Latest White Papers

Does trading at the Fix fix FX?

Published by: Russell Investments

Foreign exchange (FX) transactions can be significant components of financial transactions, yet most are not measured—which makes managing costs difficult, if not impossible. This paper explores strategies that could be implemented to maximize the value of FX transactions.

ETF Liquidity

Published by: PowerShares

While millions of investors have discovered the liquidity advantages of ETFs, most take for granted the underlying “machinery” that makes this possible. This report offers an overview of the participants, concepts and working terminology that enable liquid ETF trading.

A Closer Look at Calls

Published by: Prudential Fixed Income

Prudential Fixed Income discusses the value of modeling the embedded optionality in high yield bonds and bank loans and why it has become more relevant in the current environment. (The second paper of a two-part series.)

Lengthening the Investment Time Horizon

Published by: MFS

"Lengthening the investment time horizon" highlights the way in which investors are increasingly short term in their orientation, posits reasons for this, and argues that an investment arbitrage opportunity exists for differentiated performance when securities are held for longer time periods.

Markets Underappreciate the Persistence of Quality

Published by: OFI Global

OFI Global has been investing globally for a number of decades, and we've learned that during certain periods, market participants underappreciate the fundamental attributes of truly well-run businesses, and that this dynamic can lead to compelling entry points.

Perspectives on custom target-date strategies in DC Plans

Published by: Vanguard

In this research paper, the authors identify a number of TDF features that plan sponsors must consider in any due-diligence, cost-benefit analysis of customized versus proprietary TDF programs.

Better Participant Outcomes Through In-Plan Guaranteed Retirement Income

Published by: Prudential Retirement

With more than 7,000 plans now offering Prudential’s in-plan guaranteed retirement income option, we conducted studies to determine how in-plan guaranteed retirement income options have impacted participants' preparedness for retirement and improved their retirement outcomes. This paper details the findings.

The Great Re-rotation

Published by: Schroders

US DB pension plans experienced a significant improvement in their funded status. Fiduciaries concerned about funding level volatility will consider de-risking by moving into longer duration bonds to lock investment gains and match the profile of their assets and liabilities.

Smart Beta Investing: Economic Scale Indexation

Published by: HSBC

Active and passive-management have benefitted from increasing securitization of capital, but a successful synthesis of both has been lacking. Without destroying either traditional active and passive, smart beta may offer an alternative that combines the best of both.

Smart Volatility Management in a Risk On/Risk Off World

Published by: INTECH

This paper explores a dynamic risk-reduction approach to equity management that defies conventional wisdom, is easily understood, simpler to implement and more reliable than trying to time the market between defensive and core portfolios based on changing market conditions.

Business Value Drivers

Published by: Jensen Investments

This report describes the various ways in which businesses create or destroy value over time. Multiple tools exist for business leaders to boost a company’s intrinsic value. As portfolio managers, It is our job to assess a company’s ability to use those tools to drive business value well into the future. Learn More at

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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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