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Smart beta strategies are designed to add value by systematically selecting, weighting, and rebalancing portfolio holdings on the basis of factors or characteristics other than market capitalization .

Jump to Smart Beta Basics  | Smart Beta In Depth  | Investing in Smart Beta  | Evolving Smart Beta

Smart Beta Basics

Before the fundamental index™ strategy, investors had two choices of strategy— active or passive, each had its own arguments to make..

Investors who believed markets were largely efficient, or doubted their ability to select skillful managers, leaned toward low-cost market capitalization–weighted index funds.

Investors who believed markets were inefficient and had confidence in their manager selection process were more inclined toward active management.

But both were false choices.

Market cap–weighted equity index funds automatically increase their exposure to stocks whose prices appreciate and reduce their exposure to stocks whose prices depreciate. As a result, they tend to overweight overvalued stocks and underweight undervalued stocks, which can lead to an increase in concentration risk  in exactly the wrong stocks!

Active management, unlike a rules-based objective strategy, is not transparent, comes with high fees, and often underperforms its benchmark over long time periods, especially when evaluated on a net-of-fee basis. Active managers with skill do exist, but are difficult to find. Typically, a great deal of time and resources are required first to identify them and then to monitor them over time. Moreover, when an active manager does outperform, the excess returns are often due to the manager’s style being in favor rather than to true skill. Indeed, the returns are reflective of those a smart beta strategy could provide at a much lower fee.

In practice, each of the choices investors can make—active or passive—has the potential to result in unwanted risks and disappointing returns.

Featured Insights

"In periodically rebalancing to target weights that are unrelated to price, smart beta strategies engage in value investing: They buy low and sell high.”  

— Rob Arnott, Chairman

Smart Beta In Depth

What is smart beta.

Smart beta is a rules-based portfolio construction process. Traditional index-linked strategies rely on price to decide which stocks to invest in and how much of each to hold. This results in the traditional market cap index, which is based on the Capital Asset Pricing Model (CAPM). But two of the main assumptions of CAPM are that the market is efficient and investors are rational. In reality, this is not the case and stock prices do not always accurately reflect a company’s economic footprint. Smart beta strategies seek to exploit these market inefficiencies by anchoring on factors other than price. In other words, smart beta strategies break the link between price and portfolio weight in an effort to deliver better-than-market returns.

What is the difference between market-cap weighting and fundamental weighting?

Market-capitalization, or market-cap, weighting relies on price to select and weight stocks in a portfolio. A company’s market cap is the prevailing price of its stock multiplied by the number of its shares outstanding. This traditional approach offers investors some attractive benefits, but it also has some potential flaws. As a company’s stock price goes up or the company issues more shares, the portfolio will hold a larger exposure to the company. If a stock’s price rises relatively more than the fundamental value of the company, the result can be a portfolio that holds relatively more overvalued stocks than undervalued stocks. Investor behavior often creates an increase in price volatility thus driving the gap between price and fundamentals further apart and increasing concentration risk at the sector, country, and/or stock level.

In contrast, a fundamental weighting approach uses measures of company size—namely, sales, cash flow, dividends, and book value—to sever the link between price (market capitalization) and portfolio weight. It then methodically contra-trades when prices deviate from fundamentals, selling when stock prices have rallied and buying when they are out of favor. A rebalancing premium is generated from systematically buying low and selling high.

What are examples of smart beta strategies?

By its broadest definition, any portfolio construction process that doesn’t rely on price to select and weight stocks is a smart beta strategy. To keep the “smart” in smart beta, the approach should be systematic and rules based, proven to offer the potential of outperforming the market—in other words, both the approach AND the implementation matter.

The most commonly cited forms of smart beta are fundamental weighting, volatility weighting, dividend weighting, and equal weighting. Research Affiliates is widely credited with introducing the first fundamentally weighted index in 2005.

Why consider smart beta?

Smart beta strategies offer the potential for better-than-market returns along with the benefits of traditional index-linked strategies including broad market exposure, rules-based implementation, transparency, high capacity, and low cost. Smart beta strategies can complement or replace both active strategies and passive (market-cap) indices and are a strong addition to the long-only equity portion of a portfolio.

What role did Research Affiliates play in the smart beta evolution?

Although the term smart beta is somewhat new, the concept is not. In 2005, Rob Arnott and Jason Hsu, along with their co-author Philip Moore, published the article "Fundamental Indexation" in the  Financial Analysts Journal . They introduced a new way of thinking about index investing, a rules-based approach to security selection and weighting that was unrelated to the popular market-cap approach that began in the mid-1970s. Also, in 2005, Research Affiliates introduced the Research Affiliates Fundamental Index, or RAFI ™ , and a series of investment vehicles tied to the index (exchange-traded funds) were launched. Clearly, Research Affiliates was offering investors smart beta strategies long before the term smart beta even existed.

Investing in Smart Beta

Smart beta strategies offer investors an uncompromised choice. smart beta, the research affiliates way..., breaks the link between price and portfolio weight..

The most important component of smart beta is breaking the link between the price of an asset and its weight in the portfolio.

