Research Affiliates

Thoughtful

Investment Solutions

FIND OUT MORE

INSIGHTS

 

Innovative
Research

SOLUTIONS

 

Product
Strategies

TOOLS

 

Asset Allocation
Interactive

STRATEGIES

 

How to
Invest

Thoughtful

Investment Solutions

FIND OUT MORE

INSIGHTS

Investment Research

SOLUTIONS

Value-Based Investments

TOOLS

Asset Allocation Interactive

STRATEGIES

How to Invest

Sign up for our latest insights

Just Published

Walking the Tightrope: Trend Following’s Tricky Tradeoffs

Walking the Tightrope: Trend Following’s Tricky Tradeoffs

By Jim Masturzo
May 2025
The positively skewed returns of trend-following strategies offer tail protection, but increased skewness comes with a lower Sharpe ratio. Managers need to understand the tradeoff and the implications for portfolio construction.

Sign up for our latest insights

NEW Features

Expected returns & volatilities

140+ assets over 40+ countries

VISIT OUR APP
rafi-indices-banner

Featured Insights

Gold $5,000?

Gold $5,000?

By Campbell Harvey
April 2025
Driven by financialization, de-dollarization, tariffs, and economic uncertainty, the price of gold is at or near all-time highs. Can it go even higher?
Why Tariffs Won’t Solve Our Trade Problem

Why Tariffs Won’t Solve Our Trade Problem

By Chris Brightman
April 2025
The U.S. trade deficit isn’t caused by unfair trade, it’s rooted in low savings, high consumption, and poor investment choices. Tariffs won’t fix it, but smarter fiscal policy, regulatory reform, and increased domestic production just might.
Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks

Small Caps, Big Opportunities: Investing Beyond Large-Cap Stocks

By Mario Albuquerque, Xi Liu, Que Nguyen
April 2025
The historically wide valuation discount between small- and large-cap stocks provides a substantial opportunity, but investors remain wary. Research shows that a smarter value approach by applying quality and momentum screens can minimize risks and enhance returns.
The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?

The AI Boom vs. the Dot-Com Bubble: Have We Seen This Movie Before?

By Rob Arnott, Trent Commins, Xi Liu
March 2025
The narrative-driven AI boom of Nvidia and the Magnificent Seven echoes that of the dot-com bubble exemplified by Cisco and the Four Horsemen. The Research Affiliates Fundamental Index (RAFI) can help investors balance the risks and opportunities.
The EV Shakeout

The EV Shakeout

By Rob Arnott, Bradford Cornell, Forrest Henslee, Thomas Verghese
March 2025
Led by Elon Musk’s Tesla, the bull market in electric vehicle (EV) stocks had all the hallmarks of a big market delusion.
Adventures of The OG Quant

Adventures of The OG Quant

By Rob Arnott
February 2025
Explore the life and legacy of Dean LeBaron, a pioneering quant investor, innovator, and visionary. From founding Batterymarch Financial Management to revolutionizing quantitative investing, Dean’s journey spans decades of financial breakthroughs, global market exploration, and cutting-edge technology adoption.
Current Constituents CAPE

Current Constituents CAPE

By Trent Commins, Ted Hsu, Seanna Kim
February 2025
Shiller CAPE suffers from backward-looking biases in its calculation but still provides a useful starting-point valuation for predicting long-term equity returns. Our modified, forward-looking method (CC CAPE) boosts the robustness of CAPE.
Trump 2.0: The Deregulation Agenda – No New Rules?

Trump 2.0: The Deregulation Agenda – No New Rules?

By Que Nguyen
January 2025
The second Trump administration will likely embrace a No New Rules approach to deregulation that should benefit both the artificial intelligence and crypto sectors.
AAI Multimedia Page Tiles - Multimedia Page - On Demand

10 Years of Asset Allocation Interactive: Evaluating the Results of Conditional Return Expectations

By Jim Masturzo, Brent Leadbetter
January 2025
This webinar reviews the first full observation period of Asset Allocation Interactive, our Capital Market Expectations online tool. AAI’s track record highlights the relevance of conditional return expectations, examines the success and challenges, and offers a case study on the science of forecasting returns.
Asset Allocation Interactive at 10 Years: The Good, the Not Too Bad, and the Ugly

Asset Allocation Interactive at 10 Years: The Good, the Not Too Bad, and the Ugly

By Jim Masturzo
January 2025
Asset Allocation Interactive’s 10-year anniversary demonstrates that fundamentals-based capital market expectations remain a useful inputs in portfolio construction.
Capitalization-Weighted Indexes, RAFI, “Smart Beta,” and Factors (JPM Series)

Capitalization-Weighted Indexes, RAFI, “Smart Beta,” and Factors (JPM Series)

By Rob Arnott
December 2024
Fundamental indexes like RAFI as well as so-called “smart beta” or factor-based approaches can add value relative to traditional capitalization-weighted perspectives.
The Greatest Scourge in Factorland: Revaluation Alpha = Fake Alpha (JPM Series)

The Greatest Scourge in Factorland: Revaluation Alpha = Fake Alpha (JPM Series)

By Rob Arnott
December 2024
Uncover the differences between structural alpha, revaluation alpha, and noise. Learn how to identify sustainable returns and avoid pitfalls in historical performance analysis.

