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Peter Shepard

Peter Shepard
Managing Director, MSCI Research

About the Contributor

Peter Shepard is Head of Fixed Income, Multi-Asset Class and Private Asset Research at MSCI. His team is responsible for the research underpinning MSCI’s multi-asset class RiskManager and BarraOne platforms, and MSCI Real Estate. Peter holds a doctorate in theoretical physics from the University of California at Berkeley, where he researched string theory and the quantum theory of gravity. He has publications in theoretical physics and finance. Peter also holds a Bachelor’s degree in physics and mathematics from Brown University, and sits on the Board of Directors of Burgiss.

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Blog posts by Peter Shepard


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  1. BLOG

    Did hedging tail risk pay off? 

    Apr 27, 2020 Peter Shepard , John Burke

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    Investors taking stock of the coronavirus fallout and recent market volatility have begun exploring tail-risk-hedging strategies as a way to protect against further drawdowns. What are the potential costs and benefits of hedging against tail risk?

  2. BLOG

    The end of an era for the bond-equity relationship? 

    Mar 31, 2020 Chenlu Zhou , Peter Shepard

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    Stock and bond prices dropped together during the recent coronavirus sell-off, leading to fears that U.S. Treasurys were no longer the safe haven they had been in previous crises. Did it mark the end of an era of flight to quality?

  3. BLOG

    ‘Nowcasting’ private equity in the coronavirus crisis 

    Mar 26, 2020 Peter Shepard , Yang Liu

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    What may be happening to the value of portfolios of private assets during the COVID-19 crisis? We used MSCI’s private-equity model, which integrates data on private assets from our partner Burgiss, to try to shed some light.

  4. BLOG

    What scenarios has the US equity market priced in? 

    Mar 13, 2020 Peter Shepard , Andrea Amato , Chenlu Zhou

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    With the outbreak of the COVID-19 pandemic, the U.S. equity market turned sharply downward. We performed a reverse stress test considering various scenarios that potentially explain current valuations.

  5. BLOG

    Are rates and equities losing their balance? 

    Sep 16, 2019 Peter Shepard

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    For most of the past two decades, a benevolent relationship between bonds and equity has prevailed as a central pillar of asset allocation. Falling equity markets consistently coincided with falling interest rates, providing an effective hedge between bond and equity allocations. Now, talk of weaker central-bank policy or a risk of deflation has many asset allocators focused on the future of the rates-equity correlation. 

  6. BLOG

    Factor investing goes multi-asset class 

    Dec 11, 2018 Peter Shepard

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    Factor investing is now going multi-asset class: to factor-based asset allocation and systematic strategy factors that push beyond equity selection.

  7. BLOG

    Managing Fixed-Income Risk in Turbulent Times 

    Jun 7, 2017 Peter Shepard

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    Fixed-income markets have weathered a series of financial crises since 2008, forcing institutional investors to discard old assumptions and seek a risk management framework suited to the new, ever changing environment.

  8. BLOG

    The Search for Yield: Leveraged Loans vs. High-Yield Bonds as Interest Rates Rise 

    Jan 19, 2017 Peter Shepard

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    The low interest rate environment continues to send institutional investors on a search for yield. But with the Federal Reserve signaling an increased pace of tightening in 2017, many are reducing interest rate exposure and seeking higher yields in credit instruments.

  9. BLOG


    Oct 1, 2015 Peter Shepard

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    As investors shift toward global, multi-asset class strategies from narrower mandates, the number of dimensions to manage is rapidly increasing. This complexity requires seeing both the forest and the trees. Investors need a multi-asset class view of the markets, but they also need to understand the unique drivers of risk and return within each market.

  10. BLOG


    Sep 15, 2015 Peter Shepard

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    Private real estate and other real assets have become a major component of many institutional investors’ portfolios in recent years, but risk management has lagged. A wide range of proxies and assumptions have stood in place of a solid risk management framework, with perhaps the most common risk model being … nothing.

  11. BLOG

    There is More Than Equity in Private Equity 

    Jun 29, 2015 Peter Shepard

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    Private equity is both “private” and “equity.” The valuations look smooth from quarter to quarter, but in the long run, private equity shows a strong relationship with equity and is exposed to many of the same systematic factors that drive traditional assets.

  12. BLOG


    Jun 16, 2015 Peter Shepard

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    Many institutional investors have been favoring private real estate over bonds, drawn by its steady income stream and higher yields. While the short-term income may be bond-like, the long-run behavior of the asset class is much more cyclical and growth-sensitive.