Impact! U.S. ElectionsOlga Bitel, Partner
The U.S. election season is in full swing, and the implications for economic growth prospects and market returns are more elusive and more profound than any market moves in the early days of November may...
AT WILLIAM BLAIR
The U.S. election season is in full swing, and the implications for economic growth prospects and market returns are more elusive and more profound than any market moves in the early days of November may...
It’s often said that “we live in interesting times,” and that phrase certainly applies today. A U.S. presidential election is just days away. A global pandemic is strengthening in intensity, with the timing and effectiveness...
It seems as if 2016 has had more than its fair share of big surprises, but in retrospect, it is clear that many of these surprises were years in the making. Hindsight is 20/20, but...
Until we have greater visibility into President-Elect Donald Trump’s economic policies, it is difficult to predict what he will do as president. However, the basic tenets of his “Make America Great Again” platform point to...
The November 2016 U.S. elections may go down in history as among the most unconventional, leaving many investors wondering about the investment implications. Longer term, we believe active management’s ability to adjust exposures to specific...
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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.
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.
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