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Raina Oberoi

Raina Oberoi

Managing Director, MSCI Research

Raina Oberoi heads the Index Solutions research team for the Americas. She conducts research and assists institutional clients on their investment decisions with respect to MSCI products. Previously, she was an index trading strategist at Morgan Stanley. Raina has a B.S. in Finance and an MBA from Columbia Business School. She is also a Trustee for the Oliver Scholars Program.

Research and Insights

Articles by Raina Oberoi

    Globalization Gets Another Jolt

    2 mins read Quick Take | Mar 2, 2022 | Peter Zangari

    The Russian invasion of Ukraine is another reminder that geopolitics play an outsized role in determining economic relations between countries.

    Latin American Equity Markets: The Lay of the Land

    6 mins read Blog | Feb 16, 2022 | Raina Oberoi , Román Mendoza

    How is Latin America different from other emerging markets? We analyze the influence of foreign direct investment; market performance; exposure to sectors and thematic investments; ESG and climate risks and opportunities and corporate-ownership structures. 

    Are Your Clients Ready for US Tax Day?

    6 mins read Blog | May 10, 2021 | Raina Oberoi , Yuliya Plyakha Ferenc , Joseph Wickremasinghe , Paulina Serrano

    Given the complexity of U.S. tax regulation, wealth advisers continue to grapple with how to build tax-efficient portfolios while balancing clients’ other objectives. We propose a rules-based way of doing so and analyze its benefits and trade-offs.

    Can diversification help weather the coronavirus storm?

    Blog | Apr 16, 2020 | Raina Oberoi , Abhishek Gupta , Jean-Maurice Ladure

    Whether investors include a tactical approach or invest strategically for the long term, diversifying across factors, sectors and geographies has historically played an important role in portfolio construction. 

    Quantifying ESG fund performance

    Blog | Apr 6, 2020 | Guillermo Cano , Raina Oberoi

    One challenge facing investors is how to quantify the impact ESG has had on their investment process. We analyzed top ESG funds to better understand the contribution of the ESG factor to their performance.

    Evaluating Emerging-Market Stocks through a Governance Lens

    Blog | Feb 21, 2019 | Anil Rao , Raina Oberoi

    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?

    What Fed monetary policy has meant for factors

    Blog | Feb 6, 2019 | Abhishek Gupta , Raina Oberoi

    As interest rates in the U.S. started increasing in late 2015, many investors expressed concerns over the impact that rising rates could have on their investments. However, the tone of the U.S. Federal Reserve (the Fed) shifted from “we’re a long way from neutral” in October last year to a more accommodative stance of “we will be patient” early this year, re-emphasizing that expression at the January 2019 Federal Open Market Committee meeting.

    Evaluating Opportunities in Active Management

    Research Report | May 17, 2018 | Abhishek Gupta , Subramanian Aylur , Raina Oberoi

    Despite institutional investors, globally, continuing to allocate funds to indexed strategies, active management remains attractive across various products and geographies. The ability to select skilled managers in opportune markets who can add value beyond a indexed investment tracking an index, may justify the case for active implementation. We analyze different segments of the equity markets to find the intersection of those that have provided the greatest opportunity and where managers...

    Why are Small Caps Different?

    Blog | Sep 18, 2017 | Raina Oberoi

    A lot has been written about the persistence of the global small-cap premium. But what, apart from size, distinguishes small-cap stocks from their large- and mid-cap counterparts, and how can these distinctions help institutional investors?

    Global small-cap fund capacity: no small matter

    Blog | Jun 15, 2017 | Raina Oberoi

    In recent years, pension funds around the world increasingly have shed their home bias and made global small-cap allocations.

    Why global small-cap stocks are becoming an important part of institutional portfolios

    Blog | Mar 16, 2017 | Raina Oberoi

    Institutional investors worldwide traditionally have tended to focus on the stocks of larger companies, finding them less risky, more liquid and offering greater investment capacity than small-cap stocks. But asset owners and managers increasingly are allocating strategically to the small-cap equity segment as part of their global equity portfolios i.e., via an “all-cap” approach.

    Understanding Factor Investing

    Research Report | Mar 30, 2016 | Raina Oberoi , Subramanian Aylur , Lokesh Mrig , Anil Rao

    The size premium has been widely used in asset allocation and in risk models for decades. However, some academics and practitioners have contested the validity of the size premium. They argue: 1) the size premium has disappeared in the last 20 years and no longer exists; 2) the size premium exists only in the United States and not in other markets; 3) the size premium disappears after filtering out smaller stocks for investability. In this paper, we refute these claims and examine ways of...

    "Factoring" in the Emerging Markets Premium - November 2014

    Research Report | Nov 5, 2014 | Philippe Durand , Raina Oberoi , Subramanian Aylur , Anil Rao

    Factor investing has become increasingly popular in developed markets. In this paper, we show that they have worked in emerging markets as well. All six MSCI Emerging Markets Factor Indexes outperformed the parent index over a 15-year plus period, based on simulations. Investors seeking premia in addition to broad EM beta can explore factor index investing via this index series. Active EM managers can also benefit from these tools. Traditionally, they have mainly harvested EM beta, along with...