haku: @author Leibowitz, M. / yhteensä: 3
viite: 2 / 3
| Tekijä: | Leibowitz, M. |
| Otsikko: | Benchmark departures and total fund risk: a second dimension of diversification |
| Lehti: | Financial Analysts' Journal
1995 : SEP-OCT, VOL. 51:5, p. 40-48 |
| Asiasana: | FINANCE RISK INNOVATION |
| Kieli: | eng |
| Tiivistelmä: | Standard asset class benchmarks are efficient in controlling and measuring investment performance on portfolio segments. This operational efficiency, however, can impede economic efficiency by inhibiting return-seeking departures from the benchmarks. Some strategies may be penalized merely for producing risk relative to the benchmarks, even if they add little or no risk to the total portfolio. For benchmark departures that are weakly correlated with the major portfolio risk, a "total fund effect" can greatly improve a fund's risk profile overall. |
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