Hamish Preston

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

Hamish Preston is Associate Director, Global Research & Design, at S&P Dow Jones Indices (S&P DJI). Hamish is responsible for conceptualization, research and design covering global strategy, factor-based, alternative beta, and thematic equity indices. He is also a frequent contributor to financial media outlets.

Prior to joining Global Research & Design, Hamish worked in Index Investment Strategy at S&P DJI, where he provided research and commentary on the entire S&P DJI product set, including U.S. and global equities, commodities, fixed income, and economic indices.

Hamish holds a bachelor’s degree in economics from the London School of Economics and graduated with distinction from the University of Birmingham with a master’s degree in financial economics. Hamish has also passed CFA Exam Level II.

Author Archives: Hamish Preston

Let’s talk about Communication

One of the largest ever changes to the Global Industry Classification Standard (GICS®) went into effect prior to the open on Monday 24th September, affecting around 10% of the S&P 500’s market capitalization.  In case you missed our previous announcements, here is a brief explanation of GICS, what changed, and why these changes went into Read more […]

2018 Mid-Year SPIVA® Canada Scorecard – Challenging Times for Active Equity Managers

The latest Canada SPIVA® scorecard landed recently.  While data up to the end of June 2018 was consistent with results from previous SPIVA Canada scorecards – active management once again found it challenging to beat the passive benchmarks – there were pockets of success.  Here are a few highlights. Active managers found it difficult to Read more […]

Valuing Research: Three Questions

We recently introduced a new measure, capacity-adjusted dispersion, to help conceptualize the relative value of research across different markets.  Intuitively, capacity-adjusted dispersion combines the potential opportunity for outperformance (dispersion) and the potential size of active positions (capitalization) in a given market.  Exhibit 1 shows the capacity-adjusted figures for several markets, globally.  All else being equal, Read more […]

The Value of Research: Combining Capacity & Opportunity

How much should a portfolio manager be willing to pay for research?  This is a question any manager has to answer, but it has recently become more pertinent as newly imposed European rules require the costs of investment research to be unbundled from trading.  Here is a brief overview of a stylized framework for estimating Read more […]

Active Management Lags in Small-Cap Equity

Small caps have a reputation among many market participants as being an inefficient asset class that lends itself to active management.  But our S&P Indices Versus Active (SPIVA®) scorecards have repeatedly challenged this perception.  Exhibit 1 shows that in 13 of the last 17 calendar year periods, the majority of actively managed, small-cap U.S. equity Read more […]

Musings of a Market Commentator

The S&P DJI index strategy team has for several years produced a variety of monthly and quarterly index dashboards.  Earlier this year, we began to provide a daily summary of what S&P DJI indices and research are telling us about the markets on a day-to-day basis.  (The summary is e-mailed daily to subscribers; see the Read more […]

Some Bite-Sized Highlights from our Sectors Webinar

We recently hosted a webinar examining the potential value in a sector-based approach to portfolio construction, their application in navigating different market environments, and some key considerations for those adopting sector-based strategies.  You can view a replay of the event here; a few highlights might whet the appetite… The Global Importance of U.S Equity Sectors Read more […]

How Low Volatility Could Make You “King of the Mountains”

The world’s most prestigious cycling race, the Tour de France, begins tomorrow.  The tour lasts three weeks and comprises a series of one-day stages.  Although the main prize – the yellow jersey – is awarded to the rider that takes the minimum amount of time to complete the entire tour, there are plenty of races Read more […]

The Skill of Champions in Sports & Active Management

The last few days have been a feast of entertainment for the sporting enthusiast; the Champions League Final, the Monaco Grand Prix, and the NBA Conference Finals were all on the menu.  While the sports represented are distinct, these events have something notable in common: the persistence of their participants.  The same two teams reached Read more […]

How Equal Weight Avoided Japan’s “Lost Decades”

S&P Dow Jones Indices recently launched the S&P Japan 500 Equal Weight Index, an equal-weight version of the S&P Japan 500.  Over the 15-year period ending in February 2018, encompassing the latter part of Japan’s so-called “lost decades” of stagnant equity returns, the equal-weight index would have outperformed the cap-weighted Japanese equity benchmark by a stonking Read more […]