Taking the Bite Out of Your Equity Beta
September 2011
Long-only equity indices have generated tepid returns over the last decade along with heightened volatility. In contrast, many long/short equity strategies have produced higher returns with lower risk over the same period. This paper provides detail supporting Rocaton’s assertion that investors with significant equity allocations should consider the addition of long/short equity strategies as a part of their equity program as a means of improving the program’s risk adjusted returns.
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Managed Futures: The Case for a Strategic Allocation
January 2011
In order to better manage risk in their portfolios, investors should consider expanding their asset allocation “toolkit” to include diversifying investment strategies that may fall outside of the traditional asset allocation framework. Managed futures strategies may offer significant diversification benefits versus most asset classes, an attractive asymmetric return profile, and the potential for alpha generation. While these strategies carry a variety of risks and may not be appropriate for all investors, we believe these strategies should receive serious consideration as part of a “diversifying strategies” allocation, an “opportunistic” allocation, or a hedge fund allocation.
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The State of Stable Value
December 2010
The intense scrutiny on stable value portfolios has diminished markedly since the credit crisis, as most stable value portfolios have recovered meaningfully. However, in reality, very little has changed in the marketplace, due to pending legislative and regulatory reform, lack of wrap capacity, and the fact that wrap providers continue to exert a significant influence over plans and contract terms. This insight will provide an update on the state of the stable value market.
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Performance Challenges for International Small Cap Managers in 2009
March 2010
The universe of active, long only international small cap equity managers delivered disappointing relative performance versus the MSCI EAFE Small Cap Index in 2009, in marked contrast to the longer term historical record of active managers in this market sector. We review the performance challenges during this period that acted as significant headwinds to this universe of managers.
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Revisiting Stable Value
June 2009
Defined contribution plans have long used stable value funds as a capital preservation option among the investment choices offered to participants. We review the basics of stable value funds, current market environment, wrap contract issues, and the results of a Rocaton survey of stable value funds.
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Emerging Markets Equities: Revisiting the Rationale
December 2008
Investors have historically invested in emerging markets equities primarily based on the secular growth prospects for the asset class. Since the inception of the asset class, emerging markets have delivered strong risk-adjusted returns. However, in 2008, emerging markets equities have significantly underperformed developed markets equities. We revisit the rationale for investing strategically in the emerging markets, review the relationship between the 2008 decline and past crises, and highlight the fundamental case for growth within the emerging markets today.
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A Perspective On Active Equity Management
November 2008
Global equity markets have experienced significant declines in 2008. We review performance of global equity markets and active managers who invest in these markets and provde some observations.
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Can Hedge Funds Redeem Themselves?
October 2008
There has been much press coverage regarding looming redemptions from hedge funds at the end of 2008. We examine how much evidence there is to support the media coverage of such redmeptions and what that means for the near-term and long-term future of hedge funds.
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Have Bricks, Need Mortar: Opportunities in Real Estate Lending
February 2008
A decline in lending to real estate investors from conventional financing sources, a decline in real estate transaction velocity, and a slowing economy all have contributed to an increased demand for custom financing in the real estate markets. We discuss real estate debt investment opportunities as well as the accompanying risks.
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Measuring Market Exposure in Hedge Funds
April 2007
Absoulte return strategies may offer one means for investors to diversify their portfolio risk. We examine the effects of reducing the typically large portion of expected risk derived from equity market exposure by investing in hedge funds.
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