PiRhspectives

A practical response to the FCA Asset Management Market Study

How should asset owners such as pension funds and endowments respond to the conclusions and proposed remedies set out in the FCA Asset Management Market Study?  Click here for a two pager with our initial thoughts PiRho initial comments on FCA … Read more »

Diversified Growth Funds: How dynamic are they?

How “active” are Diversified Growth Funds, and how concerned should we be about this metric? In this paper, we look at the differences in high level asset allocation between DGFs and find that some are much more active than others. … Read more »

Diversified Growth Funds: Do funds with higher targets take more risk?

The trade-off between risk and expected return is a fundamental concept in finance theory, as a rational investor would not seek to take on more risk without the expectation of a higher return.    In the second of two recent … Read more »

Diversified Growth Funds: Do they meet expectations?

Diversified Growth Funds may be popular, but is their performance giving the level of returns that their investors typically seek?   In this paper, we ask two questions: Do DGFs meet their own objectives? Is their performance good enough?   … Read more »

PiRho evaluates the recent performance of Diversified Growth Funds (November 2014)

Many investors bought Diversified Growth Funds expecting equity-like returns with bond-like risk. The good news is that the volatility objective has been achieved; however DGFs have struggled to deliver performance close to that of equities.     Read the report… … Read more »

Diversified Growth Funds

Our research has convinced us that there are important differences between funds that the market often treats as interchangeable.  Diversified Growth Funds we identified in 2010 as “capital preservation” or “risk focussed” have continued to experience lower risk than more growth oriented DGFs. … Read more »