MORE INSIGHTS

Join 50,000+ investment professionals who trust our insights.

rafi-indices-banner

In The News

Press Release
Research Affiliates Expands UK Capabilities with Oliver Knight Appointment
May 2025
The Shipley School
Katrina Sherrerd Honored with 2025 Alumni Service Award
May 2025
Bloomberg
Campbell Harvey on Gold, Inflation, and Investment Horizons
Apr 2025
Wall Street Journal
Rob Arnott: Why Value Stocks Shine When Markets Stumble
Apr 2025
Bloomberg
Rob Arnott on Market Volatility and Value Investing
Apr 2025
Press Release
Rob Arnott of Research Affiliates Honored with 2025 ETF.com Lifetime Achievement Award
Apr 2025
The Compound
Rob Arnott Discusses Big Market Delusion on The Compound and Friends
March 2025
Bloomberg
Rob Arnott on Smart Beta and the Magnificent 7 Rebound
March 2025
CNBC Squawk on the Street
Que Nguyen Shares Market Outlook and Economic Insights
March 2025
Wall Street Journal
Jim Masturzo on the Growing Risk in U.S. Growth Stocks
February 2025
Bloomberg
Rob Arnott on Unlocking Value in Dropped Index Stocks
February 2025
Wall Street Journal
Rob Arnott on DeepSeek’s Disruption and the Risks of AI Market Euphoria
January 2025
Press Release
Research Affiliates Showcases the Accuracy of Their Asset Allocation Interactive CMEs Tool
January 2025
Press Release
Research Affiliates Recognized for Thought Leadership & Education at 2024 ThinkAdvisor Luminaries Awards
December 2024
Wall Street Journal
Chris Brightman on Post-Election Market Dynamics
November 2024

MORE IN THE NEWS

RA Papers On SSRN

Reimagining Index Funds
October 03, 2023
Smart Rebalancing
March 07, 2023
The Avoidable Costs of Index Rebalancing
September 30, 2022
No Good Deed Goes Unpunished? Social vs. Investment Objectives
May 25, 2022
Momentum Turning Points
May 5, 2022
Pricing Implications of Noise
November 1, 2021
Factor Momentum
March 22, 2021
Decoding Systematic Relative Investing: A Pairs Approach
December 11, 2020
Breaking Bad Trends
December 11, 2020
Bernstein Fabozzi/Jacobs Levy Award Winner
Alice's Adventures In Factorland: Three Blunders That Plague Factor Investing
April 11, 2019
A Backtesting Protocol in the Era of Machine Learning
November 24, 2018

Join 50,000+ investment professionals who trust our insights.

© 2025 Research Affiliates, LLC. All Rights Reserved.

Cookies Disclaimer

The content provided on this website is informational, subject to change and is not investment advice or any offer or solicitation for the purchase or sale of investments.  Any use of this content is subject to and evidence of the user’s acceptance of all important legal disclosures, disclaimers, terms of use and provisions found at https://www.researchaffiliates.com/en_us/legal/privacy-policy, including the user’s complete release of liability for any use of the content, which may contain inaccuracies. 

This site uses cookies on our website to distinguish you from other users of our website.  Our objective is to optimize your experience when you browse our website and to continually improve our site.  Consenting to the use of these conditions is not a condition of using the website, however, if you do not consent, you will be redirected to a static website with limited information.  Please select “Accept” if you consent to our use of cookies, pursuant to our Cookies Policy, during your visit to our website.  Otherwise, please select “Decline” if you do not consent to our use of cookies during your visit to our website.  A copy of our Cookies Policy can be found at https://www.researchaffiliates.com/en_us/legal/privacy-policy.

Decline Accept

Disclaimer

You are now leaving the Research Affiliates, LLC website.  The following link may contain information concerning investments, products or other information.  Research Affiliates, LLC is not responsible for the accuracy or completeness of information on non-affiliated websites and does not make any representation regarding the advisability of investing in any investment fund or other investment product or vehicle.  Importantly, Research Affiliates, LLC is not compensated for linking you to any non-affiliated website and instead is only compensated with an asset-based fee as either a licensor of intellectual property or a sub-adviser to an investment adviser.  The material available on non-affiliated websites has been produced by entities that are not affiliated with Research Affiliates, LLC.  Descriptions of, references to, or links to products or publications within any non-affiliated linked website does not imply endorsement or recommendation of that product or publication by Research Affiliates, LLC.  Any opinions or recommendations from non-affiliated websites are solely those of the independent providers and are not the opinions or recommendations of Research Affiliates, LLC, which is not responsible for any inaccuracies or errors.  THIS INFORMATION IS NOT AN OFFER TO BUY OR A SOLICITATION TO SELL ANY SECURITY OR INVESTMENT PRODUCT.  SUCH AN OFFER OR SOLICITATION IS MADE ONLY BY THE SECURITIES’ OR INVESTMENT PRODUCTS’ ISSUER OR SPONSOR THROUGH A PROSPECTUS OR OTHER OFFERING DOCUMENTATION.  

CANCEL PROCEED
Webinar Popup