Get Stacked Investment podcast

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E10. Live Q&A - Managed Futures Trend & Carry Flash Update 59:58

6 weeks 전59:58

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리스트

59:58

Join us for an engaging live session as Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management Global, Corey Hoffstein, Chief Investment Officer of Newfound Research, and Adam Butler, CIO of ReSolve Asset Management Global, discuss recent macroeconomic events and their impact on managed future strategies, specifically trend following and multi-asset carry models. In this video, the panel analyzes key market-moving stories from the past few weeks, including European regulatory reforms, German fiscal stimulus, and international tariff battles. They also explore the recent performance and adjustments in their systematic strategies, providing valuable insights for advisors and investors navigating today's volatile market environment. (0:00) Introduction and guest Adam Butler (2:15) Macroeconomic environment and market analysis (4:25) German fiscal stimulus and European policy changes (6:32) Volatility and major market moves (13:27) Multi-asset carry strategies and market impact (26:17) Risks and performance of carry strategies (34:13) Trend following managed futures discussion (36:46) Adjustments and reactions in trend following strategies (43:06) Trend vs. carry strategy comparison (46:38) Market headlines and investment principles (50:01) Client expectations and strategy management (51:55) Mean reversion and investment energy concepts (53:33) Advisor-client communication in volatile markets (55:10) Dealing with sensitive clients and diversification importance (57:26) Strategy non-correlation and regulatory insights (59:30) Closing remarks and listener engagement…

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E9. Discover the Return Stacked® Bonds & Merger Arbitrage ETF (RSBA) 57:54

11 weeks 전57:54

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리스트

57:54

In today’s ever-evolving investment landscape, finding compelling alternatives to traditional fixed income is critical for building resilient portfolios. Enter RSBA, a first-of-its-kind ETF that combines U.S. Treasuries with a merger arbitrage strategy to offer what we believe is a smarter approach to fixed-income diversification. Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please visit https://www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage . Read the prospectus or summary prospectus carefully before investing. Leverage Risk. As part of the Fund’s principal investment strategy, the Fund will make investments in futures contracts. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. You could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable. The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements. Stacking does not guarantee outperformance and diversification does not guarantee a profit or prevent a loss. Merger-Arbitrage Risk. Merger-arbitrage investing involves the risk that the outcome of a proposed event, whether it be a merger, reorganization, or other event, will prove incorrect and that the Fund’s return on the investment will be negative, or that the expected event may be delayed or completed on terms other than those originally proposed, which may cause the Fund to lose money or fail to achieve a desired rate of return. For additional disclosures and risks, visit https://www.returnstackedetfs.com/rsba-return-stacked-bonds-merger-arbitrage/ . Distributed by Foreside Fund Services, LLC. (0:00) Introduction and Overview of Return Stacking (4:02) The Problem Return Stacking Solves and Historical Performance Insights (8:14) Comparing Old vs. New World Investment Approaches (10:06) Exploring Stacking for Outperformance and Diversification (12:10) Deep Dive into RSBA ETF and Merger Arbitrage (15:54) Analyzing Merger Arbitrage Performance During Market Drawdowns (18:41) Merger Arbitrage vs. Credit Risk Premium and Bond Strategies (22:15) Understanding Merger Arbitrage and Its Legal Aspects (28:40) Alpha Beta Merger Arbitrage Index: Objectives and Mechanics (30:59) Insights on Portfolio Construction and Leverage Strategy (35:51) Deal Evaluation and Weight Adjustment in Merger Arbitrage (39:41) Q&A Session: Addressing Volatility and Tax Efficiency (42:46) Merger Arbitrage's Correlation with Other Investment Strategies (48:43) Comparing Different Styles of Merger Arbitrage Funds (51:04) Quantitative vs. Discretionary Approaches in Merger Arbitrage (54:13) Discussing Expected Drawdowns and Legal Constraints (56:41) Closing Remarks and Final Thoughts on Investment Strategies…

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E8. Return Stack Anything: Portable Alpha with RSSB 59:15

