Aye Soe

Managing Director, Global Research & Design
S&P Dow Jones Indices
Biography

Aye M. Soe is Managing Director, Global Research & Design, at S&P Dow Jones Indices. In this capacity, Aye heads up the Americas research team. The group is responsible for conceptualization, research, and design of the S&P global equity, fixed income, commodities, volatility (VIX futures based), multi asset, sustainability (ESG) and alternative asset strategy indices. Aye also regularly publishes on a number of headline S&P publications as well as research papers related to capital markets and investment concepts.

Aye is an Adjunct Professor of Finance at Hofstra University’s Frank G. Zarb School of Business, teaching MBA courses on Portfolio Theory and Investment Analysis.

Prior to joining S&P Dow Jones Indices in 2007, Aye was a research analyst within the Consulting Services Group at Morgan Stanley Private Wealth Management and an associate product manager at FactSet Research Systems.

She is a CFA Charter holder, a member of the New York Society of Security Analysts (NYSSA), and the CFA Institute. Aye has a bachelor’s degree in economics from Tufts University and a master’s degree in economics from Fordham University. Aye also currently serves as a volunteer at the Benchmark Working Group within the Global Investment Performance Standards (GIPS®) at the CFA Institute.

Author Archives: Aye Soe

Understanding the Value Spectrum

Value investing, made famous by Benjamin Graham in his book Intelligent Investor nearly 70 years ago, is possibly the most well-known investment strategy.  Although the strategy may appear simple at first glance—buying securities with prices that are trading at discount multiples than their fundamental values—it can be tricky to implement.  For example, value can be Read more […]

15 Years of SPIVA – Where Does the Active Versus Passive Debate Go From Here?

In the inaugural publication of the Journal of Portfolio Management in 1974, Nobel Laureate Paul Samuelson wrote that there is no “brute fact” that “there could exist a subset of decision makers in the market capable of doing better than the averages on a repeatable, sustainable basis.”[1]  That article partly inspired John Bogle to launch Read more […]

Manager Outperformance: Is it Luck or Skill?

Over the years, we frequently hear from our SPIVA® and Persistence Scorecard readers that they have found their star manager or their own Warren Buffet—someone who can successfully beat the benchmark repeatedly.  Based on our 15 years of publishing the SPIVA U.S. Scorecard, we know that, on average, around 20% to 30% of domestic equity Read more […]

Impact of Rising Interest Rates on Small-Cap Indices

Rising interest rates certainly has become a central investment theme going into 2017.  The 10-Year Treasury yield closed at 2.48% on Jan. 27, 2017, representing an increase of nearly 103 bps from six months ago.  Research has shown that equities tend to perform better following a rate hike, if inflation levels are moderate.  However, return Read more […]

Quality: A Driving Factor of Small-Cap Returns

Much has been written about the performance differential between the two leading small-cap indices, the S&P SmallCap 600® and Russell 2000.  Over a long-term investment horizon, the S&P SmallCap 600 has outperformed the Russell 2000 with less risk.  Part of the performance differential can be attributed to the June Russell rebalancing effect.  As winners from Read more […]

The Hunt for Consistent Income

The hunt for stable income is an increasingly challenging task.  Bond yields across major fixed income markets are at historically low levels, with some of the central banks in developed countries even going as far as adopting a negative rates policy.  Together with an aging population that is living longer and relies predominantly on fixed Read more […]

The SPIVA® Scorecard: More Than the Sum of Its Parts

The active versus passive debate has been going on for years and has inspired passionate supporters on both sides.  As a way to provide market participants with objective information, S&P Dow Jones Indices started publishing the S&P Indices Versus Active (SPIVA) Scorecard for the U.S. in 2002.  The scorecard measures the performance of actively managed Read more […]

Does Market Volatility Favor Active Management? Evidence From the 2015 Year-End 2015 SPIVA® U.S. Scorecard

Twice a year, S&P Dow Jones Indices releases the SPIVA U.S. Scorecard.  The scorecard measures the performance of actively managed equity and fixed income funds across various categories.  Since the initiation of the report in 2002, the results have consistently shown that managers across most categories overwhelmingly underperform on a relative basis against their corresponding Read more […]

The Impact of Currency Exposure: Evidence From the Performance of Actively Managed Global Equity and Bond Funds

In the past 18 months, currency hedging has become one of the hottest topics in the investment community.  As the U.S. economy strengthens and decouples from the rest of the developed and emerging economies, and as there is unprecedented quantitative easing by the Bank of Japan and the European Central Bank, it is nearly inevitable Read more […]

A Tale of Two Benchmarks: S&P SmallCap 600® vs. Russell 2000®

This is a series of blog posts relating to the in depth analysis of performance differential between the S&P SmallCap 600 and the Russell 2000. Benchmarks are designed to represent a passive strategy in a given universe. Given that purpose, the risk/return profiles among various benchmarks in the same universe should be relatively similar in Read more […]