It is rare for investment managers to write about investment management fees. Like the artist who struggles to describe his ceramic pot in monetary terms, high quality investment managers prefer to build portfolios that deliver client objectives while leaving fees to their business colleagues. Investment management services are typically charged for by one of two… Read more »
The sport of cycling has, since James Moore won a 1,200-meter race in 1868 at the Parc de Saint-Cloud, been dogged by the willingness of riders and their minders to administer stimulants or other medical products to gain an advantage.
While investment manager returns can be observed on an ex poste basis, the more important question is whether managers with a high probability of success can be observed on an ex ante basis.
The investment world can be split into many camps, but, in discussions of risk, owners and custodians of capital, their agents, academics, analysts and journeymen pitch their tents firmly in one of two camps.
When the owner of capital engages the services of professionals to manage that capital,
The growth of passive investment strategies has been supported by a narrative that active management should be shunned in favour of the passive approaches which have disrupted the investment management landscape.
The hunt for income continued in 2015. Equity income investors who were drawn to the energy and materials sectors faced the headwind of commodity price declines.
Share buybacks, or the repurchase of shares by listed companies is a popular use of listed companies’ cash.
“Do you know the only thing that gives me pleasure? It’s to see my dividends coming in.” – John D. Rockefeller
At Cerno Capital, we believe in a) the ability of some managers to outperform and b) our ability to identify them.
On the 10th of June Cerno Capital hosted a round table discussion with Douglas Brodie,
Within global equity markets, April saw value style indices outperform growth style indices.
Through the first 8 years of the noughties, global healthcare stocks were notable underperformers.
In short, not much. Like any attempt to reduce a complex process to a digit, it fails as an investment assessment tool. “Active Share” is the number you get when you sum the difference between the weight of a stock in a portfolio and the weight of that stock in an appropriate benchmark for all… Read more »
I recently met Colin. He has the longest unbroken track record in the UK Equity Income sector. We did not talk about his Income fund; instead, we talked about his Blue Chip Equity Fund, which, notwithstanding a long track record has seen assets dwindle as investors joined the passive bandwagon – predominantly through Exchange Traded… Read more »
Typing “Smart Beta” into Google yields sixty-four million hits. Close to the top of the list is the headline “Smart Beta – The Investing Buzzword that Won’t – and Needn’t – Die”. For every advocate there is a cynic such as GMO’s James Montier who coined the equation “Smart Beta = Dumb Beta + Smart… Read more »
Friday, September 26th 2014 will be etched into the memory of followers of investment management companies and fixed income investors alike. Shortly after lunchtime, when London based manager researchers and consultants were probably settling down to an afternoon of email inbox and desk tidying, Janus Capital announced the recruitment of William “Bill” H Gross. Indeed,… Read more »
Clifford Asness is the founding principal of AQR Capital Management. AQR is a US based, SEC registered investment advisor with approximately US$98bn under management in asset allocation and stock selection strategies which are mostly quantitatively implemented. Asness is a regular contributor to the Financial Analysts Journal and a deep thinking investor. In the latest copy… Read more »
Emerging equity markets enjoyed a decade of relative outperformance over developed equity markets up to 2010. Since then, emerging equity markets have underperformed. Headline valuations suggest emerging value in emerging equity markets. However we doubt whether the time is propitious and we remain cautious. Furthermore, the emerging equity universe should not be treated as a… Read more »
The UK government is to sell the 500-year-old Royal Mail. Veteran dealmaker James Leigh-Pemberton is to take on the helm of UK Financial Investments with its holding in Lloyds in his sights. Will the sale of Royal Mail come with a “Busby” or “Tell Sid” campaign familiar to those who lived through the BT and… Read more »
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