Phillip Brzenk

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

Phillip Brzenk is Senior Director, Global Research & Design at S&P Dow Jones Indices (S&P DJI). Phillip is responsible for conceptualization, research, and design covering global strategy, factor-based, alternative beta, and thematic equity indices.

Prior to joining Global Research & Design, Phillip spent five years in the index management and production groups at S&P DJI, where he was involved in the index management of strategy and custom indices.

Phillip is a CFA charterholder and a member of the New York Society of Security Analysts. He has a bachelor’s degree in management with a concentration in finance from the Georgia Institute of Technology.

Author Archives: Phillip Brzenk

A Tale of Two Benchmarks: Factors

This is the third in a series of blog posts relating to the in depth analysis of performance differential between the S&P SmallCap 600 and the Russell 2000. As we noted in the previous post, the reconstitution effect seen in the Russell 2000 doesn’t fully explain the differences in returns between the S&P SmallCap 600 and Russell Read more […]

A Tale of Two Benchmarks: Reconstitution Effect

This is the second in a series of blog posts relating to the in depth analysis of performance differential between the S&P SmallCap 600 and the Russell 2000. Numerous studies have been conducted on Russell’s annual reconstitution process in June, particularly regarding the downward price pressure placed on the Russell 2000.  As winners from the Russell 2000 Read more […]

The Effects of Interest Rates on Canadian Preferreds

A consideration to take into account when reviewing preferreds is the fact that they are sensitive to changes in interest rates.  The reasoning behind this is due to the structure of preferreds, as many issuances pay a relatively high dividend based on a percentage of par in perpetuity.  Like bonds, preferreds generally exhibit a negative Read more […]

Applying a Laddering Strategy to Preferred Portfolios in Canada

A laddered preferred portfolio uses the same concept as bond laddering, where a portfolio is constructed with instruments of staggering maturities so that a fixed portion of the portfolio matures each year. Rate-reset preferreds are used in a portfolio laddering strategy since they incorporate a reset date every five years. On the reset date, which Read more […]

What’s the Canadian Preferred Market Made Of?

Shift in the Makeup of the Preferred Market As we noted in an earlier post, the Canadian preferred share market has undergone a significant expansion over the past five years, approximately doubling in market size.  In addition to the growth of the market, the Canadian preferred market has seen a shift from most outstanding preferreds Read more […]

Introduction to Preferred Shares in Canada

What are Preferreds? Preferred shares are hybrid equity securities, with characteristics that lie between the traditional fixed income and equity asset classes.  Like common shares, preferred shares represent ownership in a company and are listed as equity on the balance sheet; the ownership isn’t entirely the same though.  Preferreds have preferential rights to dividend payments Read more […]