Robert Doyle

  • Excess returns of defensive global equity manager composites during market downturns vs MSCI ACWI

    Ahead of the curve: Are defensive strategies delivering?

    September 2022 (Magazine)

    Introducing ‘defensiveness’ to equity portfolios can take many forms. At the most explicit end of the spectrum, we can consider dialling down market exposure using derivative-based equity overlays – whether these are static protection programmes or more complex dynamically managed strategies which could even include some implicit volatility trading. At the more implicit end, promising reduced ‘downside capture’, we find a wide array of defensive long-only equity strategies.