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No papers found matching the selected criteria
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LDI Is Everything: The Parametric Approach to Building Institutional Assets
David Phillips
CFA
July 7, 2020
Liability-driven investing helps institutional investors build the best asset pool to fund future payouts. Find out how our whole-plan approach delivers transparency and efficiency.
Whitepaper|
Market activity|Liability-driven investing|
Institutional investor|
Read Now
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Municipal Bond Market Insight
Parametric
June 15, 2020
Each month we recap the muni bond market’s performance, delving into the numbers and offering forward-looking commentary. Click below for the latest edition.
Bond market insight|
Wealth manager|
Read Now
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Corporate Bond Market Insight
Parametric
June 10, 2020
Each month we recap the corporate bond market’s performance, delving into the numbers and offering forward-looking commentary. Click below for the latest edition.
Bond market insight|
Wealth manager|
READ NOW
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Direct Indexing: It’s All About Customization
Brian Langstraat
CFA
June 3, 2020
It’s the term on many people’s lips these days. But, as Parametric CEO Brian Langstraat argues, there’s a better way to think about investing’s suddenly hot trend.
Insight|
Tax management|
Wealth manager|
Read Now
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Panel: Capital Allocation in Complex Family Enterprises During a Crisis
Parametric
May 18, 2020
We sit down with three experts to discuss the challenges facing family offices during the COVID-19 pandemic.
Whitepaper|
Wealth manager|
READ NOW
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Brian Langstraat on Investors First Podcast
Brian Langstraat
CFA
May 14, 2020
In the latest episode of CFA Society Orlando’s Investors First Podcast, CEO Brian Langstraat discusses direct indexing, tax-loss harvesting, factor investing, and more.
Podcast|
Tax management|
Wealth manager|
Listen Now
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Custom Equity and Fixed Income SMAs
Parametric
May 5, 2020
It’s all about choice: Conquer a variety of investor challenges with a suite of simple and scalable SMA solutions across equities and fixed income. Download our equity and laddered fixed income brochure to learn more.
Brochure|
Tax management|
Wealth manager|
Read Now
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Custom Core: Raise the Bar
Parametric
April 24, 2020
Help your clients build the strong core essential to their investment strategy and go beyond just delivering performance.
Brochure|
Tax management|
Wealth manager|
Read Now
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Laddered Fixed Income SMA
Parametric
April 24, 2020
Step up to a smarter approach: Offer your clients tax-advantaged core exposure to the municipal and corporate bond markets. Download our laddered fixed income brochure to learn more.
Brochure|
Fixed Income|Tax management|
Wealth manager|
Read Now
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Using Tax Alpha to Measure Tax Efficiency
Jennifer Sireklove
CFA
April 1, 2020
Most tax efficiency metrics only indicate an investor’s potential tax experience—not what their experience actually is. We explain how to get a better view.
Whitepaper|
Tax management|
Wealth manager|Institutional investor|
Read Now
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Investing Abroad: Weighing the Decision Between Foreign Ordinaries and ADRs
Jeremy Milleson
Rey Santodomingo
CFA
March 17, 2020
Investors have two ways to diversify their portfolios with international equities. We look at the pros and cons of both.
Whitepaper|
Emerging markets|Market activity|Tax management|
Wealth manager|Institutional investor|Consultant|
Read Now
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Wash Sales: Why They Happen and How We Minimize Their Impact
Jeremy Milleson
March 9, 2020
We try to avoid wash sales, but occasional circumstances make them unavoidable. Here’s what they mean for investor portfolios.
Whitepaper|
Tax management|Volatility|
Wealth manager|
Read Now
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Adapting to a Changing Municipal Landscape
Jim Evans, CFA
January 16, 2020
Do investors and advisors stand a chance in a rising interest rate environment? Yes. And a professionally managed laddered approach to municipal bonds may be the key to success.
Whitepaper|
Fixed Income|
Wealth manager|
Read Now
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Roll With the Punches of Rising Interest Rates
Tom Luster, CFA
Jim Evans, CFA
Jon Rocafort, CFA
January 1, 2020
Rising interest rates can cause performance drag. Adopting an equally weighted laddered bond portfolio structure may help investors roll with the punches without feeling the lasting effects.
