Active Index Investing: Maximizing Portfolio Performance and Minimizing Risk Through Global Index Strategies / Edition 1

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Overview

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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What People Are Saying

From the Publisher
"[Active Index Investing, which] contains the contributions of some 50 pension fund officials shows there is nothing passive or apathetic about indexers in terms of investment innovation . . . Schoenfeld, a leader in expanding the use and understanding of indexing, has an intellectual's grasp of its concepts and a practitioner's ability to apply them . . . The 688-page book is an essential guide for anyone involved in portfolio management, active as well as passive." — Barry Burr, Editorial Page Editor, Pensions & Investments (January 10, 2005)
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Product Details

  • ISBN-13: 9780471257073
  • Publisher: Wiley
  • Publication date: 7/23/2004
  • Series: Wiley Finance Series , #138
  • Edition number: 1
  • Pages: 720
  • Product dimensions: 6.28 (w) x 9.35 (h) x 2.22 (d)

Meet the Author

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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Read an Excerpt

For over three decades, both institutional and individual investors have increasingly accepted indexing. 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 behind the growing use of index products. Active Index Investing aims to close that gap.
Active Index Investing is the definitive guide to how indexes are constructed, managed as portfolios, and used by investors. Filled with in-depth insight and practical advice, this book illustrates and analyzes every major asset class and covers the perspectives of index fund managers, index providers, institutional brokers, pension plan sponsors and other asset owners, financial advisors, and individual investors. It skillfully explains how the world's most sophisticated investors use index-based strategies to enhance performance, reduce costs, and minimize the risks of global investing.
This comprehensive guide captures the views of over fifty leading practitioners from all spheres of the indexing world—while maintaining a holistic and balanced perspective of this complex subject. Besides pulling together the best minds in the investment business, editor and indexing expert Steven Schoenfeld also shares his considerable insights on this broad and important topic.
Active Index Investing is actually five books in one, with thirty-one chapters providing a comprehensive exploration of:
  • The theories and practical experience that are the foundations for indexing
  • The uses of indexes and best practices in benchmarkconstruction
  • The ever-expanding range of index-based investment products and vehicles
  • Index portfolio management techniques for equity and fixed-income funds
  • Choosing between various index products and the ways in which sophisticated investors harness the overall benefits of indexing

Fittingly, for a subject so broad, the book's scope doesn't end with these topics, but continues in the book's "E-ppendix"—www.ActiveIndexInvesting.com, partnered with the IndexUniverse.com Web site—which expands and updates the information and data provided in the book, facilitating even more perspectives to chronicle the ongoing development of this fascinating and dynamic field.

Active Index Investing is a practical and detailed guide to the art and science of index-based investing. It will show you how index-based strategies can be actively used to both minimize portfolio risk and maximize long-term performance.

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Table of Contents

FOREWORD: THE ROLE OF INDEXING AND BENCHMARKS IN DEVELOPING SOUND INVESTMENT APPROACHES (Don Phillips).

PREFACE.

ACKNOWLEDGMENTS.

CONTRIBUTORS.

ABOUT THE EDITOR.

CHAPTER 1: Indexing IsActive: The Meaning of Active Indexingand the Interconnected Themes of the Book (Steven A. Schoenfeld).

PART ONE: The Indexing Revolution: Theory and Practice (Steven A. Schoenfeld).

CHAPTER 2: The Foundations of Indexing: Theoretical and Practical Underpinnings of a Heretical Concept (Binu George, Steven A. Schoenfeld, and Jim Wiandt).

CHAPTER 3: The Ever-Evolving Uses of Indexing: Why the Active versus Index Debate Is Over (Matthew Scanlan, Binu George, Francis Enderle, and Steven A. Schoenfeld).

CHAPTER 4: Market Uncertainty and the Role of Indexing (Adele Kohler).

PART TWO: Benchmarks: The Foundation for Indexing (Steven A. Schoenfeld).

CHAPTER 5: The Vital Importance and Fundamental Uses of Benchmarks (Pamela Cloyd, Larry Siegel, and Steven A. Schoenfeld).

CHAPTER 6: Perfection Impossible: Best Practices for Index Construction (Steven A. Schoenfeld).

CHAPTER 7: The Ideal Index Construction (Gus Sauter).

