Recent Institutional Research


On Thursday, June 23, the UK voted in a popular referendum to leave the European Union (EU). Britain’s prime minister, David Cameron, who campaigned for the UK to stay, said on Friday morning that Britain must now prepare for a negotiation with the EU. He also announced plans to resign in three months.

June 28, 2016

Future Shock: How China's Reforms are creating Risks (and Opportunities)

How China’s Reforms are Creating Disruptive Risks (And Opportunities)

Asian Sovereign Strategist
Chief Investment Officer—Asia-Pacific ex Japan Value Equities

China, in the eyes of the world’s media and investment commentators, has gone from being an economic marvel to facing a looming crisis in just a few years. This fall from grace is easy to understand, given the slowdown in the country’s growth, the structural challenges it faces, and its size and overall importance to the world economy. Clearly, China poses risks to investors. One risk in particular concerns us, however: the risk that investors may be underestimating China’s upside potential. Unless investors take a balanced view of the risks facing China, we believe they could experience strong “future shock” in the next few years if, as is still possible, the country succeeds in its objectives.

June 1, 2015

A New Version of Risk Parity

Co-Chief Investment Officer, Tail Risk Parity, and Senior Portfolio Manager—Quantitative Investment Strategies
Director—Fixed Income Absolute Return
Nobel Laureate, Frank E. Buck Professor of Finance, Emeritus, Stanford University

Most traditional asset allocation products suffered the same fate as equities during the 2008 credit debacle, leading investors to question their value and embrace risk parity as an allocation method of choice.

April 12, 2013

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