Seeking Alpha
  • Evaluating Risks, Opportunities, And Performance Of Stocks With Foreign Currency Exposure
    Editors' Pick Yesterday, 4:42 AM Early Retiree 7 Comments

    Summary

    • Due to the strong dollar, currency risks and opportunities have recently played a major role in investment discussions.
    • Seeking Alpha contributors adopt very different methods when dealing with non-U.S. stocks and very rarely discuss currency-related issues.
    • In this article I will explore the implications of investing in international stocks and share my thoughts on performance tracking for investments denominated in foreign currencies.
  • REIT ETF/ETN Showdown: REM Vs. MORL
    Editors' Pick MORL Sat, Mar. 28, 12:57 PM James Bjorkman 174 Comments

    Summary

    • I examine the ETF REM and ETN MORL and contrast/compare their characteristics and components.
    • The performance over time of REM and MORL are compared to underlying benchmarks and their returns to investors reviewed.
    • I come to a conclusion as to which of REM and MORL is the better investment, and under what circumstances, and provide an actionable strategy.
  • The One ETF To Avoid In 2015
    Editors' Pick EMB Sat, Mar. 28, 10:14 AM Matthew Sauer, Esq. 19 Comments

    Summary

    • Non-U.S. borrowers have loaded up on $9 trillion worth of U.S. dollar debt.
    • These borrowers took advantage of low interest rates and expected the U.S. dollar to weaken over time; they were wrong.
    • U.S. dollar denominated debt in ETFs such as EMB has held up to this point, offering investors a chance to exit ahead of a potential crisis.
  • How To Trade The China A-Share Premium Over H-Shares
    Editors' Pick CAF, FXI, ASHR Fri, Mar. 27, 11:11 AM Tariq Dennison 6 Comments

    Summary

    • The premium of China A-shares over H-shares is near an all-time high at 30% vs. a 10% discount just before the HK-Shanghai connect launch last November.
    • This spread can be traded with U.S.-listed ETFs as short ASHR / long FXI, but a more liquid would be short HK-listed 2823 or 3188 / long 2828.
    • Limitations on being able to short the underlying A-shares and inability of foreigners to trade the CSI300 futures leave risk that this premium may persist or even widen.
  • The Investment Case For The EURO STOXX 50
    Editors' Pick FEZ Wed, Mar. 25, 4:29 PM DoctoRx 14 Comments

    Summary

    • The Eurozone has had numerous economic issues since 2010.
    • Its stock market has reflected these problems.
    • While Greece remains scary, both fundamental and technical considerations suggest that large cap Eurozone stocks may be more attractive than their U.S. counterparts, at least for a trade.
  • Why A Fed Hike Could Help HEDJ Investors
    Editors' Pick HEDJ Thu, Mar. 19, 10:47 PM Mark Biwojno 25 Comments

    Summary

    • How changing interest rates impact HEDJ investors.
    • Why a Fed hike may result in capital gains for HEDJ investors.
    • Hedged ETFs reduce currency fluctuation risk, but still have interest rate risk.
    • Hedged ETFs for high interest rate currencies like the Brazilian Real would be very high cost.
    • Interest rates are currently in HEDJ investor's favor, although they could become more favorable or unfavorable.
  • Can Seeking Alpha Bears Short Their Way To Profitability In One Of The Greatest Bull Markets Of All Time? A 5-Year Meta Analysis
    Editors' Pick BIDU, CRM, FSLR Tue, Mar. 17, 9:57 AM Force Majeure 6 Comments

    Summary

    • 299 Seeking Alpha contributor short sale recommendations are randomly selected from 2010-2014 and plotted against SPY during the same period to measure under- or outperformance.
    • Seeking Alpha contributor short sale recommendations not only significantly outperform an SPY short position, but generate a profit despite unfavorable market conditions.
    • All 603 picks from long and short articles are used to manage a theoretical hedge fund to measure performance in a 100% long/short portfolio to eliminate the variable of market directionality.
  • Seeking A Better Alpha
    Editors' Pick CPB, KO, LUV Sun, Mar. 15, 12:53 PM Dane Van Domelen 25 Comments

