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Raman Aylur Subramanian

Raman Aylur Subramanian
Managing Director, MSCI Research

About the Contributor

Raman Aylur Subramanian leads MSCI’s solutions research, which focuses on strategic and client-directed research and designs, develops and delivers services and products for clients. He has been at MSCI since 1999 and specialized over the years in index construction and asset allocation. Raman is a member of MSCI’s committees for equity and fixed-income indexes. Before joining MSCI, he worked in the Indian petroleum industry, where he worked on sales and product management. Raman holds a Bachelor of Technology degree in petroleum engineering from the Indian Institute of Technology, a Master of Business Administration from Anna University and a master’s degree in international management from the Thunderbird School of Global Management. Additionally, he is a CFA charterholder®.

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Blog posts by Raman Aylur Subramanian


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  1. BLOG

    Innovation Remix: Adding Thematics to Equity Programs 

    Apr 14, 2021 Anil Rao , Raman Aylur Subramanian

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    How can investors incorporate transformative, but volatile thematic investments while seeking to control for valuation and total and active risk? We examine three approaches that improved a portfolio’s “innovation profile” with modest changes to risk.

  2. 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?

  3. BLOG

    ESG investing is here to stay 

    Feb 12, 2019 Diana Tidd , Raman Aylur Subramanian

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    Historically, environmental, social and governance (ESG) investing was about excluding stocks of undesirable companies from portfolios — often because they violated one’s sense of ethics or values. ESG investing has since expanded to include consideration of ESG criteria alongside financial ones. ESG is growing in importance among institutional, wealth and retail investors. In recent years, institutional and high-net-worth investors’ adoption of ESG, along with the subsequent growth in ESG assets under management, has accelerated.

  4. BLOG

    Does Turkey offer lessons for managing emerging-market currency volatility? 

    Aug 15, 2018 Raman Aylur Subramanian

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    The recent 40% drop in the Turkish lira is part of a long-term trend of rising emerging-market currency volatility. Typically, investors do not hedge this exposure. Is it time to reconsider this approach?

  5. BLOG

    Time to Rethink Emerging-Markets Allocations? 

    Feb 23, 2017 Raman Aylur Subramanian

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    Over the last five years, the risk and return profile of emerging markets has started to resemble that of developed markets. That leaves many large asset owners to ask how to structure mandates to take advantage of the variation in the behavior of emerging markets.

  6. BLOG

    Return of the cyclicals 

    Jan 19, 2017 Raman Aylur Subramanian

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    U.S. equity investors in 2016 experienced a roller coaster ride. The U.K.’s vote to leave the European Union and the U.S. presidential election each resulted in sharp market moves. Together, the two events contributed to a shift in the underlying fabric of equity markets starting in the second half of the year.

  7. BLOG

    What do factors tell us about regime change in U.S. stocks following the election? 

    Dec 2, 2016 Raman Aylur Subramanian

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    Pro-cyclical factors are in, defensive factors are out. That, in a nutshell, describes how the U.S. equity market has responded to the presidential election.

  8. BLOG

    How pure is your value? 

    Oct 25, 2016 Raman Aylur Subramanian

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    Among the reasons that value firms sell at a discount to their intrinsic worth is that they tend to be more sensitive to shocks in gross domestic product compared with their growth counterparts. That may occur because of leverage, deployments of capital, risk-taking or something else that constrains value firms' abiliity to adapt to macroeconomic stresses.

  9. BLOG

    What a Fed rate hike may mean for U.S. equity portfolios 

    Sep 28, 2016 Raman Aylur Subramanian

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    With the U.S. Federal Reserve expected to raise interest rates before the end of the year, institutional investors are focused on how an increase may impact their portfolios, including how different equity style and industry factors perform in different interest-rate regimes.

  10. BLOG

    Insight into the emerging markets rally 

    Sep 27, 2016 Raman Aylur Subramanian

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    Apart from a recent swoon spurred by fears that the U.S. Federal Reserve could raise rates, it has been a summer of love for investment in emerging markets.

  11. BLOG

    How to think bigger about small cap investing 

    Jul 15, 2016 Raman Aylur Subramanian

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    Investors who allocate to small-cap stocks can use either a benchmark weighted according to the market value of companies that constitute it or indexes that track the performance of factors such as size. But all small-cap indexes are not the same.

  12. BLOG

    Thinking broadly about emerging markets 

    Apr 18, 2016 Raman Aylur Subramanian

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    Emerging-market equities revived in the first quarter after a rather dismal performance over the past five years. The pickup has left investors to wonder whether the gains might continue and to think anew about how to approach the segment.

  13. BLOG


    Jul 9, 2015 Raman Aylur Subramanian

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    Despite agreement on the principles of value investing, the investment community uses a number of different metrics to describe the value factor. Each metric (or descriptor) has its own advantages and pitfalls.

  14. BLOG


    May 15, 2015 Raman Aylur Subramanian

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    U.S. cap-weighted, small-cap benchmarks have historically displayed structural biases that affect performance. For example, small-cap indexes have sector, revenue and style tilts compared to the broad U.S. market.

  15. BLOG


    Dec 9, 2014 Raman Aylur Subramanian

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    Many institutional investors recognize that their reference universe should include large-, mid- and small-cap equities and that smaller companies should earn a risk premium over larger ones. In practice, however, many of these investors - particularly in Europe and Asia - underweight the small-cap segment.

  16. BLOG


    Nov 24, 2014 Raman Aylur Subramanian

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    Investors have long debated the benefits of active versus passive investing. There are institutional investors with strong convictions in each camp, but many have become increasingly pragmatic, combining active and passive mandates in pursuit of the best risk-adjusted return.

  17. BLOG


    Nov 3, 2014 Raman Aylur Subramanian

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    Factor indexes historically have generated premia in developed markets. Now, as global markets have become more correlated, investors are starting to seek additional sources of returns within emerging markets.

  18. BLOG


    Nov 3, 2014 Raman Aylur Subramanian

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    Equity factor investing aims to capture exposures to different equity risk premia. Factor modeling and factor investing are rooted in the Capital Asset Pricing Model (CAPM) dating from the mid-1960s, Arbitrage Pricing Theory from the 1970s and Fama and French’s three-factor model from the 1990s.