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- The Small-Cap-Alpha Myth
- This paper provides no support for the claim that active management of small-cap portfolios is more fruitful than it is for large-cap portfolios. As a result of higher management fees and greater transaction costs, the typical overall cost differential between large- and small-cap portfolios is more than 100 basis points...
- White papers 2001-09-01
- Paying Up: The Hidden Cost Of Portfolio Management; Commission Recapture: A Way To Get Some Back?
- Paying up is paying a brokerage commission over and above the cost of pure execution in exchange for research or other services from brokers. The part of the commission in excess of the cost of execution can be viewed as an indirect fee beyond the negotiated management fee that investors...
- White papers 2003-01-01
- Commodity Futures: Essential Diversifier Or Gamble On Future Oil Prices?
- The historical diversifying effect of commodity futures is often given to justify their inclusion in portfolios. While commodity futures have increased the risk-adjusted return of a stock and bond portfolio since 1970, much of this result comes from the early 1970s, a period characterized by high inflation and the soaring...
- White papers 2003-01-01
- Ennisknupp Capital Markets Modeling Assumptions
- Asset allocation modeling requires three types of inputs: estimates of expected return, volatility, and correlation among asset classes. EnnisKnupp's capital markets model uses a theoretical, global capital asset pricing model Global CAPM methodology to obtain expected returns for individual asset classes, rather than relying on historical results or arbitrary estimates....
- White papers 2003-01-01
- Deflation In The U.S. Why The Concern Now, And What Does It Mean For Institutional Investors?
- A stagnant U.S. economy, the lowest interest rates in over forty years, and extremely low inflation have in combination fueled debate on whether the country may be headed for deflation. The purpose of this article is not to predict whether the U.S. will experience deflation, although many economists believe that...
- White papers 2003-01-01
- A Critical Look At The Case For Hedge Funds: Lessons From The Bubble
- Hedge funds are supposed to be largely market neutral, meaning their returns exhibit relatively little correlation with those of the market. In this vein, one often hears that they make money in down markets as well as up. To the extent, hedge fund returns are uncorrelated with those of markets...
- White papers 2003-01-01
- Global Equity – An Integrated Approach To Active Portfolio Management
- For investors who invest in non-U.S. equity markets as well as the U.S. market as a matter of policy, and elect to have at least some assets in both categories managed actively, one advocate the use of one or more global managers. This is the logical extension of prior conclusions...
- White papers 2003-01-01
- Can Public Funds Compete?
- Public funds have under performed corporate and endowment funds for more than a decade, even after adjusting for differences in risk. Endowments' greater allocation to private equity is a likely contributor to this outcome. Greater use of active management by corporate and endowment funds appears to have helped during the...
- White papers 2003-01-01
- Less Is More: Securities Lending Revisited
- Almost every institutional investor participates in a securities lending program, whether directly or indirectly. Although securities lending income typically constitutes no more than a few basis points at the total fund level, the dollar amount can be significant, and can often pay for a large portion of the expenses associated...
- White papers 2003-01-01
- The Right Benchmark
- The article summarizes that Investors should use a broad stock market index, such as the Wilshire 5000 or Russell 3000, as their overall frame of reference and benchmark for U.S. equity investments. The 5000 is superior to the 3000 because it includes several thousand of the smallest stocks, which are...
- White papers 2000-07-01
- The Case For Whole Stock Portfolios: Failure Of The Multiple-Specialist Architecture
- The article summarizes that conventional architecture for managing U.S. pension funds' domestic equity portfolios is to employ multiple active investment managers with complementary styles. Theory tells us that this approach – diversifying with active managers – is sub-optimal. Evidence supports the theory, indicating that clients employing this architecture have under-performed...
- White papers 2001-06-01
- International Diversification In The 2000s – Stay The Course
- Recent trends in the international equity markets have fueled debate over the diversification benefit of non-U.S. equity. Poor returns and an increasing correlation with the U.S. market have caused some investors to question the future of using non-U.S. equity as a diversifier. It is believe that non-U.S. equity will continue...
- White papers 2003-01-01
- Are Performance Fees Right For Your Fund?
- "There is no one best approach to compensating active investment managers. The right answer for your fund depends importantly on the extent of your expectations of superior performance for a particular manager. It may also depend on how you view the relationship between managers and your fund, i.e., whether managers...
- Case studies 2002-03-01
Additional Resources
- Ennis Knupp values BWC marketable securities at $14B
- Ennis Knupp + Associates, a financial consulting firm based in Chicago, recently completed a valuation of the Ohio Bureau of Workers' Compensation BWC securities portfolio. Proclaiming the BWC's financial reporting process "robust," Ennis Knupp confirmed the value of the State Insurance Fund's marketable securities is approximately $14 billion as of...
- Research articles 2005-09-01
- CONFERENCE PARTICIPANTS MAKE MOST OF TOUGH SITUATIONS.(World Trade Center and Pentagon terrorist attacks)(Brief Article)
- Thousands of pension executives, money managers and investment management consultants were stranded at out-of-town conferences last week when terrorists crashed hijacked planes into the World Trade Center and Pentagon. Steve Cummings, president and chief executive officer of Ennis Knupp & Associates, Chicago, said...
- Research articles 2001-09-17
- John McClenahan Joins InvestorForce.com's Manager Research Team As A Senior Associate
- InvestorForce.com, an Internet Capital Group (Nasdaq: ICGE) company and leading Internet provider of content, community, and commerce for institutional investors, today announced that John McClenahan was appointed to the position of Senior Associate, Manager Research.He joins InvestorForce.com from the firm of Ennis, Knupp & Associates...
- Research articles 1970-01-01
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