Laszlo Hollo is a Vice President in the Risk Management and Liquidity Core Research team based in Budapest. He is responsible for transaction cost modelling and liquidity-related regulation. Laszlo joined MSCI’s pricing research team in 2016 and transferred to the liquidity research area in 2017. Prior to joining MSCI, he was a junior researcher at École normale supérieure and the Wigner Research Institute Centre for Physics. Laszlo holds a master’s degree in Physics and a PhD in Theoretical Physics, summa cum laude.
Research and Insights
Articles by Laszlo Hollo
Householding: One Client, Many AccountsResearch Report | Dec 7, 2023 |
Householding applies one target asset allocation across all family assets and manages them holistically for the highest practicable after-tax return. We compare the outcomes of two use cases for householding vs. a single-portfolio approach.
Measuring Tax AlphaResearch Report | Oct 27, 2023 |
The concept of tax alpha can help a wealth manager explain a client’s after-tax performance. We propose two frameworks to provide transparency around the after-tax attribution calculation used to measure tax alpha.
What Would the SEC’s Liquidity Proposal Mean for Equity Funds?5 mins read Blog | Jan 27, 2023 |
The SEC recently proposed amendments to the liquidity classification of open-end investment funds, aimed at standardizing reporting practices. But under the proposed approach, many large equity funds could exceed regulatory limits.
SEC Liquidity Proposal: A Better Warning Signal?2 mins read Quick Take | Dec 5, 2022 |
The Securities and Exchange Commission’s proposed liquidity-rule amendments aim to better prepare open-end investment funds for stressed conditions. But could the plan also produce unintended, counterintuitive results during volatile periods?
What Can Liquidity Tell Us About ETF Prices?5 mins read Blog | Jul 9, 2021 |
As thematic equity ETFs have grown in popularity, concerns have been raised about their liquidity — especially when an ETF holds a large fraction of a constituent’s shares. How can ETF investors get a handle on this risk?
Are Fixed Income Markets Still Thirsting for Liquidity?Podcast | Apr 23, 2020 |
Laszlo Hollo, who works on MSCI’s risk management and liquidity core research team, details how sudden and powerful shocks to the system in March led to decreased liquidity across asset classes -- including investment-grade and high yield bonds, and even caused uncertainty for U.S. Treasurys. Liquidity has improved since then. Have markets simply caught their breath? Or have actions taken by the Federal Reserve, the Bank of England and other central banks improved the situation.
Is there another Woodford waiting to happen?Blog | Jul 11, 2019 |
When the Woodford Equity Income Fund suspended redemptions on June 3, 2019, it showed how, when a fund’s liquidity profile is misaligned with its shareholder profile and redemption constraints, a single large redemption request can trigger gating.