Philip Murphy

Index Committee Chair, Americas Index Governance
S&P Dow Jones Indices

Philip Murphy leads Index Governance for the Americas at S&P Dow Jones Indices (S&P DJI). In this role, he is responsible for oversight of all aspects of index determination, as well as administration of index committees, methodologies, and consultations.

Prior to his current role, Philip worked in S&P DJI’s Product Management group, and was responsible U.S. equity and global target date benchmarks, including the S&P 500®, S&P Target Date, and S&P STRIDE. Previously, he worked in S&P DJI’s Channel Management group, where he focused on the defined contribution retirement plan market, and as an analyst in the Global Research & Design group. He writes on a range of topics, and has over twenty years’ experience in financial markets.

Philip is a CFA Charterholder and a member of the New York Society of Security Analysts. He received his undergraduate degree from Queens College of The City University of New York and a master’s in economics from Fordham University.

Author Archives: Philip Murphy

Benchmarking target date funds (TDFs) with market-driven indices ≠ performance chasing.

At their core, TDFs are professionally managed asset allocation policies. Questions therefore naturally arise around how (or even whether) they should be benchmarked with market indices. The investor(s) on whose behalf a particular policy is undertaken may have highly subjective criteria for success that have very little to do with outperforming market benchmarks. For example, Read more […]

Mid-caps: Neglected middle children of the equity universe…

“Middle Child Syndrome” is a psychological label for the empirical observation that middle children often do not receive as much parental attention as first and last-born siblings. But within the ashes of (relative) neglect may lay the seeds of a strong sense of independence, according to Catherine Salmon and Katrin Schumann in their book, “The Read more […]

Back to the Future for Small-caps

Suppose you were a financial advisor during the height of the financial crisis in the first quarter of 2009, and you presciently theorized that the market was bottoming as Federal Reserve policies and emergency U.S. Treasury rescue programs took hold to reestablish confidence in capital markets. Your theory was to favor small-cap stocks because you Read more […]

Weighted earnings: they don’t add up… and you may get burned

This post looks at why index earnings are derived by summing earnings of index constituents without first weighting the earnings by index weight (cap-weight or otherwise). While earnings are probably the most widely followed fundamental item, this explanation is applicable to a data point of one’s choice – operating earnings, cash flow, etc. An easy Read more […]

Indexing Beyond Large-caps: What happens to top performing funds?

At S&P Dow Jones Indices, our research indicates that indexing small-cap and mid-cap stocks works as well as it does for large-cap stocks, even though the large-cap segment may be more efficient than its junior siblings. Nevertheless, the popular belief that indexing works better for large-caps is well-entrenched and widely endorsed by advisors, consultants, and Read more […]