Fifty Shades of Alpha

Why Today's Alpha is Tomorrow's Beta

In this paper, we take a look at Alpha and the DNA of investment returns, zooming in on what it means to add value in the new era of portfolio management.

The decades-long quest to capture excess return — from the original CAPM Beta to Alternative Risk Premia — has deeply transformed how managers build portfolios, to a point in which having a tight grip on investment factors is not an option anymore.

Yet, overperformance is still widely sought-after, leaving a thought-provoking question on the table: is Alpha becoming the ability to move between Betas? 

Inside:

  • Exposing the DNA of Returns 
  • Questioning Investing Rule No.1
  • Alpha is More Than You Think
  • Why Invest in Factors
  • A New Dawn for Alpha?

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