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Our research
Research drives the solutions we create for you. Our clients hire us to evaluate the capital markets and to thoroughly investigate money managers.
This proprietary research is made available to our institutional clients, and many of these published papers are available to other institutional investors as well. If you are not a Russell client, but are an institutional investor, please feel free to download or request an article from the list below.
Our most recent research pieces |
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The implications for bond prices of changes in interest rates (by download)
Author: Bob Collie
January 2012
Strategies for large pension plan contributions (by download)
Author: Justin Harvey
December 2011
The role of floating-rate bank loans in institutional portfolios (by request)
Authors: Martin Jaugietis, Yoshie Phillips and Maniranjan Kumar
December 2011
Accounting for pension expense in corporate financial statements: An update (by request)
Author: Bob Collie
December 2011
Management fee, carried interest and other economic terms of real estate funds (by request)
Author: Derek Williams
December 2011
Research listed by category |
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Asset allocation
Research within this category focuses on broad asset classes, benchmarks, capital market assumptions, diversification, optimization techniques, and rebalancing.
The implications for bond prices of changes in interest rates (by download)
Author: Bob Collie
January 2012
Modeling illiquidity in a multi-period stochastic projection (by request)
Author: James Gannon
November 2011
The Russell World Cap Index as an equity benchmark (by request)
Author: Tom Goodwin
October 2011
Volatility-responsive asset allocation (by download)
Authors: Bob Collie, Mike Sylvanus & Michael Thomas
August 2011
The volatility paradox: When winners lose and losers win (by download)
Author: Bob Collie
July 2011
Defensive equity: Is the market mispricing risk? (by download)
Authors: Bob Collie and John Osborn
June 2011
Correlations have fat tails, too (by download)
Author: Bob Collie
April 2011
Dynamic LDI with a view: Market timing is too risky. Right? (by request)
Author: Mike Sylvanus
March 2011
A framework for making interest rate bets (by download)
Author: Martin Jaugietis
February 2011
Don't marry a model (by download)
Author: Bob Collie
February 2011
Informed de-risking (by download)
Authors: Michael Thomas, Martin Jaugietis & James Gannon
January 2011
The Third Dimension of Style™: Introducing the Russell Stability Indexes™ (by download)
Author: Dave Hintz
December 2010
It's not just about the return target: Mature multi-employer plans should consider
their cash needs (by request)
Author: Brian Frick
August 2010
Asset class strategy
Topics include investment styles and strategies, such as active versus passive investment management.
The role of floating-rate bank loans in institutional portfolios (by request)
Authors: Martin Jaugietis, Yoshie Phillips and Maniranjan Kumar
December 2011
Russell portfolio series (by download and request)
Various authors
August 2011
Benchmarking U.S. core real estate portfolios: In search of a better fit (by request)
Authors: Tamara Larsen and Dave Brunette
May 2011
Understanding opportunities in China's investable growth (by download)
Author: Lila Han
March 2011
Russell's global equity series (by download and request)
By Rob Balkema
February 2011
Quantitative equity management (by download)
Author: Mark Thurston
February 2011
Opportunistic Private Real Estate: Capitalizing on the cyclical recovery (by request)
Author: Ed Garcia
October 2010
Commodities Futures Returns: Reconciling history with expectations (by request)
Author: Leola Ross
September 2010
Themes on ESG current practice: U.S. and pan-European core real estate
open-end fund managers (by request)
Author: Tamara Larsen
March 2010
Global private real estate: Return from Atacama (by request)
Author: John Mancuso
February 2010
Risk management is the cornerstone of investing (by request)
Author: Bruce Curwood
February 2010
Are your FX fees too high? Ways to close the responsibility gap (by request)
Authors: Shashank Kothare & Lloyd Raynor
February 2010
When should investors consider an alternative to passive investing? (by request)
Authors: Geoff Warren, Ph.D. & Don Ezra
January 2010 Defined Contribution
Research within this category is written to specifically address the challenges facing defined contribution plans.
What's the right savings rate? Give your participants a place to start -
Target Replacement Income rate multiplied by 30%. Simply put: TRI 30 (by download)
Authors: Daniel Gardner and Josh Cohen
August 2011
Retirement sustainability for defined contribution plan participants (by download)
Authors: Daniel Gardner and Sam Pittman
May 2011
A world tour of defined contribution (by download)
Author: Don Ezra
May 2011
Going long: Should the DC industry reconsider participants' bond portfolios? (by request)
Author: Dan Gardner
March 2011
How Washington is addressing defined contribution shortcomings (by download)
Authors: Josh Cohen and Mark Teborek
February 2011
Stable value: Still relevant in DC plans (by download)
Authors: Rod Bare, Dan Gardner & Al Jasco
January 2011
11 for 2011: 11 Actions designed to improve your defined contribution plans in 2011 (by download)
Authors: Josh Cohen and Ben Jones
January 2011 Endowments & foundations
Topics in this section specifically address the challenges facing endowments and foundations.
Non-profit spending rules (by download)
Author: Steve Murray
October 2011
Elements of a clearly defined investment policy statement for nonprofits (by download)
Author: Greg Coffey
June 2011
Endowments, foundations and the inflation challenge (by request)
Authors: Steve Murray & Leola Ross
May 2010 Execution
This research section includes papers on efficient implementation techniques to help investors manage cash and transitions. It also includes papers addressing fees associated with different implementation techniques.
