Entering 2024, our market outlook is cautiously optimistic, underpinned by a nuanced understanding of the global financial landscape. In the U.S., the enduring strength of companies with substantial free cash…
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Free cash flow is a critical financial metric that offers a more transparent view of a company's profitability in the context of equity valuation. Historically, both free cash flow profitability…
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Exchange-traded funds (ETFs) have become an increasingly popular investment option for investors of all levels of experience. The creation-redemption process of ETFs is one of the key features that sets…
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Research Highlights This paper extends our previous research, starts with revisiting a two-dimensional framework for measuring active management using active shares and tracking errors. The limitations of the traditional framework…
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FCF US Quality strategy takes a quantitative active approach to quality factor investing. In this paper, we conduct case studies that illustrate and expose some of the drawbacks embedded in…
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This paper discusses how we apply active management and the common misconceptions around active and passive investing. We apply a framework to estimate the “pure alpha” opportunity of an active…
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Pure Alpha: Evaluating Active Management in a Modern Way Click here to download This paper discuss how we apply active management and the common misconceptions around active and passive investing.…
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Free cash flow analysis reveals the extent to which companies that invest heavily in R&D outperform their peers, suggesting investors should be looking to ensure these innovators form a core…
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