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CFA Lecture: Caveat emptor - let the smart beta buyer beware (Frankfurt)
Christoph Schon, CFA
Executive Director, Applied Research, Axioma
Date: 22nd March 2017, 6pm
Demand for passive investment strategies has exploded, and none has attracted more attention than smart beta. The last few years have seen a steady flow of hundreds of billions of dollars from active to passive strategies, not just driven by private clients, but also by an increasing number of asset owners.
The attraction is plain to see; passive investment via, for instance, ETFs is easily accessible, has lower fees than traditional active management, and in the case of smart beta products, has the potential to outperform a cap-weighted passive index. So it is hardly surprising that these products are being aggressively marketed.
But do ETF buyers, especially those seeking smart beta strategies, really know what they are getting?
In order to answer this question, Christoph Schon, CFA, CIPM, examines four 'high dividend yield' ETFs and not only finds that they are very different in their compositions, risk characteristics and returns, but that they also have significant exposures to other factors, like low beta and low volatility.
Christoph Schon, CFA, CIPM, is the Executive Director, Applied Research for EMEA at Axioma, where he generates insights into recent risk trends with a particular focus on fixed income and multi-asset class analysis.
Christoph has been in the portfolio risk and performance analysis space for over ten years, having previously worked for Lehman Brothers/Barclays POINT and UBS Delta, where he held various roles as Marketer, Head of Client Services and Client-Facing Quant. He started his career in 2000 as a Fixed Income Research Analyst at Dresdner Bank in Frankfurt. He joined Dresdner’s FI index research group in 2002 and served as a member of the iBoxx European technical committee until 2006.
Christoph has been a CFA charterholder since November 2007 and earned the CIPM designation in 2015. He has been a speaker at various risk and performance attribution conferences and pre-conference workshops. He holds a joint degree in electrical engineering and economics from TU Darmstadt in Germany.
60327 Frankfurt am Main
17:45h – Doors open
18:00h – Lecture and Q&A
19:00h – Get-Together
Snacks and refreshments will be provided.
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