Did you ever wonder why we talk so much about sectors when it comes to investing and financial markets’ behavior? In this paper, we dig deeper into how sectors are usually classified and how this could be improved in an “out of the box” fashion: – How is GICS methodology applied to sectors and what…
Given the uncertainty and risks associated with making and implementing macroeconomic forecasts, TOBAM’s multi-asset approach applies a 100% bottom-up approach consistent with the firm’s founding principle: diversification. In this paper, we look at ways to identify diversifying investments to complement an existing allocation: – Is it possible to quantify the marginal diversification brought by a…
In this Research Dashboard, we go back to the roots of mathematics, with no other aim than reconstructing modern economics from the foundation up. Moreover, we highlight, how these very fundamental mathematical and economic principles relate to our interest for Bitcoin. If you wish to read the full research piece, please fill in the form…
In this Research Dashboard, we discuss buy side credit markets concentrations and the impact on alpha: – why buy-side concentration has mostly been a byproduct of passive ETF investing success and, – to what extent it had an impact on credit market liquidity and active managers’ ability to generate alpha in a scalable way. If…
This Dashboard aims at contributing to a deeper understanding of factor investing and its limitations. Why do multi-factor portfolios may not deliver investors the balanced risk exposures and diversification effects, that they typically hope to achieve or are promised to obtain by spreading their investments across multiple factors? If you wish to read the full…
This Dashboard challenges the widely cited notion that accommodating SRI investment policies necessarily impacts the risk-return behavior of the portfolio. Indeed, our research suggests that a portfolio construction approach that aims to maximize diversification, actually lends itself to accommodation of potentially highly restrictive SRI investment policies, without significant impact on the risk-return characteristics of the…
Our investment thesis can be summed up as follows: the theoretical and empirical characteristics of Bitcoin are such that it has the potential of becoming a new store of value, a ‘gold 2.0’ so to speak. This dashboard aims at shedding light on the motivation, potential virtues and actual usefulness of Bitcoin by first revisiting…
In this Diversification Dashboard, we discuss the stability in the hierarchy of correlations. Long-time followers of our dashboards may be familiar with this subject as we have published a dashboard on this very topic five years ago. As correlations are at the heart of TOBAM’s portfolio construction approach, we decided to provide a refresher on…
In this dashboard, we consider Multi-Asset portfolio construction through the lens of an approach that maximizes, bottom-up, the diversification of the portfolio without relying on forecast of returns and that endogenously balances out exposures to risk drivers that impact returns and risks of a multi-asset portfolio. If you wish to read the full Research piece,…
On the back of the shale oil and gas boom in the US, Energy has slowly become the preeminent concentration of the High Yield space. We believe that this level of debt is increasingly becoming unsustainable for the market, as observed in 2015-2016 during the first Energy crisis, or more recently in Q4 2018. Today, after a period of calm, signs of stress are appearing around the Energy sector again.
Should these warning signs be taken seriously? And what should a credit investor do to mitigate these risks?
Born in Bayonne (South West of France) in 2001, Justin grew up with his feet in the sands.
Supported by his parents who 15 years ago, established the Natural Surf Lodge, between lake, forest and ocean. This environmentally responsible living environment, provides Justin with a beneficial and suitable structure for his training.
A native from the European capital of board sports, Justin has a great desire to travel the world (Australia, Tahiti, Hawaï, Denmark..) which he will be able to do upon being successful in joining the professional circuit, the CT.
In 2022, Justin has been selected to join the highly prestigious Rip Curl Pro Portugal event and is looking to participate to the Olympic games in Paris in 2024.
TOBAM is proud to support this young athlete, who remains humble and accessible. Go for it Justin!
If you want to learn more about Justin, please read “Life of a Surfer“
We are really proud to have another beneficiary of the Initiative, Aurélia Boulanger, a very talented young triathlete.
Aurelia just graduated as an engineer, specialized in urban planning and sustainable buildings.
She started her triathlete career in 2018, and became the winner of the 2019 French long distance triathlon.
TOBAM is proud to support a female athlete, in a sport that is less prone to media attention but requires an absolute dedication and commitment to trainings and competition.
Her objective this year is to qualify for the Triathlon 70.3 World Championship, due to be held on December 2022 in New Zealand. This “half-Ironman” is a long-distance triathlon race consisting of 1.9km swim (1.2 mile), 90km bike (56 miles), and 21.1km run (13.1 miles) !
Aurelia’s dedication to her sport, trainings and objectives sets a high example for all of us. We are happy to support Aurélia for her future endeavours.
Discover Aurélia’s interview from April 2022
Good Luck Aurélia!
