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Anil Rao

Anil Rao
Executive Director, Equity Solutions Research

About the Contributor

Anil Rao is an Executive Director in the Equity Solutions Research team. He works with asset owners and managers on using MSCI indexes and analytics for portfolio management. Anil has an MBA from the University of California at Berkeley and an MS from Columbia University. He holds a BS from the University of California at Los Angeles. He is a CFA® Charterholder.

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Blog posts by Anil Rao

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  1. BLOG

    Value investing is down. But is it out? 

    Oct 23, 2019 Anil Rao , Abhishek Gupta

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    Value stocks generally underperformed the broad U.S. equity market over the past decade — just as they did in the late 1990s. What drove that underperformance? Was it consistent globally? Within U.S. sectors?

  2. BLOG

    Retire in Monte Carlo? Simulating retirement outcomes 

    Oct 11, 2019 Anil Rao

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    Despite global equity performance, U.S. DC plan participants may be ill prepared to meet retirement-spending needs. We assessed four equity-allocation scenarios, all following a common glidepath and bond allocation, to see which performed best.

  3. BLOG

    Same target, different destinations 

    Jul 31, 2019 Anil Rao

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    Target-date funds (TDFs) have gained wide adoption in U.S. defined-contribution plans over the last decade, aided by the proliferation of auto-enrollment features and the funds’ presentation as a “set it and forget it” approach.

  4. BLOG

    Game of Homes: Is winter coming for the domestic-equity bias? 

    Apr 30, 2019 Anil Rao , Raman Aylur Subramanian

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    Can we quantify home-bias risk in an allocation? And, what has happened when U.S. stocks ended previous multiyear runs of outperformance?

  5. BLOG

    Watching beta in volatile equity markets 

    Mar 12, 2019 Anil Rao

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    The U.S. equity market ended last year with a historic drawdown, and beta stood out as a driver of the market decline. But what happened when those losses starting reversing in early 2019?

  6. BLOG

    Evaluating Emerging-Market Stocks through a Governance Lens 

    Feb 21, 2019 Raina Oberoi , Anil Rao

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    Emerging-market stocks generally are perceived to have lower governance standards than their developed-market counterparts. Less transparency is one factor behind this view. Some emerging-market companies may also disadvantage minority shareholders. How can active and index-based investors address these issues?

  7. BLOG

    Beaten-down beta 

    Jan 3, 2019 Roman Kouzmenko , Anil Rao

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    U.S. and international equity markets fell sharply to close out 2018. The MSCI USA Index fell 15% in the fourth quarter alone. (It fell a total of 6% for the year.) As we previously examined, investors began rotating from cyclical sectors and factors to defensive ones in June. This pattern continued, in earnest, until October.

  8. BLOG

    Sector investing in China 

    Nov 14, 2018 Anil Rao

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    As the China A shares market has evolved, investors have faced new choices. They can continue with broad allocations to the emerging markets (EM), choose slightly narrower allocations to China and other specific EM countries or consider targeted investments within China through a variety of means.

  9. BLOG

    Weighty matters: Going beyond stock-picking 

    Aug 30, 2018 Anil Rao

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    Fundamental equity managers have traditionally looked for an edge using various strategies and approaches. Here we examine whether it historically has been possible to manage a fund’s risk exposures without disturbing the underlying investment process.

  10. BLOG

    Can investors win a U.S.-China trade war? 

    Jul 3, 2018 Anil Rao

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    With new tariffs in effect as of July 6, we investigate our earlier assertion that “while an expanded trade war could lead to a ‘lose-lose’ outcome, there could be greater impact for stocks in the U.S. Overall, they are more exposed to the Chinese economy than the other way around.”

  11. BLOG

    International small caps are alive and kicking 

    Jun 11, 2018 Anil Rao

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    Investors eager to write the obituary of the size premium might want to put down their pens. Small-cap stocks in developed markets outside the U.S. have been on a decade-long run of outpacing their large- and mid-cap counterparts.

  12. BLOG

    Understanding Factor Exposures When Markets Become Volatile 

    Feb 9, 2018 Anil Rao

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    How did different equity factors fare during the past week’s market turmoil? When markets are gyrating, it can be difficult to figure out just what is happening. Real-time data provides greater insight into market events as they unfold.

  13. BLOG

    Diverging emerging markets: global equity markets in 2017 

    Jan 12, 2018 Anil Rao

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    The emerging markets rally, the U.S. dollar’s depreciation and the resurgence of global growth were the top three drivers behind a double-digit rally in global equities last year. Stocks were led by the MSCI Emerging Markets Index’s 38% return. Developed markets, as represented by the MSCI World Index, returned 23% last year. As we enter 2018, investors will monitor whether these themes continue into the New Year.

  14. BLOG

    Using factors in international investing 

    Nov 8, 2017 Anil Rao

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    Over the last decade, asset owners have implemented factor investment programs with a focus on domestic markets. Increasingly, they are also funding equity factor programs in international markets. Two catalysts are driving this trend. First, there has been a steady erosion in asset owners’ home biases, leading to more passive and active international mandates. Second, investment committees and boards of trustees have become more comfortable with using factors as a complement to core passive and traditional active allocations.

  15. BLOG

    Fast-moving Markets: Revisiting the August 2007 Quant Crunch in Real Time 

    Aug 2, 2017 Anil Rao

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    When markets get volatile, stock prices can move very quickly in a short period. As we saw in the August 2007 “quant liquidity crunch”— now about to mark its 10-year anniversary — many quantitative equity managers could have benefitted from getting market insights in real time as they found themselves in crowded trades.

  16. BLOG

    Bridging the gap: Adding factors to passive and active allocations 

    May 2, 2017 Anil Rao

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    How can asset owners integrate an equity factor allocation into their existing roster of active managers? There is no one answer that suits all. The response may be different for each asset owner, depending on its investment beliefs, goals and risk tolerance.

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