Christopher W. Marx

Portfolio managers should always have good explanations for their underweight positions. These days, it matters more than ever.

Future investing challenges will be profoundly different than those that dominated capital markets in recent decades. Investors must adjust their expectations accordingly.

Despite this year’s market disruptions, there are still good reasons to stay invested in stocks as an integral part of a long-term investment plan.

In a world of pervasive innovation, investors need a new mindset to identify transformational companies and portfolio strategies with true return potential. But reaping the benefits of innovation also requires some old-fashioned fundamental sense.

The exit from the pandemic will be bumpy. Defensive stocks with attractive valuations can help provide balance through an uncertain recovery.

Global stocks rebounded sharply from the coronavirus market crash in 2020, but the ride was rocky. With so many risks clouding the outlook, we believe that investors should focus on generating a smoother pattern of returns through the recovery from COVID-19.

Defensive equities are usually found in sectors that have withstood market shocks, such as utilities and real estate. But as COVID-19 shakes up investment conventions, companies with intangible assets are being more appreciated for their volatility cushion.

Data science is most effective when it starts with a deep, fundamental question. What's the key question that the research is trying to answer? From that starting point, data scientists work very closely with research analysts to deploy the right data and tools to find an answer.

The COVID-19 crisis has made data science even more important. Today, data scientists are collaborating with research analysts to fill in the gaps with a few mouse clicks when social distancing restrictions limit the mobility of on-the-ground efforts.

Following these guidelines can help equity investors navigate the uncertainty created by the COVID-19 pandemic when selecting stocks and positioning portfolios.

Even as global stocks climbed in 2019, market volatility persisted. By some measures, lower-volatility stocks now look quite expensive. But in fact, high-quality stocks that can help protect portfolios can be found at reasonable prices, if you know where to look.

Volatility is a challenge that has vexed equity investors for decades and has been amplified in today's low interest-rate environment. As many investors reach for higher-return assets to help meet future obligations, they are likely to be more exposed to the higher inherent volatility that stocks add to an allocation. In this paper, we examine the root causes of volatility to provide a holistic perspective on risk-management solutions for the current complex environment. Distinguishing between market risk, factor risk and stock-specific risk can help investors identify the most appropriate strategic solutions to combat volatility and ensure that they are compensated for the risk in their equity portfolios.

Investors are facing a strategic conundrum in a world of vast political, macroeconomic and market risks. In this environment, generating a better risk/return balance requires a deeper understanding of the sources of risk across asset classes and new data analysis techniques.

The most closely watched part of the US yield curve inverted this week for this first time since 2007, suggesting that a recession may be around the corner. We're not convinced that's true.

Global stocks rebounded in the first quarter, but the ride was rocky. Even in a rising market, volatility is a clear and present danger. With so many risks clouding the outlook, we believe that investors should focus on generating a smoother pattern of returns.

After a volatile year in global markets, equity investors are on high alert. With so much uncertainty about the macroeconomic growth outlook, we think it's important to make sure that an equity allocation is positioned to do well no matter what happens to the economy.

Investors enter 2019 facing a long list of macroeconomic and geopolitical risks. But there is some good news. Strategic approaches to equity and fixed-income markets can help investors rise to the challenges.

Recent volatility reminds us that new risks are testing standard defensive equity strategies. Portfolios that offer downside protection need to go beyond standard risk models and position themselves for changing challenges ranging from trade wars to European political instability.

As environmental, social and governance (ESG) considerations become more prominent in portfolios, institutional investors are asking more questions of their investment managers. We spoke with a few of our research analysts to help highlight some of the top issues that deserve attention when evaluating portfolio teams.

Our prime-alpha tool is designed to help bring more transparency and clarity to the dialogue around the true drivers of manager returns. We recently had an opportunity to apply the prime-alpha analysis during a series of conversations with a US public retirement plan sponsor.

Changing market conditions over the last five years have taught us a few things about managing risk. The most important lesson? Delivering downside protection constantly requires refining and adjustment.

Stock markets around the world have rallied this year, and investors are asking whether equities are expensive. Comparing valuations to growth potential helps shed light on the risks and opportunities in equities.

Soaring stock prices thrill investors, but it's the disciplined, less glamorous efforts to not lose money that build lasting wealth. It's possible to get downside protection and still beat the market over time. Here's how.

With investing, everyone likes to focus on the upswings to their portfolios. But watch those downturns! You may do more for reaching your long-term goals with practicing what we call "winning by not losing," which is the essence of upside/downside capture.

Contrary to conventional wisdom, research shows that less volatile stocks tend to beat the market over the long term, by losing less in downturns. Our own research found that an active approach combining low volatility and high fundamental quality produced even stronger performance. This strategy can be used as a source of uncorrelated alpha or as part of a plan's overall risk management.