Indexing for Maximum Investment Results / Edition 1

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Overview

· Choosing a benchmark
· Using derivatives to index
· Overview of the market place
· Key performance track records
· Key tool for many investors

Twenty-four years after investment managers decided to implement Standard & Poor's 500 indexing strategy, the verdict is in. The first indexers beat more than 99 percent of all actively managed stock funds. Over the last ten years, funds based on the S&P 500 out-performed more than 80 percent of all mutual funds. Today about 450 billion dollars is indexed to the S&P 500, almost 10 percent of the total market value of all stocks traded in the U.S. The strategy has been applied to other asset classes, including bonds and real estate. In total, indexing now accounts for more than 25 percent of the investment methodology of all pension funds in the U.S.

Topics include: choosing a benchmark; overview of the marketplace; using derivatives to index; performance track record versus active management; index methodology and other styles; and index price effects on constituent securities.

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Editorial Reviews

Booknews
Explores one of the more hotly debated investment methodologies, offering a historical perspective on indexing and material on application of index fund management techniques. Topics include the case for indexing, optimal indexing, choosing a benchmark, the S&P 500 effect, the equity index fund marketplace, equity style management, fixed-income indexing, and tax advantages of indexing. A final chapter looks at licensing of financial indexes and implications for the development of new index-linked investment products. Annotation c. by Book News, Inc., Portland, Or.
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Product Details

  • ISBN-13: 9781888998115
  • Publisher: Global Professional Publishing
  • Publication date: 6/28/1998
  • Edition number: 1
  • Pages: 340
  • Product dimensions: 6.42 (w) x 9.12 (h) x 0.98 (d)

Meet the Author

Albert S. Neubert is Senior Vice President, Business Development, INFORMATION MANAGEMENT NETWORK.

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Table of Contents

Preface
Contributors
Ch. 1 Why the Case for Indexing Remains Strong 1
Ch. 2 Benchmarks: Definitions and Methodologies 19
Ch. 3 The First Index Mutual Fund 37
Ch. 4 Optimal Indexing 79
Ch. 5 Enhanced Indexing - Without Enhanced Risk? 95
Ch. 6 Choosing a Benchmark 119
Ch. 7 The "S&P Effect" Has Moved Beyond the S&P Composite 129
Ch. 8 The S&P500 is Not Your Father's Index 145
Ch. 9 Performance Track Record versus Active Management 183
Ch. 10 Overview of the Equity Index Fund Marketplace 211
Ch. 11 Implementing Equity Index Portfolios 221
Ch. 12 Adding Value Through Equity Style Management 237
Ch. 13 Using Style Analysis to Build Completeness Funds 249
Ch. 14 Index Shares 261
Ch. 15 Fixed-Income Indexing 277
Ch. 16 The Tax Advantages of Indexing 293
Ch. 17 Optimizing Performance 307
Ch. 18 The Licensing of Financial Indexes: Implications for the Development of New Index-Linked Investment Products 337
Index 359
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