Transition Management: Eight guidelines for choosing a trusted provider (by download)
Author: Steve Kirschner
November 2011
Transition alternatives for funds of funds (by request)
Authors: Steve Kirschner and Brian Roberts
August 2011
Interest rate swaptions — downside protection you can live with (by request)
Authors: Michael Thomas and Greg Nordquist
June 2011
Conscious Currency™ (by download)
Author: Ian Toner
November 2010
U.S. dollar gives cause to reconsider hedging strategy (by request)
Authors: Ian Toner, Steven Fox & Michael Dueker
June 2010 Governance and decision making
This research category includes papers which address regulatory and risk management issues, the prudent delegation of decision-making authority, and investment policy topics.
Accounting for pension expense in corporate financial statements: An update (by request)
Author: Bob Collie
December 2011
A governance check up: how is your multi-employer plan doing? (by download)
Author: Brian Frick
October 2011
Foreign exchange policy oversight: Where is it? (by download)
Author: Cynthia Steer
August 2011
Elements of a clearly defined investment policy statement (by download)
Author: Greg Coffey
June 2011
How defined benefit plan sponsors think about risk management (by request)
Authors: Bruce Curwood and Don Ezra
May 2011
Integrating Environmental, Social and Governance (ESG) issues: Russell's manager
research and sustainable financial value (by request)
Authors: Will Pearce and Mike Clark
January 2011
"Mostly brick" and "Not yet a bonfire" (by request)
Authors: Bruce Curwood & Don Ezra
July 2010
Sovereign Risk — Meaning and implications for investors (by request)
Authors: Clive Smith & Jim Franks
May 2010
Update: Yield curve election for valuation of PPA funding target liabilities (by request)
Authors: Brian Frick & Jim Gannon
May 2010
Thoughts on ERISA's requirements regarding risk management (by request)
Author: Bob Collie
February 2010 Objective Setting
Research within this category covers the range of considerations related to setting an objective for an asset pool: goals and targets, stakeholder interests, liabilities, funding and accounting.
Strategies for large pension plan contributions (by download)
Author: Justin Harvey
December 2011
Management fee, carried interest and other economic terms of real estate funds (by request)
Author: Derek Williams
December 2011
Non-profit spending rules (by download)
Author: Steve Murray
October 2011
LDI benchmarking: When does the basis risk of an LDI hedge begin to matter? (by download)
Authors: Martin Jaugietis, Michael Thomas and James Gannon
September 2011
Positioning LDI portfolios in today's volatile market conditions (by download)
Authors: Martin Jaugietis and Bob Collie
September 2011
Transitioning to LDI strategies (by download)
Author: Travis Bagley and Aran Murphy
June 2011
LDI's role in pension plan strategy: Risk and return considerations (by download)
Author: Bob Collie and John Osborn
May 2011
The impact of non-parallel yield shifts on defined benefit plan risk and LDI programs (by download)
Author: William Madden
April 2011
Sharp increase in both assets and liabilities for the pension world's $20 billion club:
Pension plans grow on both sides of the balance sheet in 2010 (by download)
Author: Bob Collie
March 2011
Pre-empting FASB: mark-to-market pension cost accounting (by download)
Author: Bob Collie and Jim Gannon
January 2011
Liability-based benchmarks for fixed income mandates (by request)
Author: Bob Collie
September 2010
As DB dies (by request)
Authors: Craig Ansley, Gerben Borkent, Don Ezra, Michael Hall & Steven Lowe
September 2010
Does equity have duration? And if so, is it useful for LDI? (by request)
Author: James Gannon
June 2010
The coming fall in Pension Protection Act (PPA) funding percentage (by request)
Author: James Gannon
June 2010 Performance measurement and evaluation
Research within this category covers measurement and attribution of performance, universes, performance reviews.
When duration calculation methodologies collide! (by request)
Author: Marcus Muetze
October 2011
To find out more about our research contact David or Gerry:
Please remember that all investments carry some level of risk, including the potential loss of principal invested. They do not typically grow at an even rate of return and may experience negative growth. As with any type of portfolio structuring, attempting to reduce risk and increase return could, at certain times, unintentionally reduce returns.
Diversification does not assure a profit and does not protect against loss in declining markets.
Non-US markets entail different risks than those typically associated with US markets, including currency fluctuations, political and economic instability, accounting changes, and foreign taxation. Securities may be less liquid and more volatile.
Global equity involves risk associated with investments primarily in equity securities of companies located around the world, including the United States. International securities can involve risks relating to political and economic instability or regulatory conditions. Investments in emerging or developing markets involve exposure to economic structures that are generally less diverse and mature, and to political systems which have less stability than those of more developed countries.
Specific sector investing such as real estate can be subject to different and greater risks than more diversified investments. Declines in the value of real estate, economic conditions, property taxes, tax laws and interest rates all present potential risks to real estate investments. Fund investments in non-U.S. markets can involve risks of currency fluctuation, political and economic instability, different accounting standards and foreign taxation.
Commodity futures and forward contract prices are highly volatile. Trading is conducted with low margin deposits which creates the potential for high leverage. Commodity strategies contain certain risks that prospective investors should evaluate and understand prior to making a decision to invest. Investments in commodities may be affected by overall market movements, and other factors such as weather, exchange rates, international economic and political developments. Other risks may include, but are not limited to; interest rate risk, counter party risk, liquidity risk and leverage risk. Potential investors should have a thorough understanding of these risks prior to making a decision to invest in these strategies.
USI-9732
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