The document summarizes research on several mutual funds focused on small-cap growth stocks. Key findings include:
- Brown Advisory and Vanguard funds were recommended for conservative investors due to strong long-term performance and downside protection.
- Vanguard and Eagle funds were recommended for moderate investors, with Vanguard preferred due to lower fees despite similar performance to Eagle.
- T. Rowe Price and Eagle funds were recommended for aggressive investors willing to accept higher risks for higher expected returns.
- Overall, Vanguard Small Cap Growth Index Inv was highlighted as the best overall choice due to strong long-term returns and lowest fees.
Building An Anti-Fragile Investment Portfoliogjohnsen
How to build an investment portfolio which withstands the uncertainties and stresses of life. An anti-fragile portfolio is the opposite of a portfolio which breaks under stress.
On Thursday, April 27th, 2017, we heard from Windham's own client consultant, Jon Kazarian about best methods and practices for the portfolio construction and evaluation process.
Asset Allocation in Taxable PortfoliosWindham Labs
On Tuesday, September 26th, we hosted Lucas Turton for a discussion on Asset Allocation in Taxable Portfolios. Lucas explored how to estimate the future value of a portfolio by considering assets on an after-tax basis, asset allocation and location for optimal tax efficiency, and best practices for tax loss harvesting and navigating the wash sale rule.
Asset Allocation for Specific Client GoalsWindham Labs
On Wednesday, January 24th, we heard from Senior Client Consultant Jon Kazarian on how to tailor a portfolio to meet the specific investment goals of a client.
Financial analysts are concerned with factors, or common sources of risk that contribute to changes in asset prices. Analysts may be able to control a portfolio’s risk more efficiently and perhaps even improve its returns by identifying such factors.
Factor analysis is a powerful tool for quantifying the risk profile of a portfolio, constructing a portfolio relative to a benchmark, and controlling risk.
Building An Anti-Fragile Investment Portfoliogjohnsen
How to build an investment portfolio which withstands the uncertainties and stresses of life. An anti-fragile portfolio is the opposite of a portfolio which breaks under stress.
On Thursday, April 27th, 2017, we heard from Windham's own client consultant, Jon Kazarian about best methods and practices for the portfolio construction and evaluation process.
Asset Allocation in Taxable PortfoliosWindham Labs
On Tuesday, September 26th, we hosted Lucas Turton for a discussion on Asset Allocation in Taxable Portfolios. Lucas explored how to estimate the future value of a portfolio by considering assets on an after-tax basis, asset allocation and location for optimal tax efficiency, and best practices for tax loss harvesting and navigating the wash sale rule.
Asset Allocation for Specific Client GoalsWindham Labs
On Wednesday, January 24th, we heard from Senior Client Consultant Jon Kazarian on how to tailor a portfolio to meet the specific investment goals of a client.
Financial analysts are concerned with factors, or common sources of risk that contribute to changes in asset prices. Analysts may be able to control a portfolio’s risk more efficiently and perhaps even improve its returns by identifying such factors.
Factor analysis is a powerful tool for quantifying the risk profile of a portfolio, constructing a portfolio relative to a benchmark, and controlling risk.
We are a Quantitative investment group committed to revolutionize the fund management industry in the country. We are using pure quant technique to create a zero loss fund (the fund will always be positive) i.e; all of your losses (if any) will be insured.
Before you can do some investment planning, you need to know some basic fundamentals about investing. Why do you invest? What should you invest in? Who should do the investing? How do you invest?
Asset Allocation in a Low Interest Rate WorldWindham Labs
Constructing a well-diversified portfolio has become increasingly difficult in recent years. Central Banks around the world have influenced asset prices and driven down interest rates. The Capital Asset Pricing Model (CAPM), Modern Portfolio Theory (MPT), and global diversification have been under attack. The distortion in interest rates and the instability of risk have made generating model inputs challenging.
In this presentation, we discuss an approach to constructing portfolios in this "New World."
Earn a second income trading the stock marketNick Radge
Nick Radge, The Chartist, was invited to present at the 2014 Trading Super Investing Future Wealth Forum in Sydney, Melbourne and Brisbane. These are the slides from Nick's presentation. Nick talks about the reality of trading for a living and that perhaps it is better to find a strategy to earn a second income instead.
How do you build your own personal investment portfolio? Understand your risk tolerance, why you should diversify, and learn some strategies you can use in portfolio management.
This is a workshop I have conducted for some of my clients.
