by David Spaulding | Nov 20, 2018 | ETF, benchmarks, Exchange Traded Fund, GIPS, Investment Performance Guy, market index
ETFs as benchmarks: is it time? A topic that continues to gain attention is the massive increases that have occurred with market indexes. We regularly hear stories of firms being required to pay multiples of what they had been for some of the major ones. Despite the...
by David Spaulding | Sep 7, 2018 | benchmarks, CIPM, Investment Performance Guy, market index, peer group
For some time I’ve grown tired of seeing the seven (now eight) benchmark criteria credited to Bailey, Richards & Tierney (2007. “Evaluating Portfolio Performance”). I first learned of them when I took the then CGIPS now CIPM(r) Principles Exam,...
by David Spaulding | Jul 23, 2018 | rebalancing quarterly benchmarks, benchmarks, blended benchmarks, Global Investment Performance Standards, Investment Performance Guy, performance measurement
The following question was recently sent to me: suppose a firm uses a blended benchmark that rebalances quarterly… how should they calculate external dispersion? I guess I hadn’t given much thought to the possible challenges with rebalancing quarterly...
by David Spaulding | Mar 14, 2018 | market index, benchmarks, GIPS, Global Investment Performance Standards, Investment Performance Guy
The Spaulding Group has been at the forefront in providing education, information, and research, as well as fostering interaction regarding the high market index costs many firms and institutions are experiencing. We’ve moderated panel discussions, participated...
by David Spaulding | Feb 1, 2018 | benchmarks, GIPS, GIPS standards, Global Investment Performance Standards, Investment Performance Guy
With this post, I feel that I am risking a charge of blasphemy, as I dare to take on what appears to be something sacred: The benchmark criteria. What criteria? You know, those seven (now eight) items that the CFA Institute has championed for quite some time....
by David Spaulding | Nov 8, 2016 | Investment Performance Guy, benchmarks
Benchmarks & the world of ignorance It appears that there is a tremendous amount of misunderstanding within our industry regarding what firms can or cannot do with market index-based benchmarks. At the core, many investment professionals, including asset managers...