Whitepaper|
Fixed Income|
Consultant|Wealth manager|
Read Now
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Is Direct Indexing Coming for the ETF?
Brian Langstraat
CFA
November 13, 2019
Parametric’s CEO, Brian Langstraat, sat down with the hosts of Bloomberg’s Trillions podcast to explain what direct indexing is, whom it’s for, and why it may not be the “ETF killer” some have called it.
Podcast|
Tax management|
Wealth manager|
Listen Now
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Parametric Enhanced Income Core
Alex Paulsen
November 11, 2019
Many investors are drawn to the closed-end fund universe as a source of income. In this paper we highlight how closed-end funds may lend themselves to this aim as well as some of the potential drawbacks. We also describe an investment process designed to efficiently capture a stable income stream from the closed-end fund universe.
Whitepaper|
US equity income|
Wealth manager|
Read Now
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Parametric International Equity: A Third Way of International Equity Investing
Tim Atwill
PhD, CFA
May 31, 2019
The Parametric International Equity Strategy is designed to efficiently capture the long-term growth of this asset class while avoiding both the return risks of active management and the concentration risks of mainstream international equity indexes. Parametric’s approach to asset management incorporates the ideas of equal weighting, systematic rebalancing, and diversified economic sectors within countries. This paper outlines the details of our strategy, including our efforts to deemphasize those securities most correlated with global markets.
Whitepaper|
Developed non-US|
Wealth manager|
Read Now
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Same Kettle, Different Fish: The Limited Impact of Regions on Emerging Market Country Returns
Tim Atwill
PhD, CFA
May 17, 2019
Are emerging market countries in the same region more highly correlated than with their counterparts in other regions? No, and here’s why.
Whitepaper|
Emerging markets|
Institutional investor|Wealth manager|
Read Now
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Evil Twins: Commodity Prices and the Strength of the US Dollar
Tim Atwill
PhD, CFA
May 14, 2019
When the US dollar is strong, commodity prices in general tend to fall. Why? And is it true at the individual commodity level too?
Whitepaper|
Commodities|
Wealth manager|Institutional investor|Consultant|
Read Now
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Out, Damned Spot: Why Commodity Spot Returns Are Illusory
Tim Atwill
PhD, CFA
May 14, 2019
One of our biggest pet peeves is the media’s tendency to use spot-price returns to report how commodity investors are losing money—even as commodity prices rise. This assumption is simply wrong—we show you why.
Commodities|
Read Now
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Construction Issues in Emerging Market Small Cap Indexes
Tim Atwill
PhD, CFA
May 6, 2019
Looking for exposure to emerging market small-cap equities? It turns out that different indexes define small in different ways—and that has big implications for investors.
Whitepaper|
Emerging markets|
Institutional investor|Wealth manager|
Read Now
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The Parametric Emerging Markets Strategy: A Third Way of Emerging Markets Investing
Tim Atwill
PhD, CFA
May 6, 2019
More and more investors want exposure to emerging market equities. This paper outlines Parametric’s approach to this volatile yet valuable asset class.
Whitepaper|
Emerging markets|
Institutional investor|Wealth manager|
Read Now
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Why Invest in International Equities?
Tim Atwill
PhD, CFA
May 1, 2019
Why many investors have a home-country bias. And what they risk missing out on as a result.
Whitepaper|
Developed non-US|
Institutional investor|Wealth manager|
Read Now
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Don’t Panic: Why Downside Protection Is So Powerful for Emerging Market Investments
Tim Atwill
PhD, CFA
April 29, 2019
Emerging markets equities are risky, with elevated levels of political, currency and liquidity risk. Did you know that they also routinely experience large drawdowns? Every calendar year since 2001, this market drop has exceeded 10% even in strongly bullish years. Now that is volatility!
Whitepaper|
Emerging markets|
Institutional investor|Consultant|Wealth manager|
Read Now
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Currency Hedging in the Emerging Markets: All Pain, No Gain
Tim Atwill
PhD, CFA
April 10, 2019
Can you hedge against emerging market currency risk? Yes—although it’s not easy to do so. But here’s the real question: Should you?
Whitepaper|
Emerging markets|Developed non-US|
Institutional investor|Wealth manager|Consultant|
Read Now
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Enough Is Enough: Why We Cap Country Exposure in Our Emerging Markets Strategy
Tim Atwill
PhD, CFA
April 1, 2019
Should you cap your exposure to China? We think so. We argue that the growing concentrations in many emerging markets indexes do not make a great deal of sense. Learn more about why we believe in maintaining country weight caps.
Whitepaper|
Emerging markets|
Institutional investor|Wealth manager|
Read Now
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The Importance of Country Allocation: Developed Versus Emerging Markets
Tim Atwill
PhD, CFA
March 31, 2019
When you invest in international equities, which is the more important consideration—country or industry? The answer, as always, is in the data.
Whitepaper|
Emerging markets|Developed non-US|
Institutional investor|Wealth manager|Consultant|
Read Now
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Improving the Odds: The Impact of Diversification on the Distribution of Excess Returns
Tim Atwill
PhD, CFA
March 26, 2019
As the MSCI Emerging Markets Index has become increasingly concentrated at the country level, we’ve fielded a growing number of questions about our Emerging Markets Strategy's desire to maintain country-level diversification—even if it means underweighting the largest countries. To answer these questions, it’s important to revisit one of the core reasons we diversify.
Whitepaper|
Emerging markets|
Institutional investor|Wealth manager|
Read Now
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Tax Alpha or the Science of Tax Management
Jennifer Sireklove
CFA
March 7, 2019
This brief is intended to help investors understand how Parametric’s tax management works and the conditions under which it can produce improvements in after-tax performance across a diverse set of investor objectives.
Whitepaper|
Tax management|
Wealth manager|
Read Now
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Rebalancing Through an Overlay Strategy During Periods of Volatility
Jan Mowbray
CFA
February 7, 2019
Periods of high volatility create opportunities for investors to add value through portfolio rebalancing. How can institutional investors implement a strategy that provides for discipline and responsiveness?
Whitepaper|
Overlay|Volatility|
Institutional investor|Consultant|
Read Now
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Using Swaptions in a Pension Glide-Path Setting
Chris Haskamp
CFA
December 14, 2018
Pension-plan sponsors often ask about the possibility of using options to increase their liability-hedge ratio contingent on a rise in interest rates. Here are some key things to consider.
Whitepaper|
Overlay|
Institutional investor|
Read Now
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The Role of the LDI Completion Manager
Tom Lee
CFA
December 13, 2018
Many plan sponsors have decided to pursue a liability-driven investing (LDI) approach to managing pension assets—that is, managing the assets of the fund in concert with its liabilities. This paper looks at the value an LDI completion manager can play in the process.
Whitepaper|
Overlay|
Institutional investor|
Read Now
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Parametric Responsible Investing
Jennifer Sireklove
CFA
December 5, 2018
What's Parametric's approach to responsible investing? In this short paper we outline the ways we can help investors achieve two sets of goals.
Whitepaper|
Responsible investing-SRI-ESG|
Institutional investor|Wealth manager|
Read Now
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Transitioning from Active to Passive? It Doesn’t Have to Be Taxing.
Rey Santodomingo
CFA
October 31, 2018
Considering transitioning an appreciated portfolio to passive? Why doing so doesn't have to mean incurring a large realized tax gain—and why an ETF may not be the best choice.
Whitepaper|
Tax management|
Wealth manager|
Read Now
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Responsible Investing: What’s the Difference Between Screens and Integration?
Jennifer Sireklove
CFA
October 15, 2018
Socially responsible investors have two portfolio-construction techniques to choose from. How do they differ, and which may be right for you?
Whitepaper|
Responsible investing-SRI-ESG|
Wealth manager|
Read Now
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Tax-Management Strategies for Appreciated Portfolios
Martha Strebinger
CFA
August 31, 2018
When you have positions with large embedded gains and few if any positions that are candidates for loss harvesting, tax-management techniques can appear to no longer offer material benefit. But that isn't game over. We look at four options to help investors navigate their tax situation.
