Articles by Scott Opsal, CFA Chief Investment Officer

Our ongoing research into the relative performance of Active vs. Passive fund styles is based on the belief that just as market conditions cycle, so does the active-passive return spread..

After a hiatus of several years, we are re-introducing one of our favorite analytical tools. A thematic basket is a custom-designed set of assets which are exposed to, and will react similarly to, a common theme. Our first new thematic basket is “Capital Spending Beneficiaries.”

Several key drivers of capital expenditures look particularly favorable right now, and this research note focuses on the potential for improving business conditions to produce an upswing in capex.

While we’re not calling for an imminent market top, we are keeping a diligent watch from the crow’s nest for signs of a coming market correction.

Growth has trounced Value over the past year, continuing a decade-long trend of outperformance...

With an abundance of year-end updates in this edition of Perception for the Professional, we plan to release the content for this “Of Special Interest” section separately in mid-January.

Momentum is one of the most widely accepted alpha-generating factors, used by quantitative and fundamental managers alike. Its biggest drawback, however, is high turnover. Herein we explore momentum from the perspective of sector weights.

Years ago, Monty Python’s classic comedy sketch introduced us to the Department of Redundancy Department.

Market history teaches us that investors behave differently in groups than they do as individuals.

A fascinating aspect of long-running bull markets is the emergence of money-spinning strategies that come to be seen as “sure things.”

We believe the continued strength of this seemingly ageless bull market is due in part to the weakening U.S. dollar, which impacts the real economy and financial asset returns alike.

Our Major Trend Index (MTI) recently fell from “positive” toward stocks to a “neutral” reading, leading us to trim bullish equity positions in our tactical portfolios.

With the Major Trend Index now in “neutral” territory, and several well-known market strategists urging increased caution and risk awareness, we offer our perspective on defensive investing from the standpoint of our group work.

The end of August means the second quarter earnings season is almost in the books.

Relative performance of active and passive mutual funds is one of the leading story lines in our industry, with passive’s recent advantage leading some to argue that it will be the dominant style forevermore. We disagree, and believe that the active/passive relationship has been, and always will be, cyclical.

Industry trends and the investment merits of companies involved in the asset management business; we contrast ETF providers with firms involved in traditional active management.

Last July we published a study titled Active vs. Passive: A Three-Club Headwind that examined the recent performance advantage of passive indexes over actively managed funds.

In April 1964, the Beatles simultaneously held the top-five spots on the Billboard Hot 100, a unique feat in the history of modern music.

With Energy stocks underperforming the S&P 500 by 20% YTD, contrarian clients are wondering if the sector holds any promise. Here we look for valuation signals that offer encouragement for bargain-hunting investors willing to buy on weakness.