External Research

Active Microcap: A Private Equity Alternative – Acuitas Investments

Active Microcap: A Private Equity Alternative, a white paper by Acuitas Investments demonstrating why actively managed Microcap strategies are a reasonable liquid proxy for private equity.

Less-Liquid Holdings Could Mean More-Solid Results – Morningstar Advisor Magazine

Less-Liquid Holdings Could Mean More-Solid Results, an analysis by Roger Ibbotson and Morningstar Research indicating that investing in less-liquid stocks produces risk-adjusted returns that rival or exceed those of the three best-known market anomalies: size, value, and momentum.

The Truth About Small Caps and Rising Rates – Fidelity Investments

The Truth About Small Caps and Rising Rates, a research paper by Fidelity Investments which finds that small caps equities have historically performed well in rising rate environments, both in absolute terms and relative to large caps.

Ibbotson Study – Impact of Illiquid Securities

Ibbotson Finds Liquidity Rules, a Financial Advisor Magazine feature of a working paper by Roger Ibbotson and Zhiwu Chen demonstrating the positive historical impact of illiquid securities on investor returns.

Small Cap as an Alternative to Private Equity – The Brandes Institute

Is U.S. Small Cap a Viable Alternative to U.S. Private Equity? Bruce Grantier, The Brandes Institute, April, 2009; a study by The Brandes Institute demonstrating how small cap equity can offer investors a viable alternative to private equity.

MicroCaps + Informational Inefficiency = Active Opportunities – The Journal of Indexes

MicroCaps + Informational Inefficiency Active Opportunities. Steve Swartley, The Journal of Indexes, July/August 2010, a white paper by The Journal of Indexes demonstrating the potential advantage micro-cap investors can gain from the informational inefficiency of the micro cap asset class.
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