Alts Democratized: A Practical Guide to Alternative Mutual Funds and ETFs for Financial Advisors + Website (Wiley Finance)
By: Robert J. Martorana (author), Jessica Lynn Rabe (author)Hardback
1 - 2 weeks availability
A Comprehensive Review of the Liquid Alts Market and How 40 Act Products Can Enhance Client Portfolios Liquid alternatives give investors access to hedge fund strategies with the benefits of 40 Act products: lower fees, higher liquidity, greater transparency, and improved tax efficiency. Alts Democratized is a hands-on guide that offers financial advisors and individual investors the tools and analysis to enhance client portfolios using alternative mutual funds and ETFs. Well-grounded in research and replete with more than 100 exhibits of Lipper data, Alts Democratized profiles the top ten funds in each of the eleven Lipper liquid alt classifications. This includes total net assets, fund flows, risk and return metrics, and the factor exposures that drive performance and help explain correlations to various forms of beta. Jessica Lynn Rabe and Robert J. Martorana, CFA, combine this research with a comprehensive framework for fund selection and portfolio construction to enhance the asset allocation process, facilitate portfolio customization, and manage client expectations.
In addition, the book includes functional perspectives on issues pertinent to financial advisors such as fees, client suitability, and volatility management. This helps advisors apply the concepts to portfolios and offer actionable investment advice. The authors also interviewed executives at leading wealth management firms to provide color on industry trends and best practices. The companion website provides ancillary materials that reinforce and supplement the book, including: * The authors top ten takeaways * Classification cheat sheet * Portfolio construction guide (full color) * Talking points for clients * Q&A on liquid alts * Presentation with all 118 exhibits from the book (full color) Alts Democratized comprises a complete resource for the advisor seeking new sources of alpha, diversification, and hedging of tail risks.
JESSICA LYNN RABE is a Research Associate at ConvergEx Group, a global brokerage company based in New York. Rabe assists the firm's Chief Market Strategist in publishing the ConvergEx MorningBriefing, a daily commentary on financial markets. Rabe has also published articles and contract research on the liquid alts industry. ROBERT J. MARTORANA, CFA, owns Right Blend Investing, LLC, a Registered Investment Advisory firm based in New Jersey. Martorana manages client portfolios, analyzes alternative products, and is a consultant to the mutual fund industry.
Foreword xiii Robert Jenkins, Global Head of Research at Thomson Reuters Lipper Acknowledgments xvii Introduction xix CHAPTER 1 Definitions and Methodology 1 Definitions 1 Lipper Classifications 2 The Future 2 Methodology 3 Guide to Chapters 3 through 13 5 Summary 8 CHAPTER 2 Road Map for the Liquid Alts Space 9 Liquid Alts in Context 9 Assets and Net Flows 13 IPOs and Liquidations 13 Risk and Return 18 Summary 20 Questions 20 CHAPTER 3 Absolute Return Funds 21 Definition 21 Total Net Assets and Net Flows 22 Risk and Return 23 Factor Exposures 24 Asset Allocation and Fund Selection 25 Top Ten Funds 26 Blockbuster and Spotlight 29 Summary 33 Problems 33 References 34 CHAPTER 4 Alternative Active Extension Funds 35 Definition 35 Total Net Assets and Net Flows 36 Risk and Return 37 Factor Exposures 38 Asset Allocation and Fund Selection 40 Top Ten Funds 41 Blockbuster and Spotlight 44 Summary 47 Problems 47 CHAPTER 5 Alternative Credit