CHAPTER 8: U.S. Equity Benchmarks—Broad-Cap, Size, and Style Indexes: Slicing and Dicing the U.S. Equity Market (Gardner Platt, Brad Pope, and Chad Rakvin).

CHAPTER 9: International/Global Equity Benchmarks for North American Investors (Steven A. Schoenfeld and Robert Ginis).

CHAPTER 10: Fixed-Income Benchmarks (Vache Mahseredjian and Mark Friebel).

CHAPTER 11: Hedge Fund Benchmarks and Asset Allocation (Mark Anson).

CHAPTER 12: Using Indexes as Analytical Tools: Viewing Changes in the World’s Stock Markets through the Benchmarks (Mark Sladkus).

CHAPTER 13: Socially Responsible Investment and Index Benchmarks (Peter Wall).

PART THREE: The Ever-Expanding Variety and Flexibility of Index Products (Steven A. Schoenfeld).

CHAPTER 14: The Wide World of Index Products: Building Blocks for an Efficient Portfolio (Steven A. Schoenfeld and Joy Yang).

CHAPTER 15: Enhanced Indexing: Adding Index Alpha in a Disciplined, Risk-Controlled Manner (Steven A. Schoenfeld and Joy Yang).

CHAPTER 16: Exchange-Traded Funds: A Flexible and Efficient Investment Tool (Yigal Jhirad, Omer Ozkul, and David Qian).

CHAPTER 17: Indexing Real Estate (James S. Keagy).

CHAPTER 18: Active Indexing: Sophisticated Strategies with Index Vehicles (Steven A. Schoenfeld, Robert Ginis, and Niklas Nordenfelt).

PART FOUR: Managing Index Funds: It’s Anything but Passive! (Steven A. Schoenfeld).

CHAPTER 19: Fundamental Index Portfolio Management Techniques (Steven A. Schoenfeld and Kevin Maeda).

CHAPTER 20: The Unique Challenges of U.S. Equity Index Management (Amy Schioldager, Will Hahn, Ed Hoyt, and Jane Leung).

CHAPTER 21: Delivering Performance in International Equity Indexing (Eleanor de Freitas, Robert Ginis, Creighton Jue, Tom McCutchen, Steven A. Schoenfeld, and Amy Whitelaw).

CHAPTER 22: Managing Fixed-Income Index Funds (Elizabeth Para and Partha Dasgupta).

CHAPTER 23: Managing Exchange-Traded Funds (Lisa Chen and Patrick O’Connor).

CHAPTER 24: Index-Based Separately Managed Accounts: Delivering on the Performance Promise (Mark Adams, Kevin Maeda, and Steven A. Schoenfeld).

PART FIVE: Pulling It All Together: How to Use Index Products to Build an Efficient, Risk-Controlled Investment Strategy (Steven A. Schoenfeld).

CHAPTER 25: Choosing among Index Vehicles: How Does an Institutional Investor Select an Investment Product? (Joanne Hill and Barbara Mueller).

CHAPTER 26: How and Why Large Pension Plans Use Index-Based Strategies as Their Core Investments (Nancy Calkins).

CHAPTER 27: Tax-Efficient Indexation (Mark A. Zurack).

CHAPTER 28: Indexing for Advisors: A Sophisticated Strategy for Professional Investment Advisors and Their Clients (Michael J. Chasnoff).

CHAPTER 29: Indexing for Individual Investors (Greg Baer and Gary Gensler).

CHAPTER 30: Indexing at the Core: The Four Key Axioms for Long-Term Investment Success (Steven A. Schoenfeld).

CHAPTER 31: The Future of Indexing: The Revolution Has Just Begun! (Steven A. Schoenfeld).

GUIDE TO THE E-PPENDIX: www.ActiveIndexInvesting.com, Partnered with IndexUniverse.com.

ABRIDGED GLOSSARY OF INDEXATION AND QUANTITATIVE INVESTMENT TERMINOLOGY.

ABRIDGED BIBLIOGRAPHY AND RESEARCH RESOURCES.

INDEX.

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  • Anonymous

    Posted August 2, 2004

    Incredibly Timely and Comprehensive

    31 Chapters and more than 50 contributors from throughout the financial industry, all tied together in a cohesive manner by the Editor. Quite impressive. Valuable for both professionals and sophisticated individual investors,

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