2017 Factor Alpha Newsletter
“Value” vs. “Momentum”

Categories Investing, Momentum, OSAM Research, Value

The past year was full of plot twists. Momentum beating Value was not one of them. The victory comes as no surprise because these 2 themes swap leadership cyclically — 2017 was Momentum’s year. And, as you can see in the exhibits below, Momentum’s winning streak definitively spans all 7 of the universes we ran. Continue reading “2017 Factor Alpha Newsletter
“Value” vs. “Momentum””

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)”

3Q17 Factor Alpha Newsletter
REITs

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
REITs”

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”

2017 Factor Alpha Newsletter
Small Stocks

Categories Investing, OSAM Research

So far in 2017, investors saw how multi-factor exposure to Value — in concentrated portfolios — can be beneficial in the small cap space.1 This 1Q17 Small Cap2 edition of the Factor Alpha Newsletter (see also: All Stocks & Global Large Cap) compares our proprietary multi-factor themes3 to the Russell 2000® Value Index (R2000V).4

Continue reading “2017 Factor Alpha Newsletter
Small Stocks”