Provides context for PIA’s development of the MACS completion share strategies and the sources of value-added for each fund.
Caveat Indexer: The Case for Small-Issue High Yield Bonds
Explores the potential benefits of a high yield strategy that emphasizes lesser followed, smaller issues, given that we believe these smaller issues tend, for a variety of reasons, to offer greater value in terms of yield per unit of default risk while providing information dynamics that can provide an opportunity for an active manager to add security-specific alpha above and beyond the simple “liquidity premium” observed in the high yield market.
Alpha is an annualized return measure of how much better or worse a fund’s performance is relative to an index of funds in the same category, after allowing for differences in risk.
Mutual fund investing involves risk. Principal loss is possible.