Investors are always looking for higher returns at lower cost. This has never been truer than in today’s market environment.
Not surprisingly many have responded by embracing “factor investing” – the idea that active managers actually earn most of their excess returns from a common set of risk factors. Constructing a portfolio that systematically captures these factors can potentially deliver a return above that of the broader equity market at a much lower cost than traditional active strategies.
High returns at a lower cost – sounds like the perfect solution! But is factor investing really the panacea that equity investors have been waiting for?
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