Insights
What? Me Worry? Geopolitics in the Age of Fiscal Largesse by Tina Byles Williams | July 17, 2024 | Market Outlooks, Xponance® Insights | 0 CommentsThe summer of 2024 threatens to ignite transnational conflict with an unprecedented array of flashpoints never seen...News
Strategies
Tina Byles Williams
Tina Byles Williams Chief Executive OfficerChief Investment OfficerFounder Tina Byles Williams is Chief Executive Officer, Chief Investment Officer and Founder of Xponance®, (formerly FIS Group) a 18.6 billion (as of 6/30/24) multiple strategy investment company, one...People
The Power of Human Capital Our factor emanates from the considerable investment acumen, experience and diverse perspectives of our team; imbued by a deep passion for doing the right thing for our clients and each other. Executive Investment Team Portfolio Operations...Systematic Global Equities
Systematic Global Equities Active Strategies use disciplined stock selection and portfolio construction methods for generating alpha. Passive Strategies offer exposure to market beta through index replication. Values-Based Equity Strategies can offer customized...Opportunistic Core
Yield Advantage Opportunistic Core Q3 2024 | September 30, 2024 Read PDF Version Read Commentary Annualized Returns (%) QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception1 Gross of fees 5.14 5.84 13.18 -0.75 1.15 2.03 2.35 3.60 Net of fees 5.10 5.71...Limited Duration
Yield Advantage Limited Duration Q3 2024 | September 30, 2024 Read PDF Version Read Commentary Annualized Returns (%) QTD YTD 1 Year 3 Years 5 Years 7 Years 10 Years Since Inception1 Gross of fees 2.75 4.88 7.59 2.34 2.35 2.45 2.21 2.08 Net of fees 2.72 4.78...Privacy Policy
Privacy Policy Xponance believes that respecting and protecting your privacy is of the utmost importance, so although we are exempt from Regulation S-P as an institutional investment advisor, we have implemented the following Privacy Principles to affirm our...Terms of Use
Terms of Use Xponance® is pleased to provide you with the materials on our website for informational purposes only. Please carefully read the following paragraphs. By using our website, you agree to the terms described below. If you do not agree to the terms discussed...Mission
Mission We strive to serve our clients as a trusted solutions partner with investment excellence generated by a talented team of diverse and entrepreneurial professionals. Our Values and Promise Client First We exist because of our clients. Our primary goal is to...Careers
We’re Hiring Extraordinary People At Xponance, our most valued assets are our professional resources. Learn about currently available opportunities. View Careers To create a high performing organization, you need extraordinary people. We have always been...Emerging Manager Ecosystem
Emerging Manager Ecosystem The Xponance® Ecosystem is a critical resource for sourcing, seeding and funding high performing investment products offered by emerging managers for client accounts. It provides an important complement to our investment manager...Community Engagement
Serving aGreater Good Xponance® formed A Good Measure Foundation to act as a catalyst for positive change. We seek to make a difference every day not only by connecting investors with innovative investment strategies and research but also by giving back. We organize...U.S. Fixed Income
U.S. FixedIncome Xponance’s Yield Advantage strategies are grounded in the belief that yield is the most reliable tool for generating alpha and optimizing return per unit of risk. The goal of our philosophy is to deliver long-term results that maximize the...Company
Defying Convention We are a multi-strategy investment firm whose primary goal is to be a trusted client solutions partner. Our name is derived from the word “exponent” and dually connotes our core objectives—to be a zealous champion for our clients; and to provide...Multi-Manager Platform
Multi- Manager Platform We believe that small, entrepreneurial managers have a performance edge in capacity constrained strategies that can be a vital source of portfolio management innovation. Our philosophy is to: Engage innovation via small, entrepreneurial firms...Mhmm Menu Layout Loader
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Transforming Access to AlphaXponance® (EKS-puh-n’ns): We exist because of and for our clients. We leverage our multi-strategy capabilities for their success. We understand that wisdom and vision emanate from diverse perspectives, multi-decade experience,...Q4 2019 Market Outlook
In the third quarter, both of the leading anglo-liberal democracies lurched towards the political abyss and even potential constitutional crises, while global growth continued to decelerate on the back of trade policy …
A Tale of Two Styles: Value and Growth – Part 3
Yields have fallen precipitously since 2018 on weaker economics, driving Momentum stock leadership, and the underperformance of Value and more-shorted names. These trends reversed in September on positive macro headlines and a pickup in yields.
A Tale of Two Styles: Value and Growth – Part 2
It has been the best of times, it has been the worst of times…for growth and value…over the last decade. Since the end of the Great Financial Crisis (GFC), economic and market conditions have been generally favorable for US growth stocks. The economy grew at a slow...A Tale of Two Styles: Value and Growth – Part 1
It has been the best of times, it has been the worst of times…for growth and value…over the last decade. Since the end of the Great Financial Crisis (GFC), economic and market conditions have been generally favorable for US growth stocks.
Battening Down the Hatches Part Three
View PDF version Battening Down The Hatches Part Three Part 3: Evaluating Rebalancing Techniques for Portfolio DeriskingIn this, the third of a three-part series “Battening Down the Hatches”, we evaluate portfolio derisking techniques that most cost effectively...Long duration equity strategies (growth, technology, certain private equity LBO strategies) appear vulnerable….
It is difficult to build a case that equity markets won’t contract in a slow-down. Since 1950, whenever CAPE valuations were above 20 and industrial production declined in the previous 12 months, the 12-month return of the stock market was -10.4%, with only 34% of periods having positive returns.
Some bond strategies may not live up to their downside protection billing the next time….
Interest income is attributable for all or most of bonds’ downside protection; therefore starting yields are critical. Bonds have traditionally been an important component of any portfolio derisking strategy but interest income has been a significantly larger piece of the return pie during economic downturns; whilst spread compression has been less significant.
What Asset Classes and Sectors have provided downside protection in prior market downturns?
Our analysis suggests that:
1. Low volatility strategies outperformed among publicly traded equities
2. Exposure to corporate default risk reduced bonds’ downside protection.
Why the 1970s and early 1980s style stagflation are unlikely today
The three preconditions that led to the stagflation period of the 1970s are less likely today. But the relationship between trade disruptions and growth could catalyze a global recession and the relationship between oil prices and inflation expectations could abort the easy monetary policy which current asset prices discount.
What economic and market characteristics are different today that prior pre-downturn periods?
Our evaluation of key downturns over the last 30-year point to 3 key differences between today’s macro backdrop and the most recent period.