When factors have historically become crowded, they’ve often experienced significant drawdowns in subsequent months. Which factors were relatively crowded at the end of 2018 — and how did they perform in the first half of 2019?

Empirical duration data can be used to check whether models for mortgage-backed securities are accurately measuring interest-rate risk.

Office and retail investments’ historic dominance of commercial real estate portfolios is decreasing, with other property types — including logistics centers, student housing, and data centers — increasing. This evolution highlights how technology and the search for yield have led investors to diversify and seek exposure to other property types.

Risk managers remain focused on liquidity risk, as the 2008 financial crisis showed how liquidity can deteriorate quickly. But could investors underestimate their risk by looking solely at changes in bid-ask spreads and overlooking market impact?

It may be time to move beyond traditional explanations for risk and return differences between target-date funds with the same target retirement date.

Has global diversification or home bias helped reduce risk in the fixed-income portfolios of defined-benefit pension plans? We analyzed more than a decade of data to gauge the risks of domestic-only and globally diversified bond portfolios.