Our research indicates that any structure which breaks the link between price and weight outperforms a cap-weighted index over the long run. Such strategies include fundamental weighting, equal weighting, minimum variance, and Shiller CAPE index. Breaking the link can be done simply and inexpensively and has been shown to have good historical efficacy in regions and markets all over the world.

Strategies that use market capitalization to select and/or weight securities, such as cap-weighted value indices, leave money on the table because of the return drag afflicting all cap-weighted strategies, and are  not  smart beta as defined by Research Affiliates.

Regularly rebalances.

At Research Affiliates, we believe the largest and most persistent active investment opportunity is long-term mean reversion. Our Fundamental Index approach systematically and methodically sells recent winners and buys recent losers. This regular periodic rebalancing flows naturally from our central belief in mean reversion—undervalued securities will ultimately rise to their normal valuation level.

Retains the positives of passive indexing.

The benefits of a passive strategy are all part of the Fundamental Index approach: transparency, low cost, high capacity, rules based, and systematic. Costs are kept low in both due diligence and monitoring, and portfolios are well diversified without stock, industry, or country concentrations.

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A Research Affiliates Smart Beta Investor...

Favors simplicity..

When investors understand the investment philosophy, construction process, and return drivers around a strategy, they are more likely to understand why it may underperform over part of a market cycle. The transparent, rules-based nature of smart beta is simple to understand. In contrast, an active strategy may be more complex and less transparent so that investors are less likely to understand why it may underperform over part of a market cycle. This often leads to poor decision making by investors who buy active strategies after a period of outperformance and sell them when they start to underperform.

Practices patience.

Mean reversion is unreliably reliable and, as such, demands a patient investor. Prices revert to “normal” valuations at varying paces and over fluctuating time frames. When markets do return stocks to more normal valuations, the valuation may be the stock’s historical mean or a completely different level. Investors who commit to a smart beta strategy should do so with a 10-year horizon, and memorialize their rationale for future decision makers.

Understand the impact of current valuations.

Rising valuations, above their historical normal levels, can artificially inflate past performance and reduce the future return prospects of a smart beta strategy. Higher valuations create an added risk of mean reversion down to historical valuation norms, threatening an abrupt reversal of past performance. An investor must look “under the hood” to understand how a strategy produces its alpha. Value-added can be structural—a plausible source of future alpha. Or it can be situational—a consequence of rising enthusiasm for, and valuation of, the selected strategy. Netting out the effect of changing valuations on past returns results in a more reliable estimate of a strategy’s true alpha-producing ability.

Can live with the ups and downs of contrarian investing.

The Fundamental Index approach rebalances by selling winners and buying losers, a quintessentially contrarian exercise, also the wise council of the father of security analysis, Benjamin Graham. Investors considering this strategy need to be honest with themselves about their ability to persevere during periods of underperformance while they await the market’s recognition that their portfolio’s undervalued securities are indeed undervalued, and the market’s subsequent shift to value them consistent with their true underlying fundamentals. For most investors, a contrarian strategy is a diversifying strategy, selected as one strategy among several in their portfolio.

But smart beta is not every investor's cup of tea...

Obviously not every investor is a smart beta investor. For those who prefer to own the broad market, to pay next to nothing for market exposure, and do not want and/or do not have the resources to play a performance-seeking game, a cap-weighted index strategy is a sensible choice. The market is not always efficient, however, and a cap-weighted index can assume disproportionately heavy concentrations in companies likely to be overvalued and light allocations in companies undervalued relative to their fundamentals.

"A smart beta strategy should be simple in structure, transparent in its source of value added, balance risk against return, and keep implementation costs low.”

— Chris Brightman, Chief Investment Officer

Evolving Smart Beta

Smart beta strategies can also be described as portfolios that tilt toward various, or combinations of, equity factors., smart beta viewed as a factor framework.

Today smart beta is often being viewed through the lens of risk and return drivers—or factors. These are investment characteristics that help explain the behavior of a security. Driven by risk preferences and or behavioral anomalies, factors have been shown to generate excess returns over long time horizons. Some factors are robust, whereas others appear to be the result of data mining.

Academic literature provides useful guidance on how to determine whether a factor truly contains a return premium.

The factor premium does not materially change because of minor variations in the factor definition or construction.

The factor is robust over time.

• Even after numerous database revisions and extensive out-of-sample data testing, the factor retains its persistence.
• The factor is vetted, replicated, and debated over decades in top academic journals.

The factor works across geographies.

The persistent factor premium can be credibly explained, supported by

• financial theory or macro risk exposures,
• a deep-rooted behavioral bias present in a meaningful fraction of investors, and
• an institutional or structural feature that cannot be easily changed.

The equity factors that appear to be most robust over time and across countries are:

Market           Value          Momentum          Low Volatility

The metric and number of metrics used to define each of these factors can vary significantly across strategies.

Smart Beta Beyond Equities

The investment industry continues to evolve the concept of smart beta beyond the equity asset class. Commodities and fixed income are two of the more popular asset classes now attracting smart beta strategies.

