Featured Insights
This article explains how U.S. tax law generally looks through legal wrappers to economic substance—and why structures designed primarily to engineer tax outcomes may create more compliance and reputational risk.
Total portfolio approach (TPA) is a broad philosophy for institutional portfolio management that has become increasingly popular over the last few years. We explore potential benefits and risks of TPA when compared to traditional strategic asset allocation, and offer practical demonstrations of how TPA might help investors achieve their goals.
This Quick Take explores Active Extension, a long-short equity approach that maintains full market exposure while allowing managers to express investment ideas more clearly. By relaxing the long-only constraint, the framework may improve diversification, enhance return potential, and increase portfolio efficiency.
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As quantitative investors, we believe that a systematic and disciplined approach is the best way to achieve long-term value. Explore our broad range of innovative, diversifying strategies.
Our ApproachCliff's Perspectives
April 8, 2026
As the correlation between stocks and bonds has turned positive, many investors have questioned whether bonds still provide meaningful diversification and have looked to alternative replacements. This perspective argues that most popular substitutes add more equity risk, not less, and shows that true diversification still requires strategies with genuinely low or negative equity beta—not simply abandoning bonds.
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