Antti Ilmanen, managing director at AQR Capital Management, was named co-winner of the top $2,500 and runner-up $1,000 prizes in the Bernstein Fabozzi/Jacobs Levy Awards.
Mr. Ilmanen shares the top honor and prize money with Jared Kizer, director of investment strategy at Buckingham Asset Management. “The Death of Diversification Has Been Greatly Exaggerated,” co-authored by Messrs. Ilmanen and Kizer, was voted best article by subscribers to The Journal of Portfolio Management.
The article “demonstrates that diversification into and across factors has been much more effective in reducing portfolio volatility and market directionality than asset class diversification,” according to a JPM statement about the awards.
Mr. Ilmanen shares the runner-up award with Elroy Dimson and David Chambers. Mr. Dimson is chairman of the strategy council for the 3.925 trillion Norwegian kroner ($706 billion) Government Pension Fund Global, Oslo, and a professor of finance at the London Business School. Mr. Chambers is a lecturer in finance at the Cambridge Judge Business School.
“The Norway Model,” co-authored by the three, was voted one of three outstanding articles by subscribers. The article evaluates strategies followed by the Norwegian fund, including its long-term performance and response to the financial crisis.
The articles appeared in the journal in 2012. — BARRY B. BURR