Akash Jain

Associate Director, Global Research & Design
S&P BSE Indices
Biography

Akash Jain is an Associate Director in the Global Research & Design team at S&P Dow Jones Indices (S&P DJI), which is responsible for conceptualizing and developing new investable index-based products across different asset classes. He represents S&P DJI at media engagements, conferences, and other client events.

Akash is an integral part of Asia Index Private Limited, which is a partnership between S&P DJI and BSE Limited (formerly Bombay Stock Exchange).

Akash joined S&P DJI in 2016. He has been in the financial markets for more than six years, including at Deutsche, Credit Suisse, and Edelweiss, with experience in both the buy side and the sell side. He has worked extensively in researching, back-testing, and trading portfolios across different asset classes.

Akash attained his Bachelor of Technology (B.Tech) degree from the Indian Institute of Technology (IIT Bombay) and holds a Master of Business Administration (MBA) from Saïd Business School (University of Oxford).

Author Archives: Akash Jain

Passive Investing Opportunities in India

Fifty years ago, there were no index funds—all assets were managed actively. The subsequent shift of assets from active to passive management in the U.S. and European markets could be considered one of the most important developments in modern financial history, and this shift was the consequence of active performance shortfalls.[1] In India, we have Read more […]

Low Style Consistency in Large-Cap and Mid-/Small-Cap Fund Categories

Style plays an important role in an investor’s asset allocation decisions. In the SPIVA India Mid-Year 2018 Scorecard, one can notice the low style consistency, especially in the Indian Equity Large-Cap and Indian Equity Mid-/Small-Cap categories. The Securities and Exchange Board of India (SEBI) circular dated Oct. 6, 2017, mandated the following important directives for Read more […]

Assessing the Potential of Value Factors in the Indian Market

The value factor looks to bucket stocks that have inexpensive valuation and trade at a discount to their fundamental value, with the hypothesis that inexpensive stocks should outperform overvalued stocks. Observations in empirical research suggested that the value factor performed best when the economy was in recovery and growth was accelerating from trough.[1] We recently Read more […]

Takeaways From the SPIVA® India Year-End 2017 Scorecard

In a year with strong equity returns in India, the S&P BSE 100 ended in the black with a 33.3% annual return. However, the S&P Indices Versus Active (SPIVA) India Year-End 2017 Scorecard shows that a majority of active funds in the Indian Equity Large-Cap and Mid-/Small-Cap categories lagged their respective benchmarks over the one-year Read more […]

Evolving From Single-Factor to Multifactor Investing

This article is the third in a series of blogs. The previous two were titled “Factor Investing 101” and “How Do Single Factors Perform in Different Market Regimes in India?” This blog discusses sectoral tilts of different single factors and  varying correlations between factors in different market cycles. In our report, sector bias typically existed Read more […]

Do Earnings Revisions Matter in India?

Market participants have used common risk factors such as value, momentum, dividends, low volatility, quality, and size (small cap) to construct portfolios historically. Our recently published research paper, “Do Earnings Revisions Matter in Asia?,” explored the performance of earnings revision strategies as an alternative source of return drivers across seven markets in Pan Asia, including Read more […]

How Do Single Factors Perform in Different Market Regimes in India?

In continuation to our previous blog titled “Factor Investing 101,” this blog investigates the performance of single factor indices in the Indian equity market. Over the period from October 2005 to June 2017, portfolios for all risk factors we examined—low volatility, momentum, value, quality, dividend, and size (small cap)—outperformed the S&P BSE LargeMidCap (see Appendix Read more […]

Factor Investing 101

For many years, active fund managers and institutional investors have often used a factor-based approach either to strategically construct portfolios or to tilt their portfolios toward well-known risk factors, such as low volatility, value, momentum, dividend, size, and quality, to capture the factor risk premium. Investors seeking to identify skilled active managers look to dissect Read more […]

Style Drift of Active Funds Domiciled in India

Style consistency analysis is an essential element of the SPIVA® India Scorecard that helps evaluate the percentage of funds that retained the same investment style classification throughout the investment horizon.  Other than performance and survivorship, the style consistency of funds is an important metric for market participant that can influence their asset allocation decisions.  In Read more […]

Timeline of Percentage of Active Funds That Underperformed Their Benchmarks

The active versus passive debate has been a continuous subject of discussion in the evolving asset management industry.  S&P Dow Jones Indices launched the first SPIVA India scorecard in 2013 to provide a barometer on this subject. The Indian market has witnessed significant growth (albeit from a small base) in passive investment products that offer Read more […]