Research papers, white papers, and authored work on investment selection, fund alternatives, return decomposition, active management, free cash flow, factor investing, ETFs, and portfolio construction.
Current PortfolioFuture research
Finding Better Fund Alternatives
PortfolioFuture research on identifying better fund alternatives through investable return decomposition and evidence-based comparison.
Investable Return Decomposition and Residual Persistence
PortfolioFuture research on decomposing investable returns and evaluating the persistence of residual value.
Investment research and white papers
FCF Advisors Market Outlook 2024
Our 2024 market outlook — cautiously optimistic, underpinned by a nuanced understanding of the global financial landscape, with emphasis on free cash flow profitability as a key differentiator.
Free Cash Flow Investing: Profitability or Yield?
Free cash flow is a critical financial metric that offers a more transparent view of a company's profitability in the context of equity valuation. This research examines the robustness of FCF profitability vs. FCF...
The Benefits of the ETF Creation-Redemption Process
Exchange-traded funds have become an increasingly popular investment option. The creation-redemption process is one of the key features that sets them apart from other investment vehicles.
Pure Alpha II: A Framework for Active Manager Evaluation
This paper extends previous research, revisiting a two-dimensional framework for measuring active management using active shares and tracking errors, and introduces a new dimension — the pure alpha estimate.
A Better Approach for Quality Factor Exposure
The FCF US Quality strategy takes a quantitative active approach to quality factor investing, exposing drawbacks in traditional quality indexes and offering a better solution.
Pure Alpha: Evaluating Active Management in a Modern Way
This paper discusses how we apply active management and the common misconceptions around active and passive investing, applying a framework to estimate the "pure alpha" opportunity of an active strategy.
Free Cash Flow Investing With Innovators
Free cash flow analysis reveals the extent to which companies that invest heavily in R&D outperform their peers, suggesting investors should ensure these innovators form a core part of their portfolios.
Selected earlier work
Earlier research covers active-manager evaluation, quality factor exposure, free-cash-flow profitability, ETF implementation, and portfolio construction. Historical employer-hosted material is preserved here as authored work, with original sources linked where available.