Savvy Investor Recognizes “Diversification, Volatility, and Surprising Alpha”

We are honored and pleased to be recognized for our paper, Diversification, Volatility, and Surprising Alpha, as “Best Factor Investing Paper 2018” by Savvy Investor.

How do naïve and systematic portfolios outperform a cap-weighted benchmark over the long term? While some attribute this to factor exposure, we provide a different explanation: increased diversification.

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