    Summary

    • In the Capital Asset Pricing Model framework, alpha is thought to measure risk-adjusted performance of a stock or portfolio relative to a benchmark, and beta is thought to measure risk.
    • But you can’t interpret alpha or beta in isolation. Beta relates to volatility (but does not completely determine it); both alpha and beta relate to expected return.
    • Alpha measures performance vs. the benchmark when the benchmark is flat, not performance vs. the benchmark in general.
    • A more useful version of alpha would be performance vs. the benchmark for average benchmark growth (rather than zero growth).
  • Actively Pursuing Growth: Validea's Market Legends ETF
    Editors' Pick VALX Thu, Mar. 12, 11:43 PM Joseph P. Porter 9 Comments

    Summary

    • The Validea Market Legends ETF is an actively managed fund focusing on models based on strategies used by some of Wall Street's greatest investors.
    • The portfolio is constructed by selecting holdings from the best models out of a field of 17 tracked by Validea.
    • The fund focuses on growth of share value rather than dividends, and leans toward small- and mid- cap companies.
  • Japan Hedged Equity Fund Is +25.30% For 2014 And +10.79% YTD, But What Are The Risks?
    Editors' Pick DXJ Wed, Mar. 11, 12:53 PM Reuben Sushman 6 Comments

    Summary

    • This ETF is hedged with no yen exposure and yields 1.60% with major institutional investors.
    • How will this ETF do going forward if the Nikkei continues to climb in 2015?
    • We analyze this primarily large-cap ETF and provide our recommendation.
  • Restrain Your Expectations: An Analysis Of Unconstrained Strategies
    Editors' Pick Wed, Mar. 11, 7:15 AM Vanguard 3 Comments

    Summary

    • Flexible asset allocation mutual funds attract investors looking to boost results.
    • Five evaluation tests help analyze performance.
    • The results: Go-anywhere funds offer more opportunities but no excess returns.
  • Does Reading Seeking Alpha Really Help Beat The Market? A 5-Year Meta-Analysis
    Editors' Pick SPY Tue, Mar. 10, 12:47 PM Force Majeure 75 Comments

    Summary

    • 304 stocks are randomly selected from 2010-2014 and their 1-year returns are plotted against the S&P 500 during the same time frame to measure under- or overperformance.
    • Stock returns are broken down by Editors' Picks vs. Standard Articles, by year, and by market cap to analyze areas of strength and weakness of Seeking Alpha contributors.
    • Overall, Seeking Alpha contributors outperformed the market with one major exception which is identified and discussed. The 3 best picks during the period include NFLX, TSLA, and CHTP.
  • iShares MSCI Poland Capped ETF - Stocks In Europe's Growth Champion
    Editors' Pick EPOL Wed, Mar. 4, 10:50 PM Felipe Monteiro de Carvalho 6 Comments

    Summary

    • Poland had GDP growth of 3.1% in 2014, and the European Commission predicts 3.2% for 2015 and 3.4% for 2016.
    • The Banking sector suffers from low interest rates, but is still profitable. The large insurer PZU has a big and growing EPS.
    • Some companies like CCC, LPP and PKP Cargo are reporting strong growths in earnings.
    • This country ETF is well-balanced, representing many different sectors of the Polish economy.
  • Seven Do's And Don'ts Of ETF Trading
    Editors' Pick Wed, Mar. 4, 7:15 AM Vanguard 29 Comments

    Summary

    • Investors need different skills when trading ETFs.
    • Unlike mutual funds, with ETFs the cost of trading is usually borne by the investor.
    • Price control and patience are essential.
  • 5 Reasons To Consider Buying AMZA
    Editors' Pick AMZA Fri, Feb. 27, 2:41 PM Joseph P. Porter 15 Comments

    Summary

    • AMZA is the first actively-managed C-corporation MLP ETF and was issued in October 2014.
    • The fund made its first distribution in January 2015, and at $0.50 would project to amount to a roughly 9% annual yield.
    • I provide five reasons to consider buying this fund, ultimately relying on the skill of the fund's manager.
  • Scarcity And Stocks: How To Follow (Or Avoid) A Late '90s 'New Economy' Playbook
    Editors' Pick TLT, SPY, VIG Thu, Feb. 26, 3:41 PM Gary Gordon 6 Comments

    Summary

    • For the better part of 15 months, I have pounded the table for longer-term U.S. treasuries.
    • There has been more conversation about people missing out on the opportunity to short oil or buy a 2% stock dip than investors neglecting opportunities in federal government IOUs.
    • Investors need to insure against monstrous losses, particularly in an absence of tailwinds from six years of quantitative easing and six-plus years of zero-percent interest rates.
  • GLD's Long-Term Outlook Remains Strong
    Editors' Pick GLD Thu, Feb. 26, 12:27 PM SomaBull 45 Comments

