“Purgatory for Pessimists” — International Equities
An Unemotional, Factor-Based Approach

Categories Author: Ehren Stanhope, International, Investing, OSAM Research

The current Bull Market has been unkind to non-U.S. allocations. At a conference I recently attended, the term TINA1 (there is no alternative) was overheard, more than once, in the context of allocating investor portfolios. Expected returns on fixed income are likely to be low, and identifying top quartile alts managers — let alone gaining access to them — is increasingly difficult. Continue reading ““Purgatory for Pessimists” — International Equities
An Unemotional, Factor-Based Approach”

Factor Alpha Newsletter
“OSAM Value” (2000 thru Oct-2017)

Categories Investing, OSAM Research, Value

* The backtested results for this article are as of 10/31/17. 1

Value is the centerpiece of our investment framework and it gets built into every one of our strategies — even growth-oriented strategies. We believe that what you pay for an investment is one of the most predictive characteristics of future alpha. Continue reading “Factor Alpha Newsletter
“OSAM Value” (2000 thru Oct-2017)”

Active Investing — Tips for Success
on Bloomberg Markets

Categories Interview, Investing, OSAM Research

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OSAM Director of Research & Senior Portfolio Manager Chris Meredith joins Bloomberg Markets co-anchors Carol Massar1 and Cory Johnson2 during his visit to their daily radio program in October.3

This interview4 offers a helpful and concise look at OSAM Research’s process…

“Bloomberg Markets: OSAM’s Chris Meredith on Successful Active Investing” transcript: Continue reading “Active Investing — Tips for Success
on Bloomberg Markets”

3Q17 Factor Alpha Newsletter

Categories Investing, OSAM Research

“Are the fees that these funds1 are charging right now justifiable, given the outcomes and given that, in many cases, they are just simply ‘repackaging exposures’?

. . .

Absolutely. Because at the end of the day, “strategic beta is just a new form of active management.”

— Ben Johnson (Director, Global ETF Research Morningstar)2

While factor investing has experienced significant proliferation across the equity landscape, the approach has largely been ignored in the publicly-traded real estate securities market. Continue reading “3Q17 Factor Alpha Newsletter

2017 Factor Alpha Newsletter
International ADR

Categories Investing, OSAM Research

While investors have long enjoyed the growth in U.S. equities (usually the largest allocation in their overall portfolio!), regional leadership is a cyclical pattern. At some point, it is very likely the U.S. will no longer be the highest-performing market globally. Huh?1 Sure, the U.S. equity market has risen 293% since its credit crisis bottom in March 2009 — versus Developed International and Emerging Markets “mere” rise of 150% and 154%, respectively. Well, this 2Q17 International ADR2 (IADR) edition of the Factor Alpha Newsletter, dispassionately, sans headlines and other noise, compares our built-in-house multi-factor themes to the MSCI ACWI ex U.S.3

Continue reading “2017 Factor Alpha Newsletter
International ADR”

Visualizing Factors & Themes — What You See is What You Get

Categories Insight, OSAM Research, Value, Yield

“Is there a point where index funds theoretically can’t work a course?” asked Charlie Munger at this year’s Daily Journal Corporation Annual Meeting.1 “If everybody bought nothing but index funds, the whole world wouldn’t work as people expect.”

We agree.
So to help animate Munger’s premonition in real-time (see the cheery motion graphics below), our Team’s Developer / Performance Analyst)2 rolled up his coding sleeves and hacked into our “Factor Style Grid”.  Continue reading “Visualizing Factors & Themes — What You See is What You Get”

Discovering Under-Covered Microcap Stocks
on Bloomberg Markets

Categories Interview, Investing, OSAM Research

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Guest Jim O’Shaughnessy, OSAM’s CIO/CEO, and Carol Massar1 find much to discuss during his periodic visit to her daily Bloomberg Markets radio program. For more research on this topic, go to the microcap archives.

The interview2 begins 2 minutes into the recording…

“Bloomberg Markets: O’Shaughnessy on Investing in Micro-Caps” transcript: Continue reading “Discovering Under-Covered Microcap Stocks
on Bloomberg Markets”