TrueAlpha™ ESG US Equity is a quantitative equity strategy aiming to deliver “true” stock selection alpha unrelated to risk factors such as value, size or momentum. It normally invested in 30-40 under-valued high quality stocks with above-average ESG (environmental, social and governance) rankings based on Thomson Reuters ESG ratings. The strategy strives to outperform Thomson Reuters ESG US Index … Read more
The bull market is in a full swing and everything is becoming more and more expensive. The US equity markets are hitting record highs day after day. The cyclically-adjusted PE ratio (Shiller PE) has reached 31.2, which is 90% higher than its historical average of 16.8 since 1880 (see Figure 1). High yield bonds, the … Read more
Since I published the article “An Economic Analysis of Active vs. Passive”, I have received a lot of feedback from friends and colleagues. A number of people were very concerned about the potential impacts of increasing passive investments on the health of financial markets. When I did a google search, words like “the greatest bubble … Read more
BOSTON, MA –August 16, 2017 – Julex Capital Management, LLC., announced today that its Dynamic Income was recognized with “Top Guns” status within the Informa Investment Solutions’ PSN investment manager ranking database for Q2 2017. Dynamic Income for One-Year Performance in Core Fixed Category for One-Year Performance in ETF US Fixed Income Category Utilizing … Read more
Since the end of the financial crisis, the US has led the global equity market recoveries for over eight years. Table 1 shows the total returns of US and international equity market ETFs. The S&P 500 Index ETF (SPY) gained 303.8% after it bottomed on March 9, 2009, while the MSCI EAFE Index ETF (EFA) … Read more
Jeremy Grantham, one of the most notable “top-down” value investor, recently had a changing heart on value investing. In his widely-read quarterly newsletter titled “This Time Seems Very, Very Different”, he noticed the average P/E ratio of the S&P 500 after 1996 was 65% to 70% higher than the long term average. He attributed higher … Read more
Despite the Russian scandal hanging over the Trump administration, many investors still believe some type of the tax reform bill may pass this year. In late April, the members of the administration outlined the broad strokes of the proposed plan and called it the “biggest tax cut in history”. Table 1 summarizes the main points … Read more
One of the most-watched fear gauges on Wall Street has been traded at the lowest levels in decades. The CBOE Volatility Index VIX, which is based on the 30-day options contracts on S&P 500 Index, closed on May 9th at 9.77, the lowest level since Dec. 27, 1993. Despite the spike last week, the VIX … Read more
BOSTON, MA – May 18, 2017 – Julex Capital Management, LLC., announced today that its Dynamic Income, Dynamic Sector and Dynamic Emerging Market strategies were recognized with “Top Guns” status within the Informa Investment Solutions’ PSN investment manager ranking database for Q1 2017. JULEX DYNAMIC INCOME Informa Investment Solution’s PSN “TOP GUNS” Status for Recent-Quarter … Read more
The Dynamic Developed Market strategy is an international equity strategy that seeks to achieve better returns than the MSCI EAFA index with lower volatility and lower peak-to-trough drawdowns in a full market cycle. The strategy rotates among the country ETFs in the equity markets of developed economies. It has the flexibility of investing only in … Read more