Daniel Ung

Director
Global Research & Design
Biography

Daniel Ung is Director, Global Research & Design, at S&P Dow Jones Indices. He is responsible for conducting research and developing index products across all asset classes.

Prior to joining S&P Dow Jones Indices, Daniel worked at Barclays Wealth and Investment Management in the Structured Products Group and at BNP Paribas Fortis Bank in the Commodities Investor Derivatives Group.

Daniel holds a master’s degree from the Ecole Supérieure de Commerce de Paris (ESCP Europe) and is a CFA. CAIA, and FRM charterholder.

Author Archives: Daniel Ung

A New Metric for Smart Beta: The Cost-Adjusted Factor Efficiency Ratio

With an increasing number of smart beta strategies that track the same factor in the marketplace, it is more important than ever to understand the underlying drivers of risk and return of these strategies, which can vary greatly.  This is because the underlying portfolio construction of these strategies determines risk and return and, ultimately, the Read more […]

SPIVA® South Africa: Active Equity Funds Followed the Global Trend—They Underperformed

South African equity markets have once again performed poorly, especially in comparison with global equity markets.  One reason for this drab performance was that its GDP contracted 1.2% in the first quarter, although the price of gold—one of the country’s key exports—increased and the South African rand recovered somewhat with respect to other currencies. Poor Read more […]

SPIVA® Europe Mid-Year 2016: Performance of Active Managers Has Been Disappointing This Year

European equity markets fared poorly over the one-year period ending June 30, 2016, with the S&P Europe 350® decreasing 10.47%.  This underwhelming performance was brought on by heightened volatility following the U.K.’s vote to exit the European Union, as well as the negative interest rate policy in Europe.  Normally, these conditions might be considered ideal Read more […]

How Did South African Active Managers Perform in 2015?

In 2015, equity markets in South Africa were turbulent amid falling commodity prices and the depreciation of the South African rand.  Political uncertainty surrounding the appointment of the country’s finance minister and the lowering of the country’s debt rating by leading rating agencies also contributed to the lackluster performance of equities.  This may partly explain Read more […]

Long-Term Underperformance of European Active Management continues to play out in the active versus passive debate.

Every six months, S&P Dow Jones Indices publishes the S&P Indices Versus Active (SPIVA®) Europe Scorecard, which seeks to compare the performance of actively managed equity funds across different categories, and in the SPIVA Europe Year-End 2015 Scorecard, we expanded it to cover more individual countries and regions.  Among the new additions are Italy, the Read more […]

Resource Efficiency: A Step Beyond Climate Change

In recent years, there has been much focus on the importance of climate change and how much greenhouse gas is produced in the process of conducting business.  While managing greenhouse gases is an important focus, is the future more about increasing efficiency across different depletable resources, such as water? Because the demand across different scarce Read more […]

Understanding the Risk and Return Drivers of Smart Beta Strategies

Within the passive investment arena, smart beta strategies have witnessed a substantial growth in assets, and there is now a swathe of such strategies in the marketplace, many of which bear similar names and share similar objectives.  One may therefore expect that all these strategies are similar and that any differences would only elicit interest Read more […]

How Have South African Active Fund Managers Performed?

The performance of the South African equities market has been lackluster as a result of poor employment data, weak consumer confidence, and continued power shortages.  This has led to an underperformance of approximately 5% in ZAR-denominated domestic equities, as measured by the S&P South Africa Domestic Shareholder Weighted (DSW) Index, compared with global equities. Equities: Read more […]

How Did European Active Managers Perform Over the Past 10 Years?

Like in recent years, Greece has yet again dominated the European headlines for most of this year.  Contagion effects have been somewhat contained, thanks to a more solid European economy and financial system.  Nevertheless, the market has experienced bouts of heightened volatility, especially in June 2015 when the Greek authorities decided to shut their banks Read more […]

How did South African active managers perform against their benchmarks in 2014?

Following the success of the SPIVA (S&P Indices versus Active) in the U.S., Australia, Canada, India, Japan, Europe and Latin America, we are now starting coverage on South Africa. Like the reports covering other regions, we aim to shed some light on the ongoing active vs. passive debate.  SPIVA South Africa will be published twice Read more […]