billion. Emerging markets have traditionally been seen as an area where active managers have an advantage, given market inefficiencies and the risks involved. Read the Citywire article, including independent analysis and charts from Bernie Nelson of Style Research.

Author: Style Research | Categories: News, Portfolio Analysis, Updates

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FT Article: Asset management lies between brain surgery and estate agency

Thursday 6th July, 2017

Fund houses should differentiate themselves through philosophy and style, says John Kay

By John Kay
732 words
30 June 2017
Financial Times – FTfm (FT.com)

Copyright 2017 The Financial Times Ltd. All rights reserved.

The asset management sector in the UK is very competitive, but not very price competitive. This seeming paradox runs through the Financial Conduct Authority’s report on asset management, but is never adequately recognised or explained. But only by acknowledging it can regulators help to create an industry that works better for investors and for the economy as a whole.

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Author: Style Research | Categories: News, Portfolio Analysis

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FCA Asset Management Study – A recipe for success?

Friday 30th June, 2017

While the final FCA Asset Management Study came down hard on the industry in terms of fees and the need for clearer performance measurement, it may have missed a trick. End-investors need to know more about their managers’ performance than just the absolute returns; it’s the consistency and the style integrity of their portfolios that lies at the heart of measuring the overall merit of the investment approach.

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Author: Kirsten English | Categories: Insights, Portfolio Analysis

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The Brexit Effect: How Sectors and Factors Fared in UK Equity Funds

Tuesday 27th June, 2017

A year on from last June’s shock Brexit referendum result, negotiations have begun on the terms of Britain’s exit from the European Union. Shortly after the 2016 vote, we discussed the likely economic impact of Brexit, the investment factors anticipated to emerge most strongly, and how managers were positioned to respond. In this update, we review the past twelve months’ activity in three ways:

  • How has the UK market behaved – which sectors and factors performed best over the period?
  • How are domestic UK equity funds oriented, and how have they changed since last year?
  • Which funds performed best, and what drove their returns?

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Author: Peter Hopkins | Categories: Insights, Markets Analysis, Peer & Competitive Analysis, Portfolio Analysis

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Did that portfolio’s factor exposure make a difference this quarter?

Wednesday 5th April, 2017

This is the final article in a four-part blog series on a factor-centric approach to understanding performance, discussing market, peer group and, below, factor exposure for portfolio analysis.

Over the past few weeks we have been examining the opportunity to reveal deeper insights through analysis of independent, well-known factors. We are now armed with a clear understanding of how factors performed in the recent equities market. We have also determined which products within peer groups have benefitted most. So we’re well placed to dive deep into the details of a specific portfolio and factor exposure within that peer group. Ultimately, our objective is to obtain detailed insights as to the portfolio’s performance versus expectations given the recent market conditions.

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Author: Tom Idzal | Categories: Insights, Portfolio Analysis

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Building a Portfolio’s Story: The Catch-22

Wednesday 15th March, 2017

This is the first article in a four-part blog series on a factor-centric approach to understanding performance, discussing market, peer group and portfolio analysis.

As Q1-2017 draws to a close, the investment community is preparing for the upcoming performance review season. During these investment performance reviews, investors are seeking objective and comprehensible stories that ultimately serve to either shake or strengthen their investment manager relationships. However, performance reviews are not solely about measuring performance to the third basis point. Investors are also incorporating context and perspectives about what has happened in various geographic markets and how that led to specific classes or peer groups having outperformed. Performance review season is ultimately about creating, delivering and gaining confidence around a story. It is a complex process and, unfortunately, today there exists a widespread problem.

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Author: Tom Idzal | Categories: Insights, Markets Analysis, Peer & Competitive Analysis, Portfolio Analysis

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