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| Jacobs Levy Equity Management |
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Profile:
Jacobs Levy Equity Management, founded in 1986, is an independent, leading-edge quantitative equity manager focused exclusively on U.S. equity portfolios. Based in New Jersey, the firm manages assets for a prestigious global roster of corporate pension plans, public retirement systems, and endowments/foundations, including 25 of Pensions & Investments' “Top 200 Pension Funds/Sponsors.” Clients are served by a staff of 60, one-half of whom are professionals dedicated to research, quantitative systems, and implementation.
Commitment to Innovative Equity Research
Prior to accepting assets in 1990, Bruce Jacobs and Ken Levy devoted three years to researching market inefficiencies and analyzing the complex economic and behavioral factors underlying security returns. As part of this endeavor, they pioneered a proprietary process of “disentangling” return-predictor relationships. Disentangling examines numerous inefficiencies in a multifactor framework, providing “pure” returns that amplify predictive power. The revolutionary findings resulting from this research led to the development of a unique multidimensional, dynamic approach to investing. Based on two decades of research and experience, this approach is designed to achieve consistent outperformance through numerous small exposures to many different market opportunities simultaneously.
The groundbreaking concepts that form the foundation for their investment philosophy and approach are articulated in the numerous articles Bruce and Ken have written over the years. These have received awards from the Financial Analysts Journal, The Journal of Portfolio Management, and The Journal of Investing. Many have become required reading for the CFA program and M.B.A. courses. Equity Management: Quantitative Analysis for Stock Selection, published by McGraw-Hill in 2000, collects 15 of Bruce and Ken's articles, including their works on engineering portfolios, long-short investing, and what Nobel laureate Harry Markowitz has called their “seminal work” on disentangling.
Bruce and Ken are the editors of Market Neutral Strategies, published by Wiley in 2005. This book provides readers with insiders' views of the implementation, the risks, and the benefits of long-short equity investing and other strategies. It also covers tax and ERISA concerns for tax-exempt investors, the “transportation” of alpha from a particular market neutral strategy to other asset classes, and the failure of two notorious “market neutral” hedge funds.
The care taken in the Jacobs Levy investment process is well represented by Bruce's incisive analysis of modern capital ideas in his critically acclaimed book, Capital Ideas and Market Realities, published by Blackwell in 1999. This work discusses the pitfalls in translating financial ideas into practice.
Since 1999, Jacobs Levy has sponsored the Bernstein Fabozzi/Jacobs Levy Award for best paper to appear annually in The Journal of Portfolio Management. The firm supports other research to benefit the investment community by contributing to the Research Foundation of CFA Institute, the New York University Salomon Center, and the Fischer Black Memorial Foundation. |
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Overview:
Jacobs Levy Equity Management focuses exclusively on managing U.S. equity portfolios for institutional clients. Strategies offered by the firm include long equity, defensive equity, 130-30, and market neutral long-short portfolios. Building on the pioneering research of founders Bruce Jacobs and Ken Levy, the firm has developed a unique, multidimensional, dynamic approach to investing that combines human insight and intuition, finance and behavioral theory, leading-edge quantitative and statistical methods, and over 25 years of ongoing proprietary research. Jacobs Levy manages assets for a prestigious global roster of corporate defined benefit and defined contribution plans, public retirement systems, sub-advised funds, and endowments/foundations, including many of Pensions & Investments’ “Top 200 Pension Funds/Sponsors.” |
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