Research

2018-05-15

Value vs. Growth: Decade Long Pause Provides Great Entry

by Richard Phillips, Chief Investment Officer and Kevin Muir, CFA, Market Strategist Executive Summary Over the past century, value stocks have outperformed both growth stocks and the market as a whole. During the past decade, the value strategy has experienced uncharacteristically low returns causing a significant amount of pain for hedge fund managers and other investors […]

2018-04-24

Time for a Reassessment of a Popular Hedge Fund Strategy

by Richard Phillips, Chief Investment Officer and Kevin Muir, CFA, Market Strategist Executive Summary Central bank financial repression has forced investors to come up with innovative ways to earn yield. Into this hunt for safe yield was born the modern credit fund. The modern credit fund attempts to generate alpha by exploiting a chronic mispricing […]

2018-04-10

Too Late to Stop Now – The Case Against Bonds

The 35-year bull market in bonds has created an environment where investors will most likely face either low future real returns or even sizeable losses. An optimally constructed portfolio does not completely abandon yield-generating assets. Given this backdrop, investors would be wise to consider substituting bonds with “alternative yield” funds.