    Summary

    • Whenever I'm evaluating an asset class or individual stock, I'm always thinking long term.
    • M2 is a measure of the money supply, which is basically the measure of inflation.
    • The goal of the Fed right now is to stay one step behind the curve. The way to do that is to keep this negative real interest rate environment intact.
    • Given the growth in the money supply and just looking at the current cash costs environment, gold should be about $1,400-$1,600 per ounce.
    • If GLD declines further, it won't be because of fundamentals, which means that eventually the price will rise to the value it should be at.
  • Active Indexing: Being 'Passive-Aggressive' With ETFs
    Editors' Pick Wed, Feb. 25, 7:15 AM Vanguard 8 Comments

    Summary

    • The wide use of ETFs doesn't necessarily mean a commitment to indexing.
    • Some investors use ETFs to try to outperform the market.
    • Vanguard shares the research and explains the risks.
  • Are Risk Parity Funds Worth The Cost?
    Editors' Pick SPY, AGG, SRPFX Wed, Feb. 25, 1:46 AM Brad Zigler 5 Comments
  • The VIX: What It Is, What It Isn't, What To Do About It Now
    Editors' Pick VXX, VIXY, VIXM Mon, Feb. 23, 5:17 PM Peter F. Way, CFA 37 Comments

    Summary

    • Widely regarded as the "fear factor" forecaster of stock market price declines, it has an irregular, unreliable pattern of prophecy.
    • Perversely, it is a much more reliable forecaster of general market index recovery.
    • What should we believe it is telling now?
    • How best to profit from its ODDS and PAYOFFS of prior outcomes?
  • Thesis Finds Seeking Alpha Delivered Tremendous Value - Outlines Specific Performance Scenarios
    Editors' Pick Mon, Feb. 23, 4:33 PM Mark Weisenborn 23 Comments

    Summary

    • In a systematic study conducted by a financial engineering graduate student at the Polytechnic Institute of New York University, Seeking Alpha articles predicted statistically significant price adjustments in recommended securities.
    • The study analyzed over 5,900 articles and over 90,000 price points between 2012 and 2014. The study tracked hypothetical $10,000 portfolios over time.
    • Micro and Small Cap recommendations provided consistently large cumulative returns. Short recommendations were found to be especially predictive.
    • This is the first public study of price responses over short-term time horizons (intraday). This study confirmed earlier findings of academic researchers that examined longer time periods (as in WSJ).
    • Recommendations were sorted according to direction (long or short), market cap, author's position disclosure, article title type, and whether the article was a "Top" article.
  • Bond Fund Choices For Retiree Portfolios
    Editors' Pick BND, EDV, HYD Thu, Feb. 19, 7:14 AM Richard Shaw 59 Comments

    Summary

    • Most retirees need/want some of their portfolio allocated to bond funds.
    • For those with “about right” total assets for retirement, institutions recommend bond allocation of 40% to 60%.
    • Numerous factors will tend to keep intermediate and long-term interest rates “lower for longer”.
    • The middle of the bond yield curve is probably the best place to be.
    • Corporate bonds and municipals make more sense than Treasuries for most individual accounts.
  • The Attractiveness Of Farmland And Other Alternative Asset Classes
    Editors' Pick Wed, Feb. 11, 10:00 AM Jeroen Blokland 19 Comments

    Summary

    • Over the last ten years, the returns on more exotic alternative investments like farmland, rare coins and stamps comfortably beat the returns on the S&P 500 Index.
    • Moreover, based on a risk-return trade off, exotic alternative asset classes also come out on top.
    • This in contrast to more traditional alternative asset classes like commodities, hedge funds, and private equity, which have performed poorly over the last decade.
    • Finally, although investing in exotic asset classes is much less straightforward than investing in equities and bonds, there are certainly opportunities available.
  • HIPS: A New Take On High-Income, Multi-Asset ETFs
    Editors' Pick HIPS Wed, Feb. 11, 7:49 AM Joseph P. Porter 23 Comments