Focus Funds 49 Definition 49 Total Net Assets and Net Flows 50 Risk and Return 51 Factor Exposures 52 Asset Allocation and Fund Selection 54 Top Ten Funds 55 Blockbuster and Spotlight 60 Summary 63 Problems 63 References 63 CHAPTER 6 Alternative Currency Strategies Funds 65 Definition 65 Total Net Assets and Net Flows 66 Risk and Return 67 Factor Exposures 68 Asset Allocation and Fund Selection 69 Top Ten Funds 70 Blockbuster and Spotlight 76 Summary 77 Problems 77 Reference 77 CHAPTER 7 Alternative Equity Market Neutral Funds 79 Definition 79 Total Net Assets and Net Flows 80 Risk and Return 80 Factor Exposures 82 Asset Allocation and Fund Selection 84 Top Ten Funds 84 Blockbuster and Spotlight 88 Summary 91 Problems 92 CHAPTER 8 Alternative Event-Driven Funds 93 Definition 93 Total Net Assets and Net Flows 94 Risk and Return 95 Factor Exposures 96 Asset Allocation and Fund Selection 98 Top Ten Funds 99 Blockbuster and Spotlight 104 Summary 106 Problems 106 CHAPTER 9 Alternative Global Macro Funds 107 Definition 107 Total Net Assets and Net Flows 108 Risk and Return 110 Factor Exposures 111 Asset Allocation and Fund Selection 112 Top Ten Funds 113 Blockbuster and Spotlight 115 Summary 119 Problems 120 CHAPTER 10 Alternative Long/Short Equity Funds 121 Definition 121 Total Net Assets and Net Flows 122 Risk and Return 123 Factor Exposures 124 Asset Allocation and Fund Selection 126 Top Ten Funds 127 Blockbuster and Spotlight 131 Summary 134 Problems 135 CHAPTER 11 Alternative Managed Futures Funds 137 Definition 137 Total Net Assets and Net Flows 138 Risk and Return 139 Factor Exposures 140 Asset Allocation and Fund Selection 141 Top Ten Funds 141 Blockbuster and Spotlight 143 Summary 148 Problems 148 CHAPTER 12 Alternative Multi-Strategy Funds 149 Definition 149 Total Net Assets and Net Flows 150 Risk and Return 150 Factor Exposures 152 Asset Allocation and Fund Selection 152 Top Ten Funds 153 Blockbuster and Spotlight 156 Summary 160 Problems 160 CHAPTER 13 Dedicated Short Bias Funds 161 Definition 161 Total Net Assets and Net Flows 162 Risk and Return 163 Factor Exposures 164 Asset Allocation and Fund Selection 164 Top Ten Funds 165 Blockbuster and Spotlight 170 Summary 172 Problems 172 CHAPTER 14 Lipper Alternative Classifications Summary 173 Lipper Alternative Classification Roles 173 Absolute Return Funds 174 Alternative Active Extension Funds 175 Alternative Credit Focus Funds 175 Alternative Currency Strategies Funds 176 Alternative Equity Market Neutral Funds 177 Alternative Event Driven Funds 177 Alternative Global Macro Funds 178 Alternative Long/Short Equity Funds 178 Alternative Managed Futures Funds 178 Alternative Multi-Strategy Funds 179 Dedicated Short Bias Funds 179 CHAPTER 15 Portfolio Construction 181 Holistic and Goals-Based 181 Macro Environment 182 Correlations Converge 183 Evolution of Investment Management after the Crash 183 Core/Satellite Investing 187 Micro-Endowment Model 188 Summary 190 Questions 191 CHAPTER 16 Volatility Management 193 How Volatility Drag Reduces Compound Returns 194 Talking Points for Clients 199 Behavioral Discipline 199 Summary 200 CHAPTER 17 Suitability and Fees 201 Suitability and Results 201 Interviews 202 Fees 206 Summary 207 Questions 207 CHAPTER 18 Fund Selection 209 Five Key Roles 210 General Tips about Fund Selection 216 Summary 217 CHAPTER 19 Interviews 219 Stephen Horan 219 Roger Paradiso 224 Daryl Dewbrey 228 Daniel Egan 233 Conclusion 237 About the Companion Website 239 About the Authors 241 Index 243
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- ID: 9781118971017
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