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NEW YORK (Reuters) - The market’s quick and hard-to-explain declines this week led some investors to point fingers at number-crunching fund strategies designed to control and balance risk. The benchmark U.S. S&P 500 stock index .SPX marked its biggest one-day fall since February on Wednesday and added to losses the day after. The order of events, rising bond yields followed by a stock market selloff, recalled a similar event in February and also placed the focus on mechanical investment strategies sensitive to volatility, including risk-parity funds.
WHAT ARE RISK-PARITY FUNDS?, Risk-parity funds refer to a set of rule-based investment strategies that combine stocks, bonds and other financial assets, They are a counterweight to traditional portfolio investment strategies where investors are split between equities and bonds but equities end up carrying more of the risk, In most multi-asset portfolios, equities tend to determine an investors’ return because their price moves up and down more than other assets, The goal of risk parity is to build a “diversified” fountain pen nib cufflinks in sterling portfolio in which each group of assets contributes an equal amount of risk so that the return is not primarily determined by stocks, The formula is based on historical research on how each asset performs and relates to the other groups over time..
The strategy came into being in the 1990s but drew increased attention after the 2007-2009 global financial crisis refocused investor attention on risks in the stock market, and on hedge fund strategies to minimize those risks. Risk-parity strategies are a poster boy for a whole set of investment strategies that are sensitivity to volatility and have a potential to trade after major moves in the market. Yet backers of such funds say they often trade against the trend in the market. The strategy is most associated with Bridgewater Associates LP, the world’s largest hedge fund, which launched its risk-parity All Weather Fund in 1996. Bridgewater’s founder, Ray Dalio, and the company are well known for a unique culture of “radical truth and radical transparency” whereby intellectual conflict is encouraged to promote a meritocracy of ideas, avoiding traditional office politics. Other major investors in the space include AQR Capital Management LLC, whose founder Cliff Asness is also a well-known investor.
WHAT ARE THE ASSETS IN RISK-PARITY STRATEGIES?, Estimates vary, but AQR put the figure at $70 billion in equity assets in February, A 2017 paper by LongTail Alpha LLC chief investment officer Vineer Bhansali and USC Marshall School of fountain pen nib cufflinks in sterling Business professor Lawrence Harris estimated that total assets under management in a set of strategies that respond to risk inputs is about $1.5 trillion, including risk-parity funds, and a variety of other strategies, including volatility targeting funds, and trend followers..
Mutual funds using a risk parity strategy reported narrower losses than the S&P 500’s 3.0 percent tumble on Wednesday, but the losses nonetheless compounded their negative returns for the year. Low-cost shares of the AQR Risk Parity Fund declined 1.7 percent on Wednesday and are down 4.2 percent this year. Yao Hua Ooi, a principal the global asset allocation team at AQR, said certain commodities and other exposures held by the fund have helped offset losses from U.S. Treasuries and global stock markets.
(Reuters) - Sears Holdings Corp Chief Executive Officer Eddie Lampert is exploring a bid for some of the cash-strapped U.S, retailer’s businesses and real estate once it fountain pen nib cufflinks in sterling files for bankruptcy, an alternative to a traditional court-supervised reorganization, people familiar with the matter said on Thursday, Under this scenario, the 125-year-old department store operator, once the world’s largest retailer, would initially avoid an outright liquidation, but would have to navigate the bankruptcy process without some of its key assets, At stake is the future of roughly 90,000 employees and 900 stores, including Kmart, which Sears also operates..
Lampert, a billionaire who is also Sears’ biggest shareholder and lender, is considering bidding for its Kenmore appliances brand and its home services business, in addition to some real estate, the sources said. Sears is also weighing a traditional bankruptcy reorganization, and no final decisions have been made, the sources added. Lampert had already offered as much as $480 million for the Kenmore and home improvement unit of the home services businesses as part of an out-of-court rescue plan, and is mulling trying to buy these assets and more through bankruptcy auctions under this option, the sources said. The auctions would be executed under Section 363 of the U.S. bankruptcy code.
The exact assets that Lampert might buy in bankruptcy remained in flux, the sources said, Lampert could help finance his bids for the assets by forgiving some of the money Sears owes him, as opposed to putting in more cash, one of the sources said, Sears is still negotiating potential financing to keep it afloat while under bankruptcy protection after fountain pen nib cufflinks in sterling discussions with banks on Wednesday night failed to result in an agreement, the sources said, Another meeting with potential financing sources was planned for Thursday, the sources added..