    Summary

    • HIPS is a new ETF focusing on high-income pass-through securities, containing six categories of holdings.
    • I analyze the fund through comparison in four general areas: MLPs, CEFs, REITs and BDCs.
    • Although the issuer has not divulged dividend information as yet, I have been able to compute the anticipated yield for this ETF.
  • Read This Before Shorting Anything!
    Editors' Pick Wed, Feb. 11, 7:30 AM Raman Bhalla 40 Comments

    Summary

    • Shorting mechanics are a bit more complicated than just betting on a price decrease of a specific security.
    • Short sellers should be aware they are responsible for all payments from that security.
    • If you want to be a holder of record, make sure you aren't lending out your security.
    • Shorting stocks has the potential of unlimited losses unlike shorting bonds.
    • There are some tactics to shorting and securities lending that may be helpful to know.
  • Where Is The Hedge?
    Editors' Pick PSR, SPY, AGG Tue, Feb. 3, 4:52 PM Brad Zigler 5 Comments
  • European QE: Implications And Investment Opportunities
    Editors' Pick EWK, EWN, EWP Mon, Feb. 2, 7:15 AM D. Olteanu 20 Comments

    Summary

    • The European QE, while beneficial, will have different impact and consequences than the US and the UK style QE.
    • The retail European market is not as well developed as in the US, UK - so, the main risk asset likely to benefit from a large QE will be real estate.
    • Countries with largest equity markets to GDP like the Netherlands, Belgium, France and Spain will benefit disproportionately from a risk on equity trade.
  • Profiting From Market Randomness
    Editors' Pick SPY, VOO, DIA Fri, Jan. 23, 3:08 AM Boris Marjanovic 92 Comments

    Summary

    • People believe they can control positive investment outcomes - when in reality, luck, chance, randomness is what mainly drives investment results.
    • It is safe to say that the more someone’s investment performance deviates from the norm, the larger the probability of it coming from luck rather than skill.
    • But since luck always reverts to the mean in the end, investing with the next hotshot fund manager could be a very bad (and unprofitable) decision.
    • Therefore, the best and most cost-effective approach is to become a passive investor and take advantage of the market's long-term upward trend.
    • More sophisticated investors can take it a step further by employing a barbell strategy which combines passive investing with dynamic hedging to protect against market downturns.
  • Risk Parity: What It Is, How It Works, And Why It Matters
    Editors' Pick GLD, SPY, TLT Thu, Jan. 22, 8:00 AM Hedgewise 63 Comments

    Summary

    • Many of the world's top hedge funds already utilize strategies based on a new investing concept called "risk parity," including Bridgewater Associates and AQR.
    • Risk parity is not yet well understood by the mainstream, even though in theory it should significantly improve the Sharpe ratio of a passive portfolio.
    • We present an overview of what risk parity means, and analyze whether the theory makes sense in practice, across various timeframes and environments.
    • We also present initial techniques for building your own risk parity portfolio, using SPY, TLT, and GLD.
  • What To Find Before Seeking Alpha: Minimum Volatility Domestic Equity Allocation
    Editors' Pick VTI, USMV, SPY Tue, Jan. 13, 8:58 AM Mark James Thompson 14 Comments

    Summary

    • Minimum volatility strategies have outperformed in the U.S. markets.
    • A minimum volatility portfolio may make a good "skeleton" for a concentrated equity allocation.
    • USMV appears to be a good implementation of the strategy.
  • Beware Reversion In YieldShares High Income ETF And ETRACS 2x Closed-End Fund ETN
    Editors' Pick YYY Tue, Jan. 6, 1:38 PM Stanford Chemist 39 Comments

    Summary

    • In a previous article, we explored evidence that traders may have been "frontrunning" the ISE High Income Index.
    • YYY and CEFL investors were apparently fleeced in two ways: heavy selling of CEFs to be removed, and unfavorable buying of CEFs that were added.
    • This article identifies a third possible way in which YYY and CEFL investors could lose money: reversion to the mean.
  • Long-Term Treasury Bonds Are My Largest Position, Should It Be Yours?
    Editors' Pick TLT Tue, Jan. 6, 12:41 PM Left Banker 207 Comments

    Summary

    • Long-term treasury bonds currently comprise my largest holding, more than twice that of the second largest.
    • I began accumulating TLT based on a fixed-income momentum model.
    • 2014 was an excellent year for long-term treasuries and I fully expect that trend to continue, at least for the early part of 2015.
  • What To Find Before Seeking Alpha: Domestic Equity Allocation
    Editors' Pick VTI, IJH, SPY Mon, Jan. 5, 1:51 PM Mark James Thompson 2 Comments

