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Raina Oberoi

Raina Oberoi
Managing Director, MSCI Research

About the Contributor

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.

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Contributions by Raina Oberoi

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  1. BLOG

    Can diversification help weather the coronavirus storm? 

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

    Emerging Markets , Factor Indexes , Factor Investing , Factors , Global Investing

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    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. 

  2. BLOG

    Quantifying ESG fund performance 

    Apr 6, 2020 Guillermo Cano , Raina Oberoi

    ESG Research , Factors

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    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.

  3. BLOG

    Evaluating Emerging-Market Stocks through a Governance Lens 

    Feb 21, 2019 Anil Rao , Raina Oberoi

    Equity Themes , Emerging Markets , Global Investing

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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?

  4. BLOG

    What Fed monetary policy has meant for factors 

    Feb 6, 2019 Abhishek Gupta , Raina Oberoi

    Factors , Factor Research Group , Factor Investing

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    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.

  5. 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 have delivered persistent outperformance. ©2019 Pageant Media. Republished with permission of IPR Journal, from “Evaluating Opportunities in Active Management.” Abhishek Gupta, Raina Oberoi, and Raman Aylur Subramanian. Vol. 29, No. 1, 2019.

  6. BLOG

    Why Are Small Caps Different? 

    Sep 18, 2017 Raina Oberoi

    Global Investing , Factor Investing

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    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?

  7. BLOG

    Global small-cap fund capacity: no small matter 

    Jun 15, 2017 Raina Oberoi

    Global Investing , Factor Investing

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

  8. BLOG

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

    Mar 16, 2017 Raina Oberoi

    Global Investing , Factor Investing

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    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.

  9. 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 implementing the size premium. Notably, there is a “sweet spot” along the all-cap spectrum that can be used in constructing “smarter” size-based portfolios.

  10. PAPER

    Research Insight - "Factoring" in the Emerging Markets Premium - November 2014 

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

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    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 Dividend Yield, Earnings Yield and Momentum factors. In the future, they might look to other factor indexes in their portfolio construction process.

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