Priscilla Luk
Managing Director, Global Research & Design, APAC, S&P Dow Jones Indices
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Managing Director, Global Research & Design, APAC, S&P Dow Jones Indices
Priscilla Luk serves as Managing Director of Global Research & Design, APAC, at S&P Dow Jones Indices (S&P DJI). She is responsible for the conceptualization and design of new indices using a combination of analytical, commercial, and regulatory considerations. Priscilla also regularly publishes research on new and existing products, and represents S&P DJI at media engagements, conferences, and other client events.
Prior to joining S&P DJI in 2012, Priscilla spent over ten years in equity research providing analysis on asset allocation and equity investment strategies. Previously, Priscilla was an Asian equity strategist with Deutsche Bank AG and also served as a partner and the director of research at First Horse Capital, a global equity hedge fund management company. Prior to this, Priscilla worked as global and Asian strategist at Mirae Asset Securities.
Priscilla also worked as a global equity strategist and Asian equity strategist at Citigroup Global Markets. She joined Citigroup from CLSA Asia Pacific Markets where she was a quantitative research analyst. Priscilla started her career in the quantitative research division at Credit Suisse in 2001.
Priscilla graduated with a B.Sc. in quantitative finance from the Chinese University of Hong Kong.
With the COVID-19 pandemic, equity markets around the world experienced massive declines with heightened volatility, and the Australian equity market was not immune. Various equity market segments experienced rapid market sell-offs followed by slow recoveries in H1 2020, with the S&P/ASX 200, S&P/ASX Mid-Small, and S&P/ASX 200 A-REIT decreasing 10.4%, 6.9%, and 21.3%, respectively. Due…
On May 29, 2020, I joined S&P Global’s The Essential Podcast, “A View to the Future – China Beyond the Pandemic,” to discuss the Chinese equity market’s performance and the macroeconomic trends during and beyond the COVID-19 pandemic. This blog includes some key highlights we discussed, along with the related index performance observed in the…
As the coronavirus has spread across continents, countries around the world are experiencing a slowdown in economic activity and volatility in the financial markets. The S&P Pan Asia BMI and S&P 500® lost 20.5% and 20.0%, respectively,[1] in the first quarter of 2020. During the same period, the S&P China A Domestic BMI and S&P…
The SPIVA® Australia Scorecard reports on the performance of actively managed Australian mutual funds against their respective benchmark indices over various investment horizons. In the year-end 2017 report, we extended the analysis to 15 years. In 2017, the majority of Australian funds in most categories underperformed their respective benchmarks, apart from the Australian A-REIT category….
Factor investing, which is also broadly referred to as smart beta, has gained popularity in the global asset management industry, especially in the exchange-traded funds segment. Factor-based index-linked products are used as cost-effective tools to enhance return or reduce risk by increasing number of market participants in the U.S., with 20.9% of U.S. ETP assets…
In the mid-year 2017 SPIVA® Australia Scorecard, the majority of Australian funds underperformed their respective benchmarks across most categories, similar to previous scorecards. More than 80% of Australian Mid- and Small-Cap funds underperformed the S&P/ASX Mid-Small over the past 12 months. In contrast, A-REIT funds stood out as the best-performing category versus their benchmark, the…
When one is paying management fees for the investment in active funds, one might reasonably expect the funds to outperform benchmarks and resist downturn when the market is volatile. However, results from our S&P Indices Versus Active (SPIVA®) Scorecards[1] suggest this expectation is often not met. SPIVA reports across different regions, including the U.S., Canada,…
Despite the fact that many single-factor strategies have empirically delivered positive excess returns in the long run, they have suffered periods of substantial underperformance under certain market conditions due to their cyclicality. Blending a number of desired factors with low correlations is a potential way to attain more balanced and diversified portfolios. The obvious questions…
Historically, factor-based strategies have generated significant risk-adjusted returns in the long run, but they can also exhibit a high amount of cyclicality in the short run. Based on our studies of factor performance under different financial regimes—the market cycle, the business cycle, and the investor sentiment regime—we found that factor strategies historically have been most…
Rotating between cyclical and defensive stocks across economic cycles is a common approach for investors to take advantage of different economic phases. Energy, materials, industrials, consumer discretionary, financials and information technology are traditionally considered cyclical sectors, as stocks in these sectors have tended to be highly correlated to economic cycles. In contrast, consumer staples, healthcare,…