    Summary

    • Contrary to Buffett's advice, you should not use the S&P 500 as the sole proxy for the domestic market.
    • Some ETF domestic allocations do seem better than others.
    • Static domestic equity allocations limit alpha.
  • Emerging Markets Scorecard 2014 - Which Will Outperform In 2015?
    Editors' Pick RSX, EWY, FM Sun, Jan. 4, 6:41 PM Far Horizon 20 Comments

    Summary

    • Emerging markets in general underperformed compared to US equities.
    • The range of results is wide – with some managing better returns than SPY.
    • The EM story is one of high risk/ high return, but exposure is a must for the long-term investor.
    • This article reviews the EM pack for 2014 – top long term value picks, and some tactical picks for 2015.
  • Evaluating Several Japan ETFs
    Editors' Pick DFJ, DXJ, EWJ Fri, Jan. 2, 2:10 PM Stanford Chemist 36 Comments

    Summary

    • The bursting of the Japanese asset bubble in the 1990's mired the country in two "lost decades.".
    • Abenomics is positive for the Japanese economy and for Japanese stocks.
    • This article seeks to evaluate several Japan "value" ETFs for possible inclusion into a portfolio.
  • A Diversified, High-Income, Lower-Risk CEF Portfolio For 2015
    Editors' Pick ETW, HQH, INB Thu, Jan. 1, 7:59 AM John Dowdee 114 Comments

    Summary

    • For the bear-bull cycle beginning in 2007, the CEF Portfolio generated a higher return than the S&P 500 with substantially less risk.
    • For all-time frames analyzed since 2007, the CEF Portfolio outperformed the S&P 500 on a risk-adjusted basis.
    • The CEF Portfolio has a high average distribution of 7.9%.
  • High Quality Stocks In Developed Markets
    Editors' Pick Thu, Jan. 1, 6:24 AM Baijnath Ramraika, CFA 10 Comments
  • Analyzing The First Trust Health Care AlphaDEX ETF: How Did It Do It?
    Editors' Pick FXH Dec. 29, 2014, 11:40 AM Stanford Chemist 25 Comments

    Summary

    • FXH has posted an impressive +210% performance since its inception in May 2007 (annualized 28%), outperforming the benchmark XLV by 89% (annualized 12%).
    • FXH is a fundamental index that utilizes AlphaDEX's proprietary weighting methodology.
    • This article compares FXH with other health care ETFs to understand the characteristics of the fund.
  • Higher Dividends With Less Risk (Part 3): Global X SuperDividend U.S. ETF
    Editors' Pick DIV Dec. 26, 2014, 5:59 PM Stanford Chemist 120 Comments

    Summary

    • This is the third piece in this series of articles looking at high-dividend low-volatility funds.
    • DIV tracks the INDXX SuperDividend U.S. Low Volatility Index.
    • How does the composition of DIV compare to other high-dividend low-volatility funds HDLV and SPHD, and to the popular "quality" ETF DVY?
  • Country CAPE Ratios: Wizard In 2013, Dunce In 2014?
    Editors' Pick GVAL Dec. 26, 2014, 12:20 PM Stanford Chemist 58 Comments

    Summary

    • The CAPE ratio was a fantastic predictor of country returns in 2013.
    • In March 2014, Mebane Faber and Cambria Investments launched GVAL, which uses CAPE-like methodologies to buy the cheapest global markets.
    • How did CAPE and GVAL do in 2014?
  • Gary Gordon Positions For 2015: Tactical Asset Allocations For ETF Investors
    Editors' Pick OEF, MGK, USMV Dec. 24, 2014, 7:25 AM Gary Gordon 12 Comments

    Summary

    • For better or worse, our market continues to rely on central bank manipulation.
    • Gaining access to stocks listed in China, the world's second largest economy, is something that everyone should be thinking about.
    • Whether someone does it for you or whether you do it yourself, you must have a plan to avoid the bulk of an upcoming disaster.
  • Higher Dividends With Less Risk (Part 2): A Second Look At ETRACS 2x US High Dividend Low Volatility ETN
    Editors' Pick HDLV Dec. 24, 2014, 12:18 AM Stanford Chemist 48 Comments

