Research Library

Portfolio Construction Management

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Investing in emerging markets: Evaluating the allure of rapid economic growth
The intent of this paper is to reinforce the strategic case for allocating to emerging markets in a global equity portfolio while cautioning long­term investors from significantly overweighting emerging economies on the premise of future economic growth, as we show that the correlation between long run GDP growth and stock market returns is effectively zero.

Active vs. Passive Investing in Publicly Traded Real Estate
Active vs. Passive Investing in Publicly Traded Real Estate challenges the traditional belief that portfolios of publicly traded real estate securities (REITs) should be actively managed. This paper uses research to argue that there is no inherent advantage for active investment managers in the publicly traded US real estate market based on the premise that the cost savings that passive investments in traditional stock mandates enjoy also exist in the REIT market.

A Primer on Tactical Asset Allocation Strategy Evaluation
Vanguard's US Investment Counseling & Research team examines the case for a tactical asset allocation strategy and addresses several important questions for institutional investors considering using this strategy.

Portfolio Risk Management using Reverse Optimisation
In this presentation, Jason MacQueen, Chairman of both Alpha Strategies LLC and R-Squared Ltd discusses how portfolio risk analysis can be used to enable managers to analyse the efficiency of their portfolio design.

Asset Allocation*
An evaluation of the tactical asset allocation (TAA) capabilities, strategies and behaviour of Australian investment managers

Investment Strategies*
Jason MacQueen provides some insights into active management...

Investment Efficiency
Introducing Vanguard's centralised portfolio management capabilities of active Australian equity strategies...

Portfolio Design
Examines active portfolio blending in terms of portfolio composition and fund performance.

Policy Portfolio
Ennis Knupp views the policy portfolio as best practice in Institutional funds management.

Portfolio Real Value
There's no 'one size fits all' for preserving purchasing power in a policy portfolio.

Emulation Portfolios
I&T article on MLC's innovative Australian equities strategy and Vanguard's role...

Evaluating Managers
Vanguard's IC&R review the common flaws in manager assessment process and evaluation.

Portfolio Performance
A portfolio's performance depends on 3 decisions: security selection, market-timing and ......

Centralised Portfolios
Dan diBartolomeo's 1999 academic paper A Radical Proposal for the Operation of Multi-Manager Investment Funds

Defensive Equity Investing: Appealing Theory, Disappointing Reality
This paper investigates the strengths and weaknesses of defensive equity investing by focusing on the historical performance of defensive sectors during two periods: U.S. equity bear markets and U.S. economic recessions.
NOTE: The materials listed above may have been prepared in the United States or other jurisdictions and the data may therefore relate to foreign products (including mutual funds offered by The Vanguard Group, Inc.). The materials may not represent our views. The materials are presented for your information and reference only and are not intended to advertise or solicit investments in any foreign products or any other product . Vanguard Investments Australia Limited is unable to facilitate investment for you in any products which may be offered by The Vanguard Group, Inc.
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