Documents
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Additional Summary Prospectus will be available in January 2025.
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The fact sheet will be distributed at fund launch. Signup for a notification.
Premium Drag (PDF)
Our research indicates that trading costs and delays in executing trades can significantly drag on returns for large asset managers, especially in small value stocks. Thus, smaller, more nimble firms can avoid these issues by executing trades more efficiently, thereby capturing the value premium.
Investors Demand Different Returns (PDF)
We believe that by solving for expected returns directly, investors can achieve a purer and more efficient exposure to the tradeoff between risk and return.
The Momentum Catch 22 (PDF)
Evidence-based investors want exposure to a factor like momentum because it is a powerful driver of returns; capturing it effectively is typically challenging due to high trading costs and turnover. We believe that seeking a balanced approach that integrates momentum with other factors, especially at lower asset levels, can help capture the momentum premium without the excessive costs.
Release the Constraints (PDF)
Our research tell us that traditional style boxes, like those created by Morningstar, limit investment potential by imposing unnecessary constraints. We believe that by focusing on risk and return rather than rigid categories, investors can achieve more efficient outcomes to help meet their expectations.
Valuation Timing (PDF)
While history tells us that value stocks tend to outperform growth stocks over time, the value premium can’t be reliably timed. However, by adjusting the tilt toward value based on valuation spreads, we believe that investors can potentially capture higher returns when spreads are wider and reduce tracking error when spreads are lower. In other words, take more value exposure when you are paid more for it.
We are actively interviewing firms for the 351 exchange opportunity and use as a standard part of their allocation.
Learn more here and by registering for our updates from us here