    Summary

    • UBS recently introduced a 2x leveraged ETN sporting a hefty 10% yield.
    • This ETN tracks the Solactive US High Dividend Low Volatility Index.
    • This ETN is compared to SPHD, another high-dividend low-volatility ETF, and two popular "quality" dividend ETFs, VYM and SCHD.
  • Chris DeMuth, Jr. Positions For 2015: Banking M&A, Milestone Payments, Litigation Results
    Editors' Pick RVP Dec. 23, 2014, 4:23 PM Chris DeMuth Jr. 95 Comments

    Summary

    • Event driven investing is just one of the species of value investing.
    • 2014 has been a year of squeeze outs, contingent rights and appraisal litigation.
    • 2015 will be a year of banking M&A, milestone payments and litigation results.
    • Next month will begin a New Year but not a New Era – just another year to look for misplaced bets and occasionally to find one.
  • The Various Flavors Of Long/Short Equity Funds
    Editors' Pick FTLS, LGNMX, SWHEX Dec. 23, 2014, 8:34 AM Brad Zigler 3 Comments

    Summary

    • History seems to favor long/short strategies.
    • Just take a look at the 20-year track record of long/short hedge funds.
    • Cumulatively, long/short plays have bettered the S&P benchmark by 62 percent with a third less volatility.
  • Higher Dividends With Less Risk? Consider PowerShares S&P 500 High Dividend Portfolio ETF
    Editors' Pick SPHD Dec. 22, 2014, 7:08 AM Stanford Chemist 49 Comments

    Summary

    • The PowerShares S&P 500 High Dividend Portfolio has recently turned two years old.
    • This ETF tracks the S&P 500 Low Volatility High Dividend Index.
    • This article analyses the performance and composition of this fund.
  • Why Write On Seeking Alpha?
    Editors' Pick AZSEY, UBAAF Dec. 21, 2014, 3:24 PM Chris DeMuth Jr. 188 Comments

    Summary

    • Organize and ship your thoughts, connect, make your catalysts, reach your audience, and get paid.
    • I write if I can say "yes" to the following: Is it true? Useful to readers? Strategic to Rangeley Capital?
    • Be a small part of crowdsourcing as it supplants a reliance on expert authorities.
  • Is It Time To Buy Floating Rate Loans CEFs?
    Editors' Pick EFR, JFR, JQC Dec. 21, 2014, 11:17 AM John Dowdee 36 Comments

    Summary

    • Floating rate loans CEFs are typically viewed as a hedge against rising interest rates.
    • Floating rate loans CEFs are selling at discounts substantially larger than their 3 year average discount.
    • Floating rate loans CEFs provide excellent income with distribution between 6% and 7%.
    • Floating rate loans CEFs are a good way to diversify a fixed income portfolio.
    • Floating rate loans CEFs have been more volatile than high yield bond ETFs but do not always provide higher returns to compensate for the increased risks.
  • Short Selling: Cleaning Up After Elephants
    Editors' Pick FOSL, ALO, ALK Dec. 20, 2014, 9:30 AM Guy Judkowski 63 Comments

    Summary

    • This article shares the author's insight from over two decades as a professional short seller.
    • This article shows the signs and paths that can lead one to a profitable short, as well as illustrative case studies.
    • It also discusses when to cut losses and how shorting has gotten harder in recent years.
  • 8% Yield From MLPJ: A Diversified Small-Cap Energy MLP Fund
    Editors' Pick MLPJ Dec. 17, 2014, 1:50 AM Stanford Chemist 15 Comments

    Summary

    • Midstream MLP companies make up the majority of the most popular MLP exchange-traded products.
    • MLPJ is a small-cap MLP ETF that offers exposure to diverse types of MLP classes (upstream, midstream, variable, and others).
    • The recent decline in oil prices has increased MLPJ's yield to 8%, though this may or may not be maintained.
  • Benchmarking Tactical Alpha Part II: Examples And Analysis
    Editors' Pick VBAIX, SPY, SMIDX Dec. 16, 2014, 2:51 PM GestaltU 5 Comments

    Summary

    • Global Tactical Asset Allocation funds are a mixed bag in terms of performance and relationship to the Global Market Portfolio, but some products stand out.
    • Risk Parity products have benefited from the race to the bottom in rates, but are vulnerable to an eventual reversal of fortune.
    • Significant positive Alpha relative to the Global Market Portfolio indicates that a fund's returns are less dependent on strong performance from the GMP, and that they may endure during downturns.
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