Through the first three quarters of the year, both sovereign external and local currency debt have performed well. The EMBIG index is up 12.1% year-to-date through September 30, while the local debt GBI-EMGD index is up 7.9%. We ...

Emerging market equity returns have been lackluster in recent years, leading many investors to write off the asset class. Value stocks within emerging markets are particularly cheap, trading at their largest discount since Decembe...

The years leading up to the 2000 stock market bubble were extraordinary and unprecedented. They caused unique pain to the portfolios of valuation-driven investors. The valuation extremes, though, created the greatest opportunity s...

Small cap stocks within emerging markets have outperformed large cap stocks (i.e., MSCI EM) by around 0.5% annualized since January 2000. However, Illiquid stocks (regardless of capitalization) have outperformed large cap stocks b...

The performance of U.S. value over the last decade has led many to wonder whether the value premium has been completely eroded. We analyze this question by decomposing the relative returns of cheap stocks in order to understand wh...

Game theory is a useful framework for modeling aspects of sovereign debt recoveries, given that it models the interactions among debtors and creditors in the lending/borrowing “game.” While there is a long-established set of prece...

Shares in Alphabet have come under a good deal of pressure over the last year as investors process the implications of increasing regulatory scrutiny, culminating in reports this month that the U.S. Department of Justice (DOJ) is ...

This month marks the two year anniversary since the launch of the Climate Change strategy, and in that time we have learned a lot about how investors think about incorporating its benefits into their overall portfolios. The paper ...