16 weeks 전59:15

나중에 재생

리스트

59:15

Finding alpha is notoriously difficult. Instead of trying to pick stocks better, what if you simply added the return of high-conviction, alternative strategies on top of your asset allocation? That’s the opportunity portable alpha unlocks for allocators. Join us for an exclusive podcast where we reveal how capital-efficient ETFs can be used to “port” the returns of any alternative investment on top of your asset allocation. Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please visit https://www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds . Read the prospectus or summary prospectus carefully before investing. Leverage Risk. As part of the Fund’s principal investment strategy, the Fund will make investments in futures contracts. These derivative instruments provide the economic effect of financial leverage by creating additional investment exposure to the underlying instrument, as well as the potential for greater loss. You could lose all or substantially all of your investment in the Fund should the Fund’s trading positions suddenly turn unprofitable. The net asset value of the Fund while employing leverage will be more volatile and sensitive to market movements. For additional disclosures and risks, visit https://www.returnstackedetfs.com/rssb-return-stacked-global-stocks-bonds . Distributed by Foreside Fund Services, LLC. (0:00) Introduction of hosts and podcast (0:31) Overview of return stack suite of ETFs and market demand (2:29) Introduction to RSSB, portable alpha, and diversification strategies (9:08) Financing costs, leveraging with futures, and benefits of portable alpha (17:38) RSSB's construction, capital efficiency, and practical applications (23:14) Comprehensive look at stacking strategies and live demonstration (27:10) Rebalancing, portfolio drift, and systematic macro strategies (29:47) Performance evaluation and impact of adding 20% stacks (32:43) Diversified alternatives and live audience interactions (36:26) Market neutral/long-short equity stack examples (38:44) Visualization and behavioral benefits of return stacking (47:12) How to use Portfolio Visualizer for individual strategies (48:02) Final thoughts on market outperformance with stacking (50:00) Extended audience Q&A on ETF specifics and bond considerations (52:08) US vs global bonds in RSSP and stacking pros & cons (55:03) Line item risk and behavioral aspects in portfolio construction (57:27) Closing remarks and resources for further learning…

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E7. Elevate Your Return Stacks with the Combined Power of Trend and Carry 1:15:42

21 weeks 전1:15:42

나중에 재생

리스트

1:15:42

In today's complex market environment, finding genuine diversification and consistent returns has become increasingly challenging. What if you could harness two of the least correlated strategies to traditional portfolios available to investors today? Join us for an exclusive podcast where Rodrigo Gordillo, Portfolio Manager and co-founder of Return Stacked ETFs, reveals how combining trend following and carry strategies as stacks may create a whole that is much greater than the sum of their parts. (0:00) Introduction and systematic macro strategies overview (1:44) Intuitive understanding of trend, carry, and futures markets (7:35) Combining trend and carry strategies: Benefits and theories (16:21) Trend following and futures yield measurement (20:24) Trend and carry strategies comparative analysis (25:02) Non-correlation of carry and trend with traditional assets (27:19) Strategy performance: Conditional correlations and calendar year returns (30:45) Carry strategy performance in various market conditions (34:16) Trend managers and volatility, carry in bear markets (42:47) Introduction to return stacking and implementation challenges (47:09) Behavioral and statistical benefits of return stacking (53:43) Traditional vs. return stacked portfolios comparison (56:38) Leveraging, diversification, and final thoughts on return stacking (1:00:30) Practical implementation and key takeaways (1:01:07) Audience Q&A session (1:08:20) Central bank policies and bond allocation in stack strategies (1:12:57) Wrap-up, final questions, and recent strategy performance (1:14:39) Closing remarks, apologies, and sign-off…

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Bonus Interview-Return Stacked ETFs: What You Need To Know 32:27

