Season 4 Episode 19:
With style: a factor investing deep dive

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Some call it styles, some call it factors some call it style factors. But regardless, it’s value and momentum size, and it’s definitely had its ups and downs in the last decade. This week we’re joined by Dan Taylor, CIO of MAN Numeric. Dan reviews the last decade and offers candid thoughts on lessons learnt, how things have evolved and how investors should be thinking about these strategies today. He also offers a bonus reflection on the impact of the growth of passive strategies. If you’re an asset owner grappling with allocating to equity strategies, we’re sure you’ll get a lot out of this episode.

We discuss:

  • A history of factor investing – what this looked like 20 years ago and how this has evolved  
  • Performance – how factors have behaved and if their efficacy is expected to continue
  • Value – exploring its performance and efficacy in recent years  
  • How to allocate to factors, what does portfolio construction look like 
  • How to ensure one factor doesn’t dominate performance 
  • How has the investment universe changed over time – what markets are traded 
  • How the investment process changes over time – 10% change pa 
  • Are some factors removed over time? 
  • Active vs passive investing  
  • What Dan is looking at over the next six months 

What’s one thing you would like listeners to take away from this?

Past performance is no guarantee of future results.

What is the most underappreciated thing about investing?

Investing is not that hard.

Any recommendations for good books or podcasts:

  • Mystery novels – authors - Jo Nesbo and Henning Mankell

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