The Active Management Channel

Investing for the Long Term: A Conversation with Marc Lichtenfeld

My good friend Marc Lichtenfeld from the Oxford Club has always been savvy in following such strategies. I invite you to learn from his investment journey in this special Q&A.

MLPs: A Light at the End of the Pipeline

The master limited partnership (MLP) asset class has experienced considerable volatility since 2014, with many individual securities trading well off previous highs. However, the Invesco Real Estate team believes there has been a dislocation in MLP pricing, resulting in value and opportunity in the space.

What’s Behind the Failure of Active Funds?

Like clockwork, each year the S&P SPIVA scorecard reports actively managed funds’ persistent failure to outperform appropriate, risk-adjusted benchmarks. The only thing different, it seems, is that each year the active management community contrives yet another explanation for its failure. And each time, those explanations are exposed as lame excuses.

Factor Exposure: Smart Beta ETFs vs Mutual Funds

Do Active Managers Provide Higher Factor Exposure than ETFs? Investors can express factor views via smart beta ETFs or mutual funds. Some mutual funds offer higher factor exposure than smart beta ETFs. Given higher fees, strong views on expected factor performance are required.

Munis in Focus: Preparing for Late-Cycle Certainties

Munis may offer U.S. taxpayers key benefits as they contemplate the end of the economic expansion.

Iran Sanctions and Potential Responses: Part I

Trump withdrew from the nuclear deal with Iran in May. Although the rest of the signatories remain committed to the original agreement, the U.S. plans to implement sanctions on Iran in two phases.

Demystifying Big Data: How to Critically Assess Quantitative Investment Signals

As leaders in manager research, we have unique insight into the implementation of big data in equity portfolios. Today, we share our key observations.

Five Ways to Drive Leads While Driving Your Car

The car you drive isn’t just a status symbol. In the age of digital communication, Bluetooth and wired vehicles, advisors can use their cars to drive leads by converting boring downtime during a commute into active prospecting.

World Markets Update

Three of eight indexes on our world watch list have posted gains through Monday, August 13, 2018. The top performer this year is India's BSE SENSEX with a gain of 11.33%. In second is our own S&P 500 with a gain of 5.55%. In third is France's CAC 40 with a gain of 1.88%. Coming in last is Shanghai's SSE with a loss of 15.76%.

 

Investing in Small-Cap-Growth Companies with a Long-Term View

John Barr manages the Needham Aggressive Growth Fund (NEAGX), which had an annualized return of 10.51% over the prior 15 years, versus 9.42% for the S&P 500, for an outperformance of 109 basis points. In this interview, he discusses the outlook for his fund.

Weighing the Week Ahead: Don’t Get Framed!

The market remains in a narrow trading range, near the record highs. There have been some relatively minor leadership changes. This reflects not investor complacency, but intense disagreement about how to interpret data and events. Each viewpoint has a history, a philosophy, and problem something to sell!

Road Trip

So, as most of you know we were on a road trip last week. We flew into Albany, New York on Sunday only to be greeted with hotter temperatures than what we left in Florida. The mountain drive to Manchester, Vermont was spectacular, but hereto the temperatures were hotter than Florida.

Brexit at the Cliff’s Edge

The economic team looks at the possibility of a bad Brexit.

The Pool of Tradable Stocks Is Shrinking. Here’s What Investors Can Do

The number of publicly listed companies in the U.S. has fallen steadily since 1997. More companies have delisted, in fact, than gone public in every year of the past 20 years except one, 2013. Put another way, the pool is getting smaller even while the population and economy are expanding.

The Maine Surprise Was Time

This year at "Camp Kotok," I quickly sensed a more upbeat mood. Not that many that were wildly bullish, but most were positive or at least neutral. There weren’t nearly as many bears as I expected. “Cautious optimism” seemed to be the theme. That led me to refine my own views with a wide variety of participants. Today, I’ll do the same for you.