Whitepaper|
Tax management|
Wealth manager|
Read Now
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Fossil-Free Investing
Jennifer Sireklove
CFA
August 22, 2018
The rationale for fossil-fuel divestment ranges from simply avoiding companies with objectionable activities to attempting to positively impact the environment or send a political message to making an active call on the future of companies that own fossil-fuel reserves. Yet most investors are similarly concerned about the potential impact of this decision on a portfolio’s risk and return. In this brief we explain some of the implementation considerations of our approaches to help investors decide what best suits their needs.
Whitepaper|
Responsible investing-SRI-ESG|
Institutional investor|Wealth manager|
Read Now
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The Origin of Opportunity in Closed-End Fund Investing
Alex Paulsen
July 31, 2018
Closed-end funds (CEFs) offer a unique investment opportunity due to several structural features and special market dynamics. In this paper we look at how systematic management of a portfolio of CEFs may capture elevated income and total returns by exploiting inconsistent pricing within and across various asset classes.
Whitepaper|
US equity income|
Wealth manager|
Read Now
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From Anomaly to Strategy: A Brief History of Factor Investing
Martha Strebinger
CFA
July 31, 2018
Factors have radically transformed the way investors build and manage portfolios. How did we get here? In this paper we look at some of the more important milestones in factor theory and why controversy about their very nature persists.
Whitepaper|
Factors|
Wealth manager|
Read Now
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Parametric International: Why Screen on Beta?
Tim Atwill
PhD, CFA
July 30, 2018
The Parametric International Equity strategy seeks better exposure to developed international markets by focusing on diversification at the country, sector, and security levels. In this research brief we focus on beta not as a predictor of which stocks will enjoy higher future returns but as a portfolio construction tool that works to reduce risk and derive excess returns from diversification and rebalancing.
Whitepaper|
Developed non-US|
Wealth manager|
Read Now
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Understanding Master Limited Partnerships and Taxes
Parametric
July 26, 2018
In the never-ending quest for yield and tax advantage, investors are increasingly turning to energy master limited partnerships (MLPs). But finding the right one isn't necessarily simple. We examine three types of arrangements.
Whitepaper|
US equity income|
Wealth manager|
Read Now
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To Everything There Is a Season: The Four Stages of a Tax-Managed Custom Core® Account
Paul Bouchey
CFA
July 20, 2018
Portfolio tax management: It's about a lot more than just tax loss harvesting. In this paper we show that there are other key opportunities to reduce tax exposure at every stage of a portfolio's life cycle.
Whitepaper|
Tax management|
Wealth manager|
Read Now
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Parametric Dividend Income Investing: Frequently Asked Questions
Alex Paulsen
July 12, 2018
Neither entirely active nor passive, Parametric’s Dividend Income Strategy seeks outperformance via a transparent, rules-based portfolio that emphasizes diversification instead of return forecasts. In this paper, organized as a set of frequently asked questions, we explain traditional income-investing approaches and how our strategy differs.
Whitepaper|
US equity income|
Institutional investor|Wealth manager|
Read Now
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Using Emerging-Market ADRs in a Custom Core® Portfolio
Martha Strebinger
CFA
June 21, 2018
One way many of our Custom Core clients gain exposure to foreign securities is via an American Depository Receipt (ADR), which allows for ease of access to companies listed on foreign exchanges. This has proved beneficial for investors in developed markets. But what if you seek exposure to emerging markets? In this paper, we analyze the pitfalls and the opportunities.
Whitepaper|
Emerging markets|Tax management|
Institutional investor|Wealth manager|
Read Now
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Tax-Managed SMAs: Better Than ETFs?
Rey Santodomingo
CFA
June 21, 2018
Tax-managed separately managed accounts allow greater control over the underlying securities, which can help to make portfolio transitions more tax efficient.