Commodities

Unlike in the equity space, weighting in traditional commodity indices is only loosely linked to price. These do, however, suffer from naïve construction rules that lead to poorly diversified portfolios and negative roll returns, and ultimately results in a return drag.

To improve on the performance of existing indices, smart beta commodity strategies tap into systematic sources of return, namely roll yield—both across different commodities and along the term structure of contracts—and momentum. These are the primary drivers of excess returns in commodity investing.

Fixed Income

Traditional corporate bond indices weight their constituents based on the amount of debt outstanding. This means that the most indebted issuers have the largest index weights, potentially overexposing investors to firms with poor credit quality and high corporate leverage (based on debt to assets) without necessarily improving returns.

Sovereign bond indices are weighted by the market value of outstanding debt, where countries with the most debt receive the largest weights. The quality of these debts and the country’s ability to service and ultimately repay them, is often not proportional to the size of the debt burden.

Applying the principles of smart beta to fixed income means emphasizing debt-service capacity and severing the link between outstanding debt and portfolio weight. This approach avoids overexposure to companies or countries with high debt burdens and credit risk.

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You are now leaving the Research Affiliates, LLC website.  The following link may contain information concerning investments, products or other information.  Research Affiliates, LLC is not responsible for the accuracy or completeness of information on non-affiliated websites and does not make any representation regarding the advisability of investing in any investment fund or other investment product or vehicle.  Importantly, Research Affiliates, LLC is not compensated for linking you to any non-affiliated website and instead is only compensated with an asset-based fee as either a licensor of intellectual property or a sub-adviser to an investment adviser.  The material available on non-affiliated websites has been produced by entities that are not affiliated with Research Affiliates, LLC.  Descriptions of, references to, or links to products or publications within any non-affiliated linked website does not imply endorsement or recommendation of that product or publication by Research Affiliates, LLC.  Any opinions or recommendations from non-affiliated websites are solely those of the independent providers and are not the opinions or recommendations of Research Affiliates, LLC, which is not responsible for any inaccuracies or errors.  THIS INFORMATION IS NOT AN OFFER TO BUY OR A SOLICITATION TO SELL ANY SECURITY OR INVESTMENT PRODUCT.  SUCH AN OFFER OR SOLICITATION IS MADE ONLY BY THE SECURITIES’ OR INVESTMENT PRODUCTS’ ISSUER OR SPONSOR THROUGH A PROSPECTUS OR OTHER OFFERING DOCUMENTATION.  

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Welcome to the Asset Allocation Interactive Hub, a resource center and guide that offers more in-depth insight into our innovative investment tool that has over four million completed experiences to date.*

What is AAI?

Asset Allocation Interactive is Research Affiliates' proprietary and comprehensive online tool that provides advisors and investors with long-term expected returns and model portfolios to help make informed investment decisions.

How Can I Use AAI?

AAI allows you to create, save, and blend customized portfolios and features two expected return models: valuation-dependent and yield-and-growth. Our experts provide use cases and key features in our highly informative videos.

Frequently Asked Questions

If you have further questions regarding the tool, data, or methodology, a list of frequently asked questions provides detailed answers. Our aim is to help you have a customized RA experience.

Features of Asset Allocation Interactive

Explore beyond mainstream assets and create, save, and blend custom portfolios with expected returns for more than 140 assets and model portfolios. Additional features include:

Empower your investment decisions with our asset allocation platform. Build custom portfolios and expected returns with ease.

Explore and analyze 140+ assets and portfolios in six major currencies: USD, GBP, EUR, JPY, AUD, and CAD.

Access and analyze 22 developed markets and 19 emerging markets through the Country View dashboard and throughout the tool.

View expected and historical  GDP,  equity CAPE, inflation, and more for over forty-one countries across six currencies.

Download custom portfolio and print high-quality charts to include in presentations.

ASSET ALLOCATION INTERACTIVE

Watch our Research Affiliates experts show you use cases in these highly informative videos:

With the addition of 18 new equity market models, Omid Shakernia demonstrates why diversification is the only free lunch in investing.

Asset diversification does not necessarily imply risk diversification. Brent Leadbetter takes a deeper dive on why both need to be considered when creating a portfolio. 

Let Jim Masturzo show you why it’s useful to step back from analyzing specific assets and consider economic conditions so as not to lose the forest for the trees.

“It was the best of times, it was the worst of times,” Charles Dickens wrote in his classic novel, "A Tale of Two Cities". Victor Miller discusses how this phrase best describes the state of equity markets for the past decade and the expectations for the next decade given today’s valuations.

Asset Allocation Interactive (AAI) provides estimates of long-term expected returns for more than 140 assets and model portfolios across six currencies: US Dollar, European Euro, British Pound, Japanese Yen, Australian Dollar, and Canadian Dollar.

AAI offers the ability to create, save and blend customized portfolios, and features two expected return models—valuation dependent, and yield & growth.

To create a custom portfolio in AAI, click the "+ Create a New Portfolio" text link at the bottom of the Portfolios pane in the upper left-hand list. You'll notice the interface switches to the Portfolