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“When everyone does it, they create the problem they’re trying to avoid.”. Michael Purves, chief global strategist at Weeden & Co, said the market action suggests rules-based, volatility-contingent investment strategies adjusted to the sharp selloff in long-term Treasuries. “When massive elephants move stuff around it can drive a lot of violence,” he said. “It doesn’t mean equities are broken but it means in the medium term they get spicy.”. A strategy popularized after the wreckage of the 2008 financial crisis, “risk parity” often sees itself blamed when stocks see steep selloffs. Risk parity funds themselves, however, said they were not to blame.
Bob Prince, the co-chief investment officer at Bridgewater, said the world’s largest hedge fund’s All Weather strategy, which launched the risk-parity movement in 1996, does not actively trade 33" record cufflinks and, while it does periodically adjust, has not done so since the market selloff began, When those adjustments happen, they are generally restoring the fund to its original balance, buying those assets that have gone down and trading against the trend, “Risk parity didn’t have anything to do with yesterday’s market movement,” said Prince, “We’re getting closer to the point that earnings growth could disappoint, As people get an inkling of that, probably the smart money’s getting out first.”..
The strategy is an attempt to balance risk or volatility in asset prices across equity, debt and other assets, instead of a more traditional approach based on allocating capital across asset classes. Investors often combine multiple assets within a portfolio but, risk parity backers argue, they do so in a way that still exposes them to too much equity risk and with too little a reward for doing so. U.S.-based mutual funds using a risk parity strategy reported narrower losses than the S&P 500 index’s 3.0 percent tumble on Wednesday, but the declines nonetheless compounded their negative returns for the year.
Bridgewater’s All Weather Fund is down 0.6 percent this year, through September 30, the most recent data available, according to a person familiar with the fund but not authorized to discuss the performance publicly, Risk parity funds often take a “leveraged” position in assets other than stocks, including bonds, borrowing money to increase the return, and they benefit from the fact that stock and bond prices often move in opposite directions, Now they, and 33" record cufflinks all, investors face the prospect of declines in prices across many assets at the same time..
Yao Hua Ooi, a principal on the global asset allocation team at AQR Capital Management LLC, said losses in U.S. Treasuries and stocks have been partially offset by gains in commodities and other positions the fund holds, and that they do not expect a significant adjustment given the changing risk in the market. “The response to these changes are more gradual in nature,” he said. “They do not typically result in a knee-jerk reaction.”. (This version of the story was refiled to restore dropped word ‘on’ and add word ‘partially’ in paragraph 20).
NEW YORK (Reuters) - The market’s quick and hard-to-explain declines this 33" record cufflinks 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” 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 33" record cufflinks 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..