This 2026 working paper studies how investable returns can be decomposed into explainable exposures and residual components, with attention to whether residual value persists over time.
Research focus
The paper develops the return-decomposition perspective that informs PortfolioFuture's work on fund alternatives, helping investors distinguish common exposure from fund-specific value when comparing investment choices.
Read the PortfolioFuture research context ↗ and the original SSRN record above.
Read the original SSRN record ↗
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