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Rohit Mendiratta

Rohit Mendiratta
Senior Associate, MSCI Research

About the Contributor

Rohit Mendiratta is a Senior Associate in the Data Science Research team, which analyzes alternative data sets to solve investment problems. Previously, he worked as a Quantitative Analyst at Thomas White International and also worked at Fractal Analytics. Rohit has a B. Tech. in Chemical Engineering from the Indian Institute of Technology (IIT) Delhi. He is a CFA charterholder and Certified FRM.

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Contributions by Rohit Mendiratta

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  1. BLOG

    How Are High-ESG-Rated Bond Portfolios Distinct? 

    Feb 5, 2021 Rohit Mendiratta , Hitendra D Varsani , Guido Giese , Hitendra Varsani

    Fixed Income , Risk Management , ESG Research

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    ESG investing makes up an increasingly large footprint in equity portfolios, but ESG integration in bond portfolios is still in its early days. We examine the characteristics that make high-ESG-rated corporate-bond portfolios distinct.

  2. BLOG

    What ESG Ratings Tell Us About Corporate Bonds 

    Nov 11, 2020 Rohit Mendiratta , Hitendra D Varsani , Guido Giese , Hitendra Varsani

    ESG Research , Risk Management

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    How did incorporating ESG factors affect the performance of corporate-bond portfolios? Did ESG add insights beyond credit ratings? How did ESG impact risk and performance of investment-grade and high-yield bonds? Short-dated versus long-dated bonds?

  3. PAPER

    Foundations of ESG Investing in Corporate Bonds 

    Nov 11, 2020 Guido Giese , Hitendra Varsani , Rohit Mendiratta

    Risk Management

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    Environmental, social, and governance (ESG) investing is a very broad field with many different investment approaches addressing various investment objectives across asset classes. While there are many studies relating to ESG in equities, the risk assessment of ESG considerations within fixed income may be equally if not more important. Bonds have limited upside, but in a negative scenario, investors can potentially lose all their invested capital. At a top level, we can break down ESG investing into three main areas that each has its own investment objective (Exhibit 1): first, ESG incorporation, in which the key objective is to improve the risk-return characteristics of a portfolio; second, values-based investing, in which investors seek to align their portfolio with their norms and beliefs; and third, impact investing, in which investors want to use their capital to trigger change for social or environmental purposes — for example, to accelerate the decarbonization of the economy. In this paper, we focus on the first investment objective — ESG as a means to achieve

  4. COVID-19 has had a profound impact on how companies manage cash flows and liquidity. Bond investors face the possibility of increased leverage, rating downgrades and defaults. Can factors and ESG metrics shed light on these risks?

  5. BLOG

    Factors in Focus: How Trendy Is Your Style Factor? 

    Jul 6, 2020 Rohit Mendiratta , Hitendra D Varsani , Waman Virgaonkar , Hitendra Varsani

    Factor Investing , Risk Management

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    As markets rallied worldwide, investors took on high-beta exposure and rotated away from stocks with lower risk. The latest edition of Factors in Focus explores the details.

  6. BLOG

    Using Derivatives to Manage Volatile Markets 

    May 4, 2020 Rohit Mendiratta , Hitendra D Varsani , Hitendra Varsani

    Emerging Markets , Global Investing , Risk Management

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    We’ve previously noted growth in derivatives contracts to manage emerging-markets exposure in normal and stressed times. Now, facing a real-world stress test, how did investors use these tools? How have implied volatilities and option premium changed?

  7. BLOG

    Corporate-bond performance by factors and ESG 

    Apr 14, 2020 Rohit Mendiratta , Hitendra D Varsani , Hitendra Varsani

    ESG Research , Factor Indexes , Fixed Income , Risk Management

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    The volatility seen in equity markets was also present among investment-grade corporate bonds,. We use factors and ESG ratings to dissect these bonds’ performance over Q1 2020.

  8. BLOG

    Factors in Focus: Risk sentiment and factor dynamics in a crisis 

    Apr 2, 2020 Rohit Mendiratta , Hitendra D Varsani , Waman Virgaonkar , Hitendra Varsani

    Factor Indexes , Factor Investing , Factors , Fixed Income

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    We analyzed the market effects from COVID-19 and a Saudi Arabia/Russia oil-price war. We also examined – for the first time – credit factor performance. How did the quarter play out? What did our adaptive multi-factor model show as it ended?

  9. BLOG

    Did corporate-credit factors offer a risk-return edge? 

    Jan 24, 2020 Rohit Mendiratta , Hitendra D Varsani , Hitendra Varsani

    Factor Indexes , Factor Investing , Factors , Fixed Income , Risk Management

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    Factors have gained popularity in equity investing for providing insight into the key drivers of portfolio risk and returns. Did tilting hypothetical fixed-income portfolios toward some bond-specific factors benefit investors?

  10. Investors have increasingly turned to equity factors as building blocks for their stock portfolios as a way to measure performance, analyze risk exposures or seek enhanced returns. In recent years, some investors have sought to extend a factor framework to fixed income. But these efforts by and large have not been successful, as equity and fixed-income investors have not been speaking a common language. We simulated the performance of six fixed-income factors — value, low size, quality, momentum, carry and low risk — that broadly align with MSCI’s equity factors. Did these factors offer a risk-return edge?

  11. The explosion in alternative data has been a blessing and a curse to investment managers. We have identified one source that provided unique and uncorrelated information when added to analysis of traditional factors and other measures of sentiment. These consumer sentiment metrics may provide investors with additional transparency into sources of risk and return, and could potentially be used to create valuable new factors.

  12. BLOG

    More than a feeling: Quantifying consumer sentiment 

    Jul 17, 2019 Rohit Mendiratta , George Bonne

    Factor Research Group , Factor Investing , Factors

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    Among a flood of alternative data sources, consumer sentiment based on citations online stood out.

  13. BLOG

    Should we be surprised by earnings surprises? 

    Feb 1, 2019 Rohit Mendiratta , George Bonne

    Factors , Factor Research Group , Factor Investing

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    Early 2019 earnings season has already contained a number of high-profile surprises, such as Facebooks's, but how predictable are these surprises, and what happens when earnings surprises return to trend?

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