Whitepaper|
Tax management|
Wealth manager|Institutional investor|Consultant|
Read Now
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Low-Volatility Investing: Revisiting Proven Solutions
Jay H. Strohmaier
CFA
May 31, 2018
This paper revisits Parametric's approach to low-volatility equity investing, updating our previous research findings that a structural risk reduction portfolio delivered similarly attractive relative risk-return profiles versus broad-market equity indexes (such as the S&P 500® Index) but with more predictable outcomes and fewer unpleasant surprises along the way.
Whitepaper|
Volatility|
Institutional investor|
Read Now
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Expect the Unexpected: The Role of Commodities During Periods of Unexpected Inflation
Tim Atwill
Ph.D., CFA
May 9, 2018
Asset prices have historically been much more sensitive to inflation surprises than inflation itself. In these environments, commodities, relative to either stocks or bonds, offer the greatest opportunity for positive performance. We explain why.
Whitepaper|
Commodities|
Institutional investor|Wealth manager|
Read Now
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Completion Portfolio Management: Using Completion Overlays and Sleeves to Enhance Portfolio Flexibility
Paul Bouchey
CFA
May 1, 2018
Did you know completion managers can implement completion overlays or sleeves to mitigate or actively manage otherwise unmanaged portfolio risks and tilts? This may increase return expectations through a more optimal allocation of capital.
Whitepaper|
Overlay|
Wealth manager|Institutional investor|
Read Now
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Factor Strategies Methodology
Parametric
April 20, 2018
How do Parametric's factor-investing strategies help clients keep more of their investment return? Find out why an optimization, rather than ranking, process can avoid unintended factor exposures.
Whitepaper|
Factors|
Wealth manager|
Read Now
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Guide to Parametric Responsible Investing Strategies
Parametric
April 6, 2018
Parametric offers a series of index-based responsible investing strategies: ESG, Fossil Free, Catholic Values, and Shariah Compliant. These strategies are designed as an expedient way to access commonly requested responsible investing themes, and complement our full suite of customization tools. In this brief we describe each strategy in turn, as well as some alternative options.
Brochure|
Responsible investing-SRI-ESG|
Wealth manager|
Read Now
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A Simple Guide to Tracking Error
Rey Santodomingo
CFA
March 20, 2018
Tracking error offers more than a simple measurement of portfolio versus benchmark performance. We explain how it should be used to establish benchmark-relative performance expectations and the differences between realized versus predicted tracking error.
Whitepaper|
US equity income|
Wealth manager|
Read Now
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Page
Closed-end Funds in Crisis? A Decade in Review
Alex Paulsen
March 9, 2018
Volatility is back in the markets. The key feature of the closed-end fund structure, which allows market prices to stray from the net asset value, creates extra risk and substantial opportunity. Parametric has a history of extracting opportunity from this volatility.
Whitepaper|
US equity income|
Institutional investor|Wealth manager|Consultant|
Read Now
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Page
A Third Way of Commodity Investing
Tim Atwill
Ph.D., CFA
March 1, 2018
Over the past two decades, commodity investments have moved from the exotic to the commonplace in investors’ portfolios. In conversations with clients, we find such allocations are typically implemented for two overarching reasons.
Whitepaper|
Commodities|
Wealth manager|Institutional investor|Consultant|
Read Now
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The Value of Tax Alpha
Tim Atwill
PhD, CFA
July 19, 2017
Parametric’s Custom Core strategies are designed to provide flexible, tax-efficient equity index exposure. “Tax alpha” is how we quantify the value of active tax-management. Here, we explore the two key drivers of tax alpha—the overall market return and cross-sectional stock volatility.
Whitepaper|
Tax management|
Wealth manager|
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Parametric Volatility Risk Premium Solutions
Parametric
June 21, 2017
Our Volatility Risk Premium (VRP) strategies aim to provide a significant and persistent source of return without the use of leverage or market forecasts by harvesting the VRP.
Brochure|
Volatility|
Institutional investor|
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A Better Way to Measure Success in Equity Income
Tim Atwill
Ph.D., CFA
February 1, 2017
In recent years, equity income strategies have seen increased interest from a broad range of investors. The goals of equity income strategies are relatively simple: provide high levels of income over the long term while growing the underlying value of the portfolio.
Whitepaper|
US equity income|
Wealth manager|Institutional investor|Consultant|
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