Active Index Investing: Maximizing Portfolio Performance and Minimizing Risk Through Global Index Strategies

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John Wiley & Sons, Aug 4, 2011 - Business & Economics - 720 pages
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For over three decades, indexing has become increasingly accepted by both institutional and individual investors. Index benchmarks and investment products that track them have been a driving force in the transformation of investment strategy from art to science. Yet investors’ understanding of the sophistication of this burgeoning field has lagged the growing use of index products.

Active Index Investing is the definitive guide to how indexes are constructed, how index-based portfolios are managed, and how the world’s most sophisticated investors use index-based strategies to enhance performance, reduce costs and minimize the risks of investing.

Active Index Investing provides a comprehensive overview of (1) the investment theories that are the foundation of index based investing, (2) best practices in benchmark construction, (3) the growing world of index-based investment vehicles, (4) cutting-edge index portfolio management techniq ues and (5) the myriad ways investors can and do capture the benefits of indexing.

Active Index Investing has a unique format that captures the views and perspectives of over 40 of the investment industry’s leading experts and practitioners, while maintaining a holistic view of this complex subject matter. In addition to the Appendix and Glossary within the book, it features an E-ppendix, available at www.IndexUniverse.com

 

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Contents

Foreword
Acknowledgments
About theEditor
TheIndexing Revolution
The EverEvolving Uses of Indexing
MarketUncertainty and the Role
Benchmarks
Perfection Impossible
Notes
Indexing RealEstate Why InvestinReal Estate? How To Invest in Real Estate
Managing Index Funds
Full Index Replication
TheUnique Challenges of U S Equity
Delivering Performance in International
Investment Restrictions
Principal Trades

The Ideal Index Construction
U S Equity BenchmarksBroadCap
InternationalGlobal Equity Benchmarks
A Framework for Assessment and Rating
FixedIncome Benchmarks
HedgeFund Benchmarks and Asset
KeyIssues With Hedge Fund Index Construction Designand Construction of The Major Hedge Fund
The Sun Sets
Socially Responsible Investment
The EverExpanding Variety
IndexBasedDerivatives Synthetic Index Funds and IndexBased Structured
Enhanced Indexing
ExchangeTraded Funds
Notes
Managing ExchangeTraded Funds
IndexBased Separately Managed
Choosing among Index Vehicles
How and WhyLarge Pension PlansUse IndexBased StrategiesasTheir Core Investments
TaxEfficient Indexation How Are IndexBased Investors Taxed?
Indexing forIndividual Investors The Great Mutual Fund Trap
Indexing at the Core
The FutureofIndexing
Guide to theEppendix
Abridged Bibliography andResearch Resources
Copyright

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About the author (2011)

Steven A. Schoenfeld is the Chief Investment Strategist for the Quantitative Management area of Northern Trust Global Investments (NTGI), which encompasses more than $200 billion in index and enhanced index strategies committed to the world’s equity and fixed income markets. He is also a Senior Research Fellow with Duke University’s Global Capital Markets Center. He was the founder of IndexUniverse.com, and was a Managing Partner of Global Index Strategies LLC, a specialized consulting firm. Steven previously served as Chief Investment Officer of Active Index Advisors and as a Managing Director of Barclays Global Investors, responsible for $65 billion in global index funds and ETFs, He developed some of the first emerging market index products while at the International Finance Corporation/World Bank, and traded Japanese stock index futures as a member of the Singapore Exchange. Steven serves on key governance committees for most major benchmark indexes. He was a Fulbright Scholar in economics in Singapore and coauthored The Pacific Rim Futures and Options Markets.

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