Utkarsh Agrawal

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

Utkarsh Agrawal is Associate Director, Global Research & Design, at S&P Dow Jones Indices (S&P DJI). He actively contributes to new index designs using data analysis and quantitative reasoning across all asset classes.

Prior to joining S&P DJI, Utkarsh worked at Bombay Stock Exchange (BSE), where he gained experience in the index business. He worked extensively in creating new indices for the exchange, developed algorithms to back-test the indices, and worked with stakeholders to promote the index business.

Utkarsh is a CFA charterholder and has a Bachelor of Technology degree from the Indian Institute of Technology (IIT), Roorkee.

Author Archives: Utkarsh Agrawal

Rising Interest Rates – Boon or Bane for Pan Asian Dividend Strategies?

In December 2016, the U.S. Fed raised the interest rate for the second time in the current rate hike cycle.  Three more rate hikes were expected for this year, one of which took place in March.  In a low interest rate environment, companies that have increasing dividends or offer high dividend yields look attractive to Read more […]

A Closer Look at the SPIVA India Year-End 2015 Scorecard

In 2015, the S&P BSE SENSEX remained volatile and ended in the red, at -3.68%.  In contrast, the S&P BSE India Government Bond Index ended the year in the black, at 8.33%.  The net investment by domestic mutual funds in the Indian equity and debt markets was significantly higher than the net investment by foreign Read more […]

Factor Based Indices in India

The recent turmoil in the Chinese market has taken the global market on a turbulent ride since the beginning of 2016. India was no exception. During the first two weeks of 2016, the S&P BSE SENSEX lost almost 6.37%, making some investors jittery. Foreign investors took out almost INR 34.84 billion from the Indian stock Read more […]

Smart Beta on the Rise in India

Globally, passive investment products have amassed significant assets. According to ETFGI, the global assets parked in ETFs and ETPs stood at USD 2.971 trillion at the end of Q2 2015, surpassing the level of global hedge fund assets. The introduction of smart beta ETFs and ETPs has made it possible to gain exposure to certain Read more […]

By the Numbers: ETF Investment and the Indian Market

Since the introduction of ETFs, the dynamics of investing has changed dramatically. Apart from being more transparent, with lower costs and improved tax efficiency, ETFs have helped create the opportunity for smaller investors to access asset classes previously available only to institutional investors. Emerging markets tend to be riskier than developed markets, but can also Read more […]

The Tale of Dividends in India, Continued

Much has been written about dividends in academic literature. There are several theories regarding the dividend policies of companies. One theory asserts that dividends are irrelevant because an investor who wants cash flows could sell shares. Another theory suggests that a bird in the hand is worth two in the bush, meaning that investors prefer Read more […]

ETF industry in India over the years

It is well known that diversification lowers the risk. For example, say we want to travel from one place to another. We can take a bus. What if the route on which the bus plies is blocked for some reason? We can consider taking another bus which travels on a different route. What if all Read more […]

A Closer Look at SPIVA® India Mid-Year 2015

The SPIVA India Scorecard reports on the performance of actively managed Indian mutual funds compared with their respective benchmark indices over one-, three-, and five-year investment horizons.  With the SPIVA India Mid-Year 2015 Scorecard, we have also introduced asset-weighted fund returns and the quartile breakpoints of fund performance. The latest scorecard has revealed that the Read more […]

SPIVA Global

In recent years, passive management has had an increasingly strong foothold, with a sharp rise in assets under management (AUM). According to PricewaterhouseCoopers Asset Management’s 2020 report, the AUM of global passive investments stood at USD 7.3 trillion as of 2012, and they are expected to grow to USD 22.7 trillion by 2020. The active Read more […]

The Tale of Dividend in India

Dividend yield is an important source of total return from an investment in equities. The other source is capital gains. While capital gains tend to be volatile and depend on the stock price movement in the market, dividend income tends to remain stable and depends on the dividend distribution policy of the company. The dividend Read more […]