Is the recent outperformance of growth strategies consistent with long-term results? The answer depends on what you mean by growth strategy.

The explosion in alternative data has been a blessing and a curse to investment managers. We have identified one source that provided unique and uncorrelated information when added to analysis of traditional factors and other measures of sentiment.

For most of the past two decades, a benevolent relationship between bonds and equities has provided a hedge for asset allocators. We used our macroeconomic model to examine whether this risk protection could disappear in a secular shift.

The U.S. price momentum factor, which we highlighted for elevated crowding scores and vulnerability to negative performance at the end of June, suffered sizable drawdowns in the first seven trading days of September.

Low-volatility indexes have been attractive to some investors, especially in times of market uncertainty and heightened volatility. We investigate the possibility of incorporating the defensive characteristics of the MSCI Minimum Volatility Indexes into the construction of other factor indexes with the aim of achieving the highest “factor exposure-to-risk ratio.”

Despite the Fed’s silence on the matter, the MBS market may be indicating that a new round of QE is coming.