22 weeks 전32:27

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리스트

32:27

In this episode of ETF Spotlight, host Neena Mishra discusses Return Stacking with Rodrigo Gordillo, President and Portfolio Manager of Resolve Asset Management. The conversation delves into the concept of Return Stacking, also known as Portable Alpha, which uses leverage to enhance returns and diversify portfolios. ... The RSSB performance data quoted represents past performance and is no guarantee of future results. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For the RSSB standardized performance the most recent month-end performance, visit the Fund’s website at Global Stocks & Bonds - Return Stacked ETF (returnstackedetfs.com) . Investors should consider the investment objectives, risks, charges, and expenses carefully before investing. For a prospectus or summary prospectus with this and other information about the Fund, please click here ( https://www.returnstackedetfs.com/ ). Read the prospectus or summary prospectus carefully before investing . Investments involve risk. Principal loss is possible. Unlike mutual funds, ETFs may trade at a premium or discount to their net asset value. Brokerage commissions may apply and would reduce returns. RSST Inception Date: 09/05/2023 RSST Expense Ratio: 0.98% Definitions : Beta : for the purposes of this presentation "beta" is broadly defined as the returns achieved by the broad market index of a particular asset class. Alpha : refers to returns above that of a passive market benchmark Correlation measures the relationship between the price movements of two assets or securities, expressed as a value between -1 (means the two assets move in perfect opposition) and +1 (the two assets move in perfect unison). S&P 500 Index is an abbreviation for the Standard & Poor’s 500, a market-capitalization-weighted index of 500 leading publicly traded companies in the U.S. **Bloomberg US Aggregate Bond Index is an index that covers the broad U.S. investment grade, US dollar-denominated, fixed-rate taxable bond market. Société Générale Trend Index is designed to track the largest trend following commodity trading advisors (“CTAs”) in the managed futures space net of underlying fees. The index does not represent the entire universe of all CTAs. Actual rates of return may be significantly different and more volatile than those of the index Morningstar Systematic Trend Index refers to a type of alternative investment strategy that focuses on following and capitalizing on price trends in financial markets. Investments in this category employ a systematic, rules-based approach, often relying on quantitative models to identify and act on trends across multiple asset classes, including equities, bonds, commodities, and currencies. These strategies, sometimes known as "managed futures" or "trend-following" strategies, typically aim to generate returns by riding persistent market movements, whether upward or downward, and are designed to profit in a variety of market conditions, making them potentially valuable for diversification within a portfolio. Toroso Investments, LLC (“Toroso”) serves as investment adviser to the Funds and the Funds’ Subsidiary. Newfound Research LLC (“Newfound”) serves as investment sub-adviser to the Funds. ReSolve Asset Management SEZC (Cayman) (“ReSolve”) serves as futures trading advisor to the Fund and the Funds’ Subsidiary. Foreside Fund Services, LLC is the distributor for the Funds. Foreside is not related to Toroso, Newfound, or ReSolve. (0:00) Introduction by Nina Mishra and topic overview (0:55) Accessibility of return stacking for retail investors (2:30) Benefits and practical example of return stacking (6:29) Risks, historical financial crises, and volatility management (10:35) Deep dive into flagship fund RSST and its strategy (23:31) Overview and integration of other ETFs in traditional portfolios (30:16) Additional resources and key ETF tickers (31:29) Call to action, disclaimer, and legal information…

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E6. Saving Delta’s Pension with Portable Alpha - Jonathan Glidde 1:08:39

22 weeks 전1:08:39

나중에 재생

리스트

1:08:39

In this episode, we delve into the world of portable alpha and risk management with Jon Glidden, a seasoned investor with over a decade of experience. Jon shares his journey from his early days in Newport News, Virginia, to his current role in managing billions of dollars. We explore the intricacies of portable alpha, the role of hedge funds, and the importance of governance buy-in. (0:00) Introduction of Jonathan Glidden and his background in portable alpha strategies (1:35) Podcast introduction, disclaimer, and hosts (2:43) Sponsor: returnstack.com (3:11) Jonathan's professional journey in portable alpha for Delta's pension plan (14:27) Evaluating alpha sources and hedge funds suitability (22:50) Challenges and reframing of hedge fund investments with a focus on high residual information ratio (26:01) Leverage limits and risk management in portable alpha (29:53) Alpha validation and lessons from 2008 (39:02) Gaining stakeholder buy-in and impact of overfunding on strategy (46:30) Adjusting derivatives and hedging in portable alpha management (49:11) Day-to-day complexities and liquidity management in pension portfolios (54:11) The effect of market conditions on pension fund performance and scalable strategies (58:50) Advice and importance of liquidity management during market shocks (1:06:11) Key lessons and concluding thoughts…

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E5. Diversification 2.0: Mastering the Art of Portable Alpha 1:02:29

28 weeks 전1:02:29

나중에 재생

리스트

1:02:29

Portable alpha (or as we like to call it: Return Stacking) has become increasingly popular in the financial media (including recent notes from industry giants like BlackRock, Russell Investments, and AQR) but many advisors are left asking: What does portable alpha mean? How might it benefit clients? How can I implement it? At Return Stacked Portfolio Solutions we have made it our mission to thoughtfully and transparently help allocate into a portable alpha framework for client portfolios. Join us for this deep dive podcast with Corey Hoffstein, CIO of Newfound Research, and Rodrigo Gordillo, President and Portfolio Manager at ReSolve Asset Management Global. (0:00) Introduction of the portable alpha concept and podcast overview (1:11) Host and guest introductions with regulatory disclaimer (2:00) Historical context and key topics of portable alpha strategies (5:20) Poll questions on portable alpha usage (6:57) Detailed explanation of portable alpha by Corey Hoffstein (10:49) Challenges in finding alpha across market segments (12:16) PIMCO's historical bond strategy and application to equities (19:32) Using S&P 500 futures for exposure and risk management (23:39) Summary of portable alpha's potential and comparison to traditional approaches (27:16) Introduction to funding problems and managed futures trend following (31:19) Performance of diversified portfolios and behavioral timing issues (35:06) Benefits of stacking alternatives on core portfolios and pre-stacked solutions (40:09) Practical implementation of return stacking and key takeaways (41:23) Q&A on implementing portable alpha and return stacking (45:11) Lessons from 2008 and modern portable alpha approaches (49:19) Addressing leverage and risk in fund structures (52:06) Modern portfolio theory fundamentals and managing risks in alpha strategies (55:23) Optimal stack size and active risk budgeting (58:07) Return stacking viability in various interest rate environments (1:00:18) Final thoughts and additional resources (1:00:47) Contact information and content follow-up (1:02:01) Call to action for ratings and reviews…

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E4. Live Q&A – Return Stacking During Market Corrections 1:07:45

37 weeks 전1:07:45

나중에 재생

리스트

1:07:45

Join Corey Hoffstein, Rodrigo Gordillo, and Mike Philbrick for a special live episode of the Get Stacked podcast, aired on August 6, 2024. This episode dives deep into recent significant market events, discussing the Nikkei's historic 12.5% drop, the yen's trend reversals, and market volatility. AGENDA: - Global Macro Update - Broad expectations of Return Stacking during abrupt market selloffs - Brief discussion on how different stacks are responding in this environment - Q&A from the Audience (0:00) Introduction to crisis alpha and trend following (1:22) Podcast introduction, disclaimers, and live Q&A invitation (4:28) Market events, macro thesis, and volatility in return stacking (13:46) Defense leveraging and correlation nuances in portfolio management (24:01) Comprehensive discussion on trend following strategies (28:32) Historical perspective and recent market trends (33:17) Equity roles and crisis alpha in diversified trend mandates (42:30) Exploring futures yield and managed futures carry strategies (46:49) In-depth analysis of carry factor across asset classes (51:13) Portfolio positioning with diversification and correlation strategies (57:30) Case studies of trend and carry under various market conditions (1:00:08) Strategies for optimal return stacking allocation (1:03:49) Risk tolerance assessment for return stacking (1:05:35) Review of historical trend index returns and correlations (1:06:24) Housekeeping and closing remarks…

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E3. Stacking In Higher Rate Environment, Taxes, Trend Replication Update 1:34:02

