Greg Czarnecki is a portfolio specialist for William Blair’s small- to mid-cap value equity strategies. He also serves as a member of the ESG leadership team for William Blair Investment Management. Before joining William Blair in 2021, Greg served as the head of institutional business development and client service for ICM. Before joining ICM in 2016, he served as a director for Concordia Advisors, now Mariner Investment Group, a relative-value multi-strategy hedge fund. Greg began his career as a senior associate at Acadian Asset Management, an investment manager focused on active quantitative equity strategies. He received a B.A. in economics from Boston University and an M.B.A. from the University of Toronto’s Rotman School of Management.
When any turmoil arises, as it has in the banking sector this year, we begin our analysis with a deep risk assessment. Our conclusion: While we are not actively increasing the overall exposure to banks...
As investors who employ a bottom-up process when seeking quality companies, we’re intrigued with the growing valuation discount between our portfolios and their respective indices. We find it compelling that today we can purchase a...
Value investing, says our U.S. value equity team, is like seeking a four-leaf clover in a field of three-leaf clovers. And to do that, they take a particularly collaborative approach. To get a better sense...
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The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid ARM pass-throughs), asset-backed securities, and commercial mortgage backed securities.
The MSCI ACWI IMI Index is a free float-adjusted, market capitalization-weighted index that captures large, mid, and small cap representation across developed and emerging markets.
The MSCI ACWI ex-US IMI Index is a free float-adjusted, market capitalization-weighted index that captures large, mid, and small cap representation across developed and emerging markets, excluding the U.S. The Value and Growth Indices are a subset of the Index that adopt a framework for style segmentation in which value and growth securities are characterized using different attributes. Multiple factors are used to identify value and growth characteristics.
The MSCI ACWI Small Cap Index is a free float-adjusted, market capitalization-weighted index that captures small cap representation across developed and emerging markets.
The MSCI Emerging Markets Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of emerging markets.
The MSCI World Index is a free float-adjusted, market capitalization-weighted index that is designed to measure the equity market performance of developed markets.
The Russell 2000 Index is a market capitalization-weighted index designed to represent the small cap segment of the U.S. equity universe.
Index performance is for illustrative purposes only. The indices are unmanaged, do not incur fees or expenses, and cannot be invested in directly.
TERMS Alpha is a measure of an investment’s return in excess of the market’s return, after both have been adjusted for risk.
Beta is a measure of the volatility of an investment relative to the overall market, represented by a comparable benchmark.
Half-life is a statistical measure of the time required for the discrepancy between price and value to contract by half of its starting value. Fundamental value estimates are based on the Dynamic Allocation Strategies team’s proprietary research.
P/E Ratio is a measure of valuation which compares share price to earnings per share, calculated using estimates for the next twelve months.
Standard deviation is a statistical measurement of variations from the average.
QUANTITATIVE MODELS – FACTOR DEFINITIONS The William Blair Earnings Trend Model captures information about short- and medium-term changes in analyst estimates in an attempt to anticipate future estimate changes and stock performance. The score combines measurements of earnings revisions, momentum, and earnings surprise.
The William Blair Valuation Model combines varying metrics used to characterize the relationship between the stock’s trading price and its intrinsic value. By going beyond using only one or two measures, the model attempts to build a more holistic version of a stock’s worth vis-a-vis the market. The score combines measurements of earnings/cash flow based, asset-based, and model-based factors.