Large-Cap Energy Stands Out in a Year of Low Volatility

Most sentient investors are aware of the low volatility that characterizes the current environment, with the S&P 500®’s trailing twelve-month annualized volatility at approximately half its level from a year ago. This trend was driven in part by some significant negative inter-sectoral correlations, for example between information technology and real estate versus financials, and energy Read more […]

Quality Over Quantity: China’s Economic Growth Focus in 2018 – Part 1

The Central Economic Work Conference (CEWC) was held in Beijing on 18-20 December, 2017. As the first CEWC after the 19th Party Congress, it set the tone for China’s central government’s economic policies in 2018. They are crucial to the long-term development of the world’s second-largest economy. Highlights of the CEWC (1) High-quality development over Read more […]

The Passive Canon

A “canon” refers to the core texts that constitute the doctrine of a specific discipline.  Different faiths hold certain letters and books as canon.  The same can be said of a body of works that shaped and directed a culture.  The original Ghostbusters is, obviously, a canonic comic film and anyone who suggests otherwise should Read more […]

It May Not Be Time To Fear Stocks Yet, But Perhaps Real Estate

Euphoria seems to be taking over the stock market with frequent stories of new highs – but what is more important is how strong the stock market performance is relative to the bonds.  Month-to-date through Jan. 18, 2018, the S&P 500 is outperforming the S&P 500 Bond Index by 3.8%, the most since Dec. 2016, when Read more […]

Explaining Equal-Weight Indices

Our recent paper explores the characteristics and applications of equal-weight indices from various standpoints. Since a number of equal-weight indices have outperformed their corresponding cap-weighted parents over the past 15 years, one of the most interesting perspectives asks if factors can help to explain the excess returns of equal weight.  Which factors are most relevant? Read more […]

Performance of Indian Capital Markets in 2017

Capital markets in India had a bull run in 2017 and gave exponential returns across size, segments, and sectors. In this blog, we will analyze how capital markets in India have performed in 2017. Exhibit 1 and 2 showcase returns for India’s four leading size indices in 2017.  Exhibit 1: One-Year Absolute Returns of Size Read more […]

S&P 500 Companies Issued USD 775 Billion of Bonds in 2017

2017 was the sixth consecutive year of record U.S. corporate bond issuances, as companies continued to take advantage of the accommodative environment created by low interest rates and strong investor demand. As measured by the S&P 500® Bond Index, 325 companies came to market for a total of over USD 775 billion in 2017. Approximately Read more […]

Is the Needle Moving on Sustainable Business?

2018 is set to be a major year for sustainable business. The new year is a time to take stock of where we are going—and we are grateful for the opportunity to dig deep into our data to answer the question: “Is the needle moving on sustainable business?” Each year in the State of Green Read more […]

Rieger Report: Municipal Bond ETFs – 10 Years of Growth

The first Exchange Traded Funds (ETFs) tracking municipal bonds were launched in September 2007. Since then the municipal ETF market has grown to 40 ETFs representing over $30.5billion in assets under management. Municipal Bond ETF Market Snap Shot: 40 ETFs all but one represents tax-exempt municipal bonds. There is one ETF tracking taxable municipal bonds. Read more […]

Most S&P and Dow Jones Islamic Indices Outperform Conventional Benchmarks in 2017 Driven by Strength in the Technology Sector

Most S&P and Dow Jones Shariah-compliant benchmarks outperformed their conventional counterparts for the year as information technology companies—which tend to be overweight in Islamic Indices—gained a whopping 39.4% beating the overall market by a wide margin, and financials—which are underrepresented in Islamic indices—experienced some weakness. This marked a reversal from 2016 where a surge in Read more […]