Interest rates remain low and equity index valuations are historically high. What approach should a prudent financial steward take to evaluate the financial market risks while seeking a positive return on capital? This session will explore the asset management philosophies and approaches used by several large institutional money managers to assist corporations and individuals address this issue. The discussion will be led by Mr. Birnie, Managing Partner of Piedmont Wealth Advisory and a representative from Blackrock Investments. Mr. Birnie has been a trusted advisor to SC&RA for over 15 years and has developed an expertise in risk-managed investing. Blackrock Investments is the largest money manager in the world, advising the world’s largest institutions, endowments, pensions and governments.
Speaker: Douglas Birnie, Managing Partner, Piedmont Wealth Advisory
On Tuesday, March 14th we hosted Andrew Weisman and Robert Bernstein for a conversation on controlling risk and trends they're seeing surrounding portfolio construction.
On 1/26/2017, we hosted a webinar featuring Richard Lindsey, Managing Partner and Head of Liquid Alternative Strategies at Windham Capital Management. Rich discussed how to model portfolio returns, risk premia, and how to decompose portfolio risk.
We are a Quantitative investment group committed to revolutionize the fund management industry in the country. We are using pure quant technique to create a zero loss fund (the fund will always be positive) i.e; all of your losses (if any) will be insured.
Before you can do some investment planning, you need to know some basic fundamentals about investing. Why do you invest? What should you invest in? Who should do the investing? How do you invest?
Asset Allocation in a Low Interest Rate WorldWindham Labs
Constructing a well-diversified portfolio has become increasingly difficult in recent years. Central Banks around the world have influenced asset prices and driven down interest rates. The Capital Asset Pricing Model (CAPM), Modern Portfolio Theory (MPT), and global diversification have been under attack. The distortion in interest rates and the instability of risk have made generating model inputs challenging.
In this presentation, we discuss an approach to constructing portfolios in this "New World."
Earn a second income trading the stock marketNick Radge
Nick Radge, The Chartist, was invited to present at the 2014 Trading Super Investing Future Wealth Forum in Sydney, Melbourne and Brisbane. These are the slides from Nick's presentation. Nick talks about the reality of trading for a living and that perhaps it is better to find a strategy to earn a second income instead.
How do you build your own personal investment portfolio? Understand your risk tolerance, why you should diversify, and learn some strategies you can use in portfolio management.
This is a workshop I have conducted for some of my clients.
Interest rates remain low and equity index valuations are historically high. What approach should a prudent financial steward take to evaluate the financial market risks while seeking a positive return on capital? This session will explore the asset management philosophies and approaches used by several large institutional money managers to assist corporations and individuals address this issue. The discussion will be led by Mr. Birnie, Managing Partner of Piedmont Wealth Advisory and a representative from Blackrock Investments. Mr. Birnie has been a trusted advisor to SC&RA for over 15 years and has developed an expertise in risk-managed investing. Blackrock Investments is the largest money manager in the world, advising the world’s largest institutions, endowments, pensions and governments.
Speaker: Douglas Birnie, Managing Partner, Piedmont Wealth Advisory
On Tuesday, March 14th we hosted Andrew Weisman and Robert Bernstein for a conversation on controlling risk and trends they're seeing surrounding portfolio construction.
On 1/26/2017, we hosted a webinar featuring Richard Lindsey, Managing Partner and Head of Liquid Alternative Strategies at Windham Capital Management. Rich discussed how to model portfolio returns, risk premia, and how to decompose portfolio risk.
Quantopian is Launching a Crowd-sourced Hedge Fundkelmstrom
Crowd-sourcing opens a fire hose of ideas.
Diversity of ideas will result in a diversified hedge fund portfolio.
Quantopian has unique access to tens of thousands of quants which allows for idea generation at an unprecedented scale.
Quantopian provides a platform for you to build, test, and execute trading algorithms. Live trading algorithms can become part of our crowd-sourced hedge fund where top quant talent is matched with outside investor capital.
https://www.quantopian.com/home
This presentation on Valuation of Early Stage Companies was Presented at Maple Leaf Angels Lunch and Learn Series. The Shamrock method of Valuation created by the Author was introduced at this presentation.
The presentation covers all the details about Reliance Multi Cap Fund like - What is Reliance Multi Cap Fund, Why to Invest?, Fund Details, Where Does it Invest?, Top Holdings, Performance History, Fund Manager and Who Should Invest in Reliance Multi Cap Fund.
Presenting #Options #Trading Series where I will showcase various strategies in short video format. Hope it will help some of us understand Options Trading better. Feedback welcome.
Aikido Masterclass - Starting Your Algorithmic Investing Journey.pdfJamesForsyth21
A deep dive into quantitative investing.
- What is quantitative investing?
- Exploring factor investing? (what are they?)
- Types of quantitative strategies?
- Managing Risk
- Live demo: start quant investing with Aikido Finance.
In this presentation, we review methods and best practices for the portfolio construction and evaluation process. The presentation covers risk and return estimation, mean-variance optimization as well as techniques for analyzing exposure to loss and wealth potential.
2. Top Results
• (1) Brown Advisory Small-Cap Growth I
• (1) Eagle Small Cap Growth A
• (1) Vanguard Small Cap Growth Index Inv
• (1) UBS US Small Cap Growth Y
• (1) Wells Fargo Advantage Small CoGr Adm
• (2) T. Rowe Price New Horizons
4. • Pros: Well-rounded
• Satisfactory performance overall
• Downside Capture – minor
• Cons:
• Weak Upside Capture.
• Fails for 3yr and 5yr. But Strong in 10yr
• Good returns, trailing Vanguard despite higher fees
( 3 basis points over the median)
• No exceptional strength
• 3-yr risk % ranking slipped to 86.45%
• Risk ranking:11 over 10yr/ 86 over last 3yr
5. Conclusion
• The protective feature of the fund is in doubt
after recent hike in risk.
• Recommend:
• Conservative: Hold
• Moderate: Sell
• Aggressive: Sell
6. Eagle Small Cap Growth A
• Ticker: HRSCX
• At-a-glance:
• Defensive: low debt/capital, low PE compare
to peers.
• Expect to perform in bad time and lag in good
time.
• Sharpe: 1.2
• Expense ratio: 1.16 (but MS page says 1.31)
7. • Pros:
• Style Consistency
• Good return. Show improvement overtime.
• Experience Manager: 19.08 and 10.17
• Risk % ranking: 55.99 for 10yr; 30.53 for 3yr
• Cons:
• Downside Capture: Despite its strategy, the fund did
not perform well during bear market.
• Level of return does not justify 90 basis points higher
in fee compare to Vanguard.
9. Vanguard Small Cap Growth Index
Inv.
• Pros:
• Lowest Fee: 24 basis points
• Long-run return: 6th . Recent return top 25.
• Upside Capture: Strong at 138.48% last 10y
• Low turn-over
• Satisfactory risk ranking by MS: 36% for 10y
• Cons:
• Capture short term downside at 144.37%
(among highest)
11. UBS US Small Cap Growth Y
• Limited information available
• At-a-glance:
• Recently outperform expectation.
• 10-y return rank 37
• 2-y return rank 2
• Significant upside and downside capture.
12. • Pros:
• Consistency
• Upside Capture. Especially 3-yr.
• Experience Managers: 14.75 and 10.06
• Cons:
• Downside Capture
• Uncertain about return. Would the
exceptional return stay?
• Long term return trails Vanguard by 1.72
basis points
14. Wells Fargo Advantage Sm Co Gr
Adm
• Ticker: NVSCX
• Limited report available
• At-a-glance:
• High fee
• Significant Fluctuations during both Bull
and Bear market.
• Sharpe: 1.14
15. • Pros:
• Return:
• 10yr: 56 5yr: 40
• 3yr: 15
• Experience management: 18 and 12
• Upside Capture: significant
• Good Morning Star Risk ranking: 12 and 20
• Cons:
• High Fees despite low historical returns.
• Downside Capture: very significant, 151.37 3yr
17. T Rowe Price New Horizons
• Pros:
• Proven investments: O’Reilly Automotive, FMC
Tech, Panera Bread or Chipotle. Low fees:
0.81% vs 0.24% by Vanguard
• Robust return: rank 1st in 1, 3, and 5-year
cat, 2nd in 10-year cat.
• 10yr return: 9.47 vs 7.88 by Vanguard
• Alpha: 8.03
• High Upside Capture despite low Downside
Capture
18. • Cons:
• Manager Tenure: Ellenbogen took office in 2010.
• Would the high return continue?
• He led another fund for 4 years before 2010 –
11% annualized- best in communications.
• Top analysts stay with the fund.
• Ellenbogen let his lieutenant take charge of bio-
tech, while he focuses on his specialty.
• Risk
• Very high: 75, 61, 66
• Sharpe: 1.31
20. Recap
• Vanguard and Eagle are very similar.
However, Eagle’s 9 basis points higher fee
is not justified by 10 year returns.
• T. Rowe Price offers high expected return
at high risk and low fee.
• Protection: Despite recent misstep, Brown
offers better protection over Vanguard and
WF.
21. Recommendation
• Conservative:
• Brown Advisory Small-Cap Growth I
• Vanguard Small Cap Growth Index Inv
• Moderate:
• Vanguard Small Cap Growth Index Inv
• Eagle Small Cap Growth A
22. • Aggressive:
• T. Rowe Price New Horizons
• T. Rowe Price Diversified Sm Cap Growth
• Eagle Small Cap Growth A
• Vanguard Small Cap Growth Index Inv
• Overall:
• Vanguard Small Cap Growth Index Inv