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International Equities and the U.S. Dollar: Is It Time to Hedge?
by Andrew Pyne of PIMCO, 6/6/18

In a reversal from last year, the U.S. dollar has strengthened against other major currencies in 2018, reflecting rising U.S. rates, expectations of more Federal Reserve rate hikes and recent sluggish economic data outside the U.S.

Equity Factor Investing: Three Key Considerations
by Andrew Pyne of PIMCO, 1/3/18

Equity investors in search of higher returns are increasingly turning to factor investing. Driving this trend is frustration with the underperformance and higher fees of traditional active equity approaches, along with a growing realization that many stock-picking strategies owe their results largely to the manager’s factor tilts rather than stock-specific risk. 

Getting More From Your Equity Allocation
by Andrew Pyne of PIMCO, 5/24/17

How can equity investors address the triple threat of a low return environment, scarcity of alpha and the tendency to chase performance?

Detecting a ‘Smart’ Investment Strategy
by Andrew Pyne, Markus Aakko of PIMCO, 7/22/16
How to pick smart-beta strategies using methods similar to those for selecting active managers.

Four Strategies for Navigating the Equity Environment Ahead
by Andrew Pyne of PIMCO, 10/22/15
Recent market turmoil suggests we could be at a turning point for equities. After several years of high returns and low volatility as the market rebounded off the lows of 2009, supported by unprecedented monetary policies, investors are faced with broadly full valuations, global growth that is still uneven and the prospect of rising rates in the U.S. In this environment we suggest four simple approaches that could enhance returns while potentially reducing risk.

Equities: Enhancing the Core/Satellite Framework
by Sabrina Callin, Andrew Pyne of PIMCO, 3/13/15
?In a lower-returning environment, investors may need to look beyond traditional active or passive approaches in order to capture equity alpha. The “building blocks” of equity alpha include high active share stock selection, smart beta-based strategies and portable alpha approaches. These complementary sources of alpha can be implemented in an enhanced core/satellite framework to allow investors to pursue the returns needed to meet their objectives.

Making the Most of Equity Allocations
by Andrew Pyne, Sabrina Callin of PIMCO, 5/17/13
We believe slowing global growth and deleveraging are likely to result in lower long-term returns for equities. Traditional approaches to building equity portfolios may not be enough for investors to meet their return goals. We have found three complementary ways investors can enhance equity return potential: fundamental indexes, index-plus strategies and high active share stock selection approaches.

Expanding the Toolkit for Monitoring Your Equity Managers
by Markus Aakko, Andrew Pyne of PIMCO, 2/19/13
Investors may want to consider active share when assessing whether and how their active equity managers add value beyond a passive benchmark. The methods for monitoring investment managers are well established. But given the importance of getting portfolio allocation right in a low-growth, low-return world, it's worth examining new ways to assess risk and value added. While tracking error has been held as a key measure for active risk, it may include elements that reflect market conditions rather than managers' actual decisions on risk.

Equity Implications for a Modest-Return World
by Andrew Pyne of PIMCO, 7/27/12
With equities likely to see modest returns over the secular horizon, we believe that capturing alpha will be critical for investors seeking to meet target portfolio returns. Equity valuations appear reasonable, but volatility is likely to remain elevated amid slowing global economic growth and macroeconomic risks. As macro events drive markets, the probability of fundamental mispricing increases, providing opportunity for active managers to add value.

Equity Investing: From Style Box to Global Unconstrained
by Andrew Pyne of PIMCO, 5/15/12
PIMCO sees greater potential benefit to global portfolios in strategies that are unconstrained by a benchmark, and with managers who think about absolute return at least as much as they think about relative return. We believe the style box approach resulted in too great a focus on returns relative to a very narrow index and led investors to have too short of an investment time horizon in which to evaluate their managers, and that the cycles of style performance and the narrow benchmarks in the style box world encourages manager turnover and undermines long-term portfolio return potential.
10 results found.