The Best Opportunity
Is Rarely the Obvious One

See how the short-term focus of other investors creates opportunities in small-cap stocks. Also, discover how the market’s lack of understanding of active currency management and the impact of global monetary easing creates alpha potential for macro investors.

Unique Drivers
of Alpha

WILLIAM BLAIR ALPHA DRIVERS VIDEOS

Our portfolio managers and analysts discuss differentiated approaches to pursuing alpha in small caps and macro investing.

PLAY VIDEO

Finding Opportunities in Small Cap

02:21

Small-cap stocks can be underappreciated by investors due to a short term focus, lack of understanding, and/or lack of information, which create opportunities to add alpha.

PLAY VIDEO

Finding Opportunities in Small Cap

02:21
Small-cap stocks can be underappreciated by investors due to a short term focus, lack of understanding, and/or lack of information, which create opportunities to add alpha.

We’re willing to look beyond 90-day reporting increments and more toward 3-, 4-, or 5-year timeframes when we’re trying to ascertain how large a company’s earnings stream can grow.

Corey Tobin, Partner
Research Analyst, U.S. Growth Equity Team

MARKET SHORT-TERM ORIENTED
Sell-Side Growth Estimates for Companies in the Russell 2000

PLAY VIDEO

Active Currency:
The “Forgotten” Alpha

02:32

Active currency management is one of the most misunderstood and unrecognized components of investment management, offering significant potential alpha and diversification benefits.

PLAY VIDEO

Active Currency: The “Forgotten” Alpha

02:32
Active currency management is one of the most misunderstood and unrecognized components of investment management, offering significant potential alpha and diversification benefits.

We separate the currency decision from the asset decision and by doing that we are able to add return and generate excess value in a way that can be diversifying to the whole.

Tom Clarke, Partner
Portfolio Manager, Dynamic Allocation Strategies Team

REVERSION TO FUNDAMENTAL VALUE
Half-Life of Price Reversion to Value (in Years)

Source: William Blair. Half-life reversion to value is shown based on a 40-year observation period ended April 2014.

PLAY VIDEO

Monetary Policy: Navigating a Troop of Gorillas

02:38

Global central banks are like a troop of 800-pound gorillas harassing capital markets with their coordinated easy monetary policies. Their influence creates significant risks, but also reveals significant opportunities.

PLAY VIDEO

Monetary Policy: Navigating a Troop of Gorillas

02:38
Global central banks are like a troop of 800-pound gorillas harassing capital markets with their coordinated easy monetary policies. Their influence creates significant risks, but also reveals significant opportunities.

Central bank monetary easing has led to a very low volatility, high risky asset return environment and that creates complacency among investors.

Brian Singer, CFA, Partner
Head of Dynamic Allocation Strategies Team

FEATURED WILLIAM BLAIR BLOG POSTS

Gain insights on macro market events, the economy, and investing strategies.

READ RECENT POSTS

Multi-Asset

Navigating the Macro Environment

September 21, 2020

Lotta Moberg, Ph.D., CFA

The current environment opens up a number of opportunities for managers who look at fundamental value, but it also forces...

READ POST

Multi-Asset

6 Negative Consequences of Low Rates

September 16, 2020

Brian Singer, CFA, Partner

Rates will likely remain lower for longer, as explained in “Rates: Lower for Longer.” And we are wary of the distortive...

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Multi-Asset

Navigating the Macro Environment

September 21, 2020

Lotta Moberg, Ph.D., CFA

The current environment opens up a number of opportunities for managers who look at fundamental value, but it also forces...

READ POST

Multi-Asset

6 Negative Consequences of Low Rates

September 16, 2020

Brian Singer, CFA, Partner

Rates will likely remain lower for longer, as explained in “Rates: Lower for Longer.” And we are wary of the distortive...

READ POST

Gain More Insights

READ RECENT POSTS

WILLIAM BLAIR STRATEGIES

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Glossary

INDICES
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.

Privacy & Security

1) You will not interfere with another entity’s use and enjoyment of the William Blair website;

3) You will not upload, download, transmit, or otherwise distribute any viruses or other harmful, disruptive or destructive files;

5) You will not attempt to obtain unauthorized access to the William Blair website or portions of the site which are restricted from general access or outside your permitted areas of access;

7) You will comply with all United States laws regarding the transmission of technical data exported from the United States.

Social Media Disclaimer

About William Blair Posts

General User Guidelines

Third-Party Posts on any William Blair Social Media Page

Use Social Media Platforms at Your Own Risk

Privacy Policy

Copyrights and Trademarks

Permitted Uses of Our Sites and Content

We have listed below the permitted uses of our Content. We reserve the right to change our permitted uses at any time.

William Blair grants you a limited, revocable, nonexclusive and nontransferable right to view, store, bookmark, download, copy and print pages from the Site for your personal and noncommercial use only. Unless you receive our permission in advance, you may not exploit any of the Content commercially or forward it as a mass distribution.
If you link other websites to any Site, you may not imply or suggest that William Blair has endorsed or is affiliated with such websites and you may not display this Site as “framed” within another website.

Prohibited Uses of Our Sites and Content

You agree not to copy large portions of any social media page (such as by bots, robots or spiders that “harvest” the Site), interfere with the functioning of the Site or restrict or inhibit any others from using the Site.
If you download any pages from any social media page, you agree that you will not remove or obscure any copyright or other notices or legends contained in any such Content. You may not alter or modify the Content in your copies.
You may not (and may not encourage or assist others to) violate any law, regulation, rule or the intellectual property or contractual rights of others, or attempt to violate the security of any social media page or use or gain access to the identities, information or computers of others through any social media page.
You may not transmit any virus, worm, time bomb or similar system interference or corruptant through any social media page.