You won’t find anyone more dedicated to their trade than Andrzej. During the working day, a very serious Andrzej badgers away on some investment analysis, before lecturing at the university in his spare time. In fact he’s so professional that what he does with any time he has left is a bit of a mystery. The only thing seems to be able to break his cool, is his weakness for chocolate. Literally anything chocolate.
By Andrzej Pioch - August 15, 2017 5 mins
Soviet-era Polish cinematography is often a source of seemingly absurd catchphrases repeated for generations. “How much sugar is in your sugar” is a classic one from the quirky professor in the 1973 comedy Man-Woman Wanted. When we target particular factors within our equity exposures, I increasingly find myself taking on the role of the professor as I try to answer the question “How much factor is in my factor?”. It might seem like an odd question but we can answer this by relying on simple factor definitions and a holistic approach to combining factors. It’s only once we know what our true exposures are, that we can consider how we avoid any unintended secondary exposures that have the potential to sour the overall outcome.
By Andrzej Pioch - December 20, 2016 3 mins
In my recent post "What to factor in and what to factor out?," I explained what the ‘factor’ in factor-based investing really means. While its acronym (FBI) gives the impression that it's rather complex, like the US organisation, investors have been increasingly looking to factor-based investing to drive their investment returns. It's time to consider why...
By Andrzej Pioch - December 01, 2016 3 mins
Factor-based investing has seen rapid growth since the financial crisis, as investors look beyond traditional asset class labels to understand what really drives the performance of their portfolios. Bombarded with new products and an ever-growing body of research, what should investors focus on before jumping on the factor bandwagon?
By Andrzej Pioch - September 14, 2016 4 mins
For the seventh season, Mary Berry has us all glued to our TV screens watching the second (after the Olympics) most important competitive event of the year – the Great British Bake Off (GBBO). Mary has always highlighted the importance of sequencing to producing a good bake; something that income-focused investors should also pay close attention to if they are looking for more certainty around their investment outcomes.
By Andrzej Pioch - February 16, 2016 3 mins
The low volatility premium has grabbed everyone's attention. Staying flat when markets fell almost 10% this year, the strategy also recorded double-digit returns in 2015. But can it keep its promise of lower risk and superior risk-adjusted returns?
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