Scientific Beta

Enterprising Investor, CFA Institute: "In “Targeting Macroeconomic Exposures in Equity Portfolios: A Firm-Level Measurement,” which earned the 2023 Graham and Dodd Top Award, Esakia and Goltz demonstrate how investors can more precisely target stock portfolios’ economic risk exposure than with strategies that allocate across sectors or equity-style factors."

Enterprising Investor, CFA Institute 25/01/2024

"(...) Investors who want to target exposure to macroeconomic risks in their equity investments can enhance the robustness of those portfolios with a new strategy that delivers more consistent exposures to macroeconomic factors. That’s the critical takeaway of Graham and Dodd Award of Excellence-winning research from Mikheil Esakia and Felix Goltz. In “Targeting Macroeconomic Exposures in Equity Portfolios: A Firm-Level Measurement,” which earned the 2023 Graham and Dodd Top Award, Esakia and Goltz demonstrate how investors can more precisely target stock portfolios’ economic risk exposure than with strategies that allocate across sectors or equity-style factors. I spoke with Esakia, a senior quantitative research analyst at Scientific Beta and a PhD candidate at EDHEC Business School, for CFA Institute Research and Policy Center for insights on their research findings and to produce an In Practice summary of the study. (...)"