Archive | June 2013

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Commodities Market Commentary, Investment Process, and the Passage of Time

Commodities Market Summary Energy: As measured by the S&P GSCI indices, energy lost 1.9% in May, natural gas lost 9.4%. WTI crude oil and brent crude oil markets continued to exhibit an undertone, due to a market of surplus, which was over 2 million barrels per day. Relative to volume, the open interest (total number […]


Fixed Income Portfolio Attribution Frameworks 固定收益组合绩效归因

Fund managers market their strategy products as that they are able to achieve consistent competitive performance through particular repetitive decision-making process; attribution is an extremely useful tool in verifying their claims to possess these investment skills. Fixed Income Attribution vs. Equity Performance Attribution Equity attribution is standardized – almost all methodologies focus on the value […]

Unconstrained Bond Funds and Multi-Sector Bond Funds 无约束债券基金

*Data Source: Barclays Global Family of Indices, May 2013 Unconstrained Bond Funds Also called “go-anywhere” bond funds, unconstrained bond funds were introduced several years ago, when many U.S. fixed income managers perceived that investment-grade bonds could not go anywhere; rather, they were looking to invest flexibly over full market cycle across global multiple sectors, without […]

Asset Allocation Funds 资产配置基金

An asset allocation fund is a portfolio of mix of equity, fixed income securities, and cash equivalents; asset allocation funds have access to main asset classes exposure via one single investment. Types of Asset Allocation Funds Basically, there are three types of asset allocation funds: 1)      Balanced funds which maintain a relatively fixed ratio of stocks […]