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 an MBA from Saïd Business School (University of Oxford).

Author Archives: Akash Jain

Is Alpha Generation a Zero-Sum Game in Indian Large-Cap Equities?

Globally, as markets have matured, we have seen the institutional share of public equity increasing.[1] Professional managers are continuing to enter the investment management industry, resulting in market research becoming more institutionalized. Hence, more and more industry research analysts are competing against each other and chasing the same set of stocks to generate alpha (or Read more […]

Do Management Fees Outweigh the Alpha Generated in Indian Equity Large-Cap Funds?

Without Fees, Do Active Managers Outperform their Benchmarks? The SPIVA® India Year-End 2019 Scorecard shows that, over longer horizons, a large proportion of active funds underperform their respective category benchmarks (see Exhibit 1a). The SPIVA India Year-End 2019 Scorecard evaluates the performance based on net-of-fees returns (i.e., gross returns less the management fees). But do Read more […]

Playing Defense with Profitability Screening in Australian Small Caps

In our research paper titled, Profitability Screening in Australian Small Caps, we examined the effectiveness of a profitability screen on improving return as well as reducing volatility and drawdown for Australian small-cap stocks. Adhering to these principles, the S&P/ASX Small Ordinaries Select Index was launched on Dec. 21, 2018, to track profitable small-cap companies in Read more […]

The Effects of Dispersion in Carbon Intensity Scores on Carbon-Efficient Portfolio Construction

In this blog, we investigate the dispersion of carbon intensity scores in detail and its effect on carbon-efficient portfolio construction via equal- and market-cap-weighted approaches. A company’s carbon efficiency is measured by its carbon intensity score (C.I. score), provided by Trucost, which is defined as the greenhouse gas (GHG) emissions from a company’s direct operations Read more […]

Integrating Low-Carbon with Single Factors in Asia

Factor investing in Asia has grown at a rapid pace, with smart beta passive AUM growing at a 42% compound annual growth rate over the past five years, albeit from a relatively lower base.[1] With increasing awareness of climate change and related risks, investors may look to integrate carbon screening into their factor portfolios. In Read more […]

The Performance of Carbon-Efficient Portfolios in Asian Markets

In recent years, governments have become increasingly aware of the perils of greenhouse gases and have aimed to penalize the source of pollution while looking to incentivize low-carbon technologies. In addition, investors are now considering an organization’s future financial position to discount potential write-downs of assets and the effect on revenues, costs, cash flows, and Read more […]

Do Active Funds in India Benefit from Higher Active Risk Exposure?

Fund managers typically follow a factor or a style of investing and aim to construct portfolios by balancing active sector exposures and stock-selection risks within a sector. Tracking error is one way to measure a fund’s deviation from its respective benchmark to determine how “active” it is. As measured in the SPIVA® India Year-End 2018 Read more […]

The Opportunity Cost of Active Management

Investors typically flock to active funds to pass on the stock-picking decision making to a seasoned fund manager, with the hope that the fund manager’s experience and stock-picking capabilities will enable the investor’s portfolio to grow at a faster pace than that set by the benchmark. By using this approach, investors are able to circumvent Read more […]

Do Indian Equity Mutual Funds Generate Alpha When Adjusted for Risk?

Risk-adjusted returns showcase the return accrued for every unit of risk held in a portfolio. If two portfolios have the same returns over a given time period, the one that has the lowest risk will have the better risk-adjusted return. Modern portfolio theory (MPT) assumes that an investment with higher risk should compensate the investor, Read more […]

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 […]