Portable Alpha Theory and Practice: What Investors Really Need to Know - ISBN:0470118083

Portable Alpha Theory and Practice: What Investors Really Need to Know

Date: 14 April 2011, 15:00

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Sometimes you work for so long, or at the same company for so many years, that you lose perspective on what has been accomplished. I can remember the early years of financial innovation very well, but sometimes an outsider’s comments are necessary to highlight what really has taken place. PIMCO’s innovative and early move into portable alpha strategies was to me and my early associate Chris Dialynas a logical extension of an evolving active-management strategy that featured futures and the cash backing behind them. Not only were Treasury futures extremely cheap, but we felt that the cash backing our commitment could be invested at higher yields with little maturity extension or credit impairment. Soon thereafter the strategy was applied to pure stock index portfolios under the name of StocksPLUS. The fact that there was a portable alpha component to it never really occurred to us; or I should say the term portable alpha never really occurred to us. Nonetheless, the results were remarkable.

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