40 weeks 전1:34:02

나중에 재생

리스트

1:34:02

In this episode, the Get Stacked team, consisting of Rodrigo Gordillo, Corey Hoffstein, Adam Butler and Mike Philbrick delve into the intricacies of Return Stacking, market trends, and the impact of taxes on investment strategies. They provide detailed insights into their research and findings, discussing the implications of their work for the investment landscape. (0:00) Introduction to the topic of risk-free rates and episode overview (2:36) Return stacking in a higher interest rate environment and tax considerations (4:15) Trend replication research and fundamentals of excess returns (10:18) Leveraging futures contracts for portfolio construction (17:31) Importance of non-correlated return streams in investing (21:38) Deep dive into tax implications of return stacking (25:18) Tax efficiency comparison: Stacked strategies vs. traditional funds (32:23) Enhancing trend replication strategies and decision-making (37:36) Top-down vs. bottom-up approaches in trend replication (42:01) Correlation, tracking error, and trend definition analysis (50:54) Realized tracking error and volatility weighting in models (56:26) Optimizing gross returns and turnover in trend models (1:02:12) Trend lookback periods and their impacts pre- and post-2008 (1:07:28) Market-specific contributions to trend-following performance (1:13:34) WTI crude, commodities, and correlation dynamics in trend models (1:18:00) Sponsor: XY Capital (1:18:37) Using extensive data for model training and market replication (1:22:05) Universe selection's impact on tracking error and ensemble methods (1:30:31) Validating design principles and preview of the next episode (1:32:27) Additional resources for listeners and closing remarks…

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E2. Secrets of Private Equity, Cocoa Trends & Optimal CTA Portfolio Weights 55:09

48 weeks 전55:09

나중에 재생

리스트

55:09

Corey Hoffstein, Adam Butler, and Michael Philbrick join Rodrigo Gordillo to discuss trend replication, private equity's role in modern portfolios, and the impact of large AUM on trend following. They explore balancing alpha generation with risk management, optimal allocation, and leveraging through treasury futures. (0:00) Introduction to private equity returns (1:03) Welcome and podcast introduction (2:23) Introduction of hosts and guests (3:32) Discussion on trend replication and recent market trends (8:35) Impact of large AUM on trend following performance (21:09) Balancing alpha generation and risk management in trend following (25:55) The significance of independent bets in managed futures portfolios (32:28) Discussion on optimal allocation to trend following strategies (38:16) Trend following as a critical portfolio component (53:25) Discussing leverage in the cheapest way possible through treasury futures (54:54) Call to action: rating, review, and sharing the podcast…

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E1. Enter the New World of Return Stacking - Inaugural Episode! 1:14:00

1 year 전1:14:00

나중에 재생

리스트

1:14:00

In this episode, Corey Hoffstein from Newfound Research, and Rodrigo Gordillo and Adam Butler of Resolve Asset Management Global, discuss the concept of return stacking and its implications for investors. They delve into the challenges of beating the large cap U.S. equities market, the shift in conversations about return stacking from risk management to creating excess returns, and the potential of diversification in generating consistent positive excess returns. Topics Discussed • The difficulties of beating the large cap U.S. equities market and the need for diversification • The shift in conversations about return stacking from risk management to creating excess returns • The potential of diversification in generating consistent positive excess returns • The idea of dictum in the markets and the difference between behavioral time and statistical time • The concept of risk parity and the importance of maintaining balance in portfolio risk • The role of trend following in risk management and return stacking • The potential of stacking strategies in enhancing portfolio returns • The structural challenges in implementing return stacked strategies in portfolios • The importance of diversification in ensuring investment success This episode provides valuable insights into the concept of return stacking and its potential in enhancing portfolio returns. It is a must-listen for investors interested in diversification strategies and the future of investment management. (0:00) Introduction and discussion on investment strategies (2:03) Sponsor: Returnstack.com (6:36) The challenges and constraints of active management in top-weighted markets (14:18) Analysis of 20 years performance of large cap US funds and questioning the efficiency of large cap US equities (18:30) Introduction to return stacking as a strategy to outperform benchmarks (25:06) Discussion on the differences between stacking alternatives vs active stock picking and understanding active risk budget (29:20) All-weather and all-terrain investing: Balancing optimality and insights into the development of all-terrain portfolios (40:35) The role of trend in diversification, risk parity and all-terrain portfolios with real-world examples (49:05) Discussing risk parity for long-term portfolios and global carry performance during equity bear markets (1:00:38) The importance of diversification in return stack strategies and the structural challenges in adopting them (1:06:44) The potential business benefits for advisors utilizing return stack strategies and reflections on market recovery (1:11:02) Focus on success measures outside of market performance and potential future guests and discussion topics…

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