Find out what NYLIM experts are talking about in the Institutional marketplace through the firm’s thought-leadership "Alpha Series."
Alpha Series Volume 2: Understanding Sources of Risk and Opportunity in Short-Extension Strategies
Excerpt
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The quest for more alpha has led many investors to consider implementing short-extension strategies. Meanwhile, other investors may have avoided these strategies because they fear that shorting and leverage unnecessarily increase risk. We do not believe that this is the case. Instead, we believe that as leverage increases in a short-extension mandate, investors can increase their exposure to the manager's alpha model. Importantly, however, while the amount of risk can be controlled in a short-extension strategy, the types and sources of risk are somewhat different from long-only strategies.
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Alpha Series Volume 1: Raising the Alpha Target with 130/30 Strategies
Excerpt
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Given lower expected returns from global equity markets, most institutional investors, consultants, and money managers need to improve portfolio performance through the use of alternative solutions. One solution for many investors seeking to capture excess returns (alpha) from investment managers may be to relax the long-only constraint. To accomplish this objective, investors may wish to consider implementing a relatively new portfolio structure called short extension, limited shorting, or more simply, a 130/30 strategy.
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