Latest White Papers

The Story of Factor Based Investing

Published by: S&P Dow Jones Indices

This paper examines the origins, evolution and theories underpinning factor-based investing. It analyzes the economic intuition behind factor performance and presents different equity and commodity index implementations. Finally, it briefly considers likely innovations and future product strategies of factor-based investing.

When and Where to Go Active

Published by: State Street Global Advisors

After a horrible year for many active managers, Marcus Schulmerich argues that we’re entering one of those periods that should be considerably friendlier for active management. Yet, in some ways that only increases the challenge of distinguishing true active alpha from more systematic approaches disguised as alpha.

Emerging Market Debt: A Blended Approach

Published by: Aberdeen Asset Management

With emerging market debt it may pay to be adventurous and blended. Constructing an optimal portfolio across countries, instruments and industries helps diversify your fixed income approach. With 70 emerging market investment professionals, Aberdeen roams the globe for sources of income and yield.

The Case for Geographically Unconstrained Equity Strategies

Published by: OppenheimerFunds

The diversification benefits of adding international equity exposure to a domestic portfolio are fading, given heightened correlations between regional equity indices. But global strategies may provide better diversification and, in the case of skilled managers, higher returns.

From Here to Normality: Fixed Income Investing Amid Shifting Interest Rates

Published by: PineBridge Investments

It's time for investors to reset and evaluate their traditional fixed income portfolio positioning for a new type of rate cycle. Successfully adapting will require repositioning allocations to navigate what's on the horizon. Learn how to prepare for what's next.

Adding Value to Your DC Investment Lineup: Global Multi-Sector Fixed Income Strategies

Published by: T. Rowe Price

??Core bond strategies remain the primary fixed income option in many defined contribution (DC) plans. However, these allocations may offer only limited diversification and return potential, especially in the current market environment.

The Dividends of a Quality and Growth Factor Approach

Published by: WisdomTree Asset Management, Inc.

Quality can be measured in a variety of ways and we think that earnings consistency or growth, low debt and high return on equity are common threads. We’ve seen over time, focusing on quality has generated out-performance over different periods.

Adapting portfolios to evolving risk in emerging-market debt

Published by: Eaton Vance

The growth of index-based investing in emerging-market debt exposes such strategies to increasing levels of systemic, developed-market risk. Actively managed strategies that incorporate off-benchmark countries are essential to building portfolio allocations that are more closely aligned with unique emerging-market fundamentals.

The Art and Science of CLO Analysis

Published by: Prudential Fixed Income

Prudential Fixed Income’s investment process for CLO tranches comprises a blend of art and science. This paper describes how they combine quantitative structured credit analysis, traditional credit analysis, and qualitative assessments of the collateral manager, CLO structure, and underlying portfolio to identify value.

Emerging Markets Debt: Building Efficient Allocations

Published by: HSBC Global Asset Management

The growth of Emerging Markets Debt (EMD) comes with considerable complexity, and many investors are not fully aware of their exposures to this multi-dimensional asset class. Here we analyze and evaluate the factors driving EMD returns and discuss how to build efficient, well-diversified EMD portfolios.

How Can You Help Your Employees Retire?

Published by: Morningstar Investment Management

You’ve read the headlines about retirement: employees aren’t prepared and employers aren’t confident. Retirement is in trouble. But the path toward solving the problem isn’t as well-defined. Download Whitepaper from Morningstar Investment Management: How Can You Help Your Employees Retire?

The unique value of Target-Date Funds

Published by: Charles Schwab Investment Management

Target-Date Funds are excellent low-maintenance retirement investment vehicles that have been developed to assist investors as they save for retirement. In this white paper, we will highlight the broad benefits they have provided to investors in various stages of life.

Investing in a Rising Rate Environment

Published by: P&I Content Solutions Group

The prospect of rising rates has been hovering in the global economy for years now. Pensions & Investments brought together three well-respected fixed income managers to answer key investor questions, such as how to structure portfolios for what may be a turbulent time, and how to view the prospects for inflation and growth.

Evaluating smart beta and other rules-based strategies

Published by: Vanguard

Learn the key differences between smart beta and traditional market-cap-weighted indexing strategies.

Amid Corporate Bond Market Challenges, Achieving Sponsor LDI Objectives Using Custom Benchmarks.

Published by: T. Rowe Price Associates

With higher rates on the horizon, de-risking activity is poised to increase. Plan sponsors should begin preparing for the future today. We present an in-depth look at the challenging corporate credit environment, which demands diligent research and customized LDI solutions.

Why young investors should start saving and invest in equities

Published by: Prudential Investments

Millennials tend to be more risk averse and sensitive to market volatility than other age cohorts – putting their retirement asset accumulation at risk. Allocating more to equities early on – such as through target date funds – can help lessen the risk.

Growth and Inflation…Not Rates

Published by: Western Asset Management

While investors are understandably concerned about the Fed’s timetable for rate increases, there are bigger issues to think about: growth and inflation. Spread sectors seem to be bracing for the worst; see why Western Asset CIO Ken Leech believes that the reality may not be as dire as the markets appear to think.

Introducing the Standish LDI PROGRAMME

Published by: Standish

Standish outlines a framework that takes plan sponsors through the decision-making process along each stage of implementing an LDI program. The framework includes nine components that address key areas that we believe merit consideration for plan sponsors undertaking the journey.

Five Questions to Ask Your Currency Manager

Published by: Berenberg Asset Management

Can your currency manager deliver consistent outperformance over a sustainable period of time? In this piece, we outline five keys questions that help you answer this all important question.

Archived White Papers by Topic

All white papers posted were created by the listed authors who are solely responsible for the research, finding and all materials contained therein. Pensions & Investments has not verified or edited the materials (other than for length and style) and does not necessarily agree or disagree with the analysis and positions expressed by the authors. Reference to any company, product or service does not imply recommendation or sponsorship by Pensions & Investments.

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For more information on submitting a white paper, please contact Richard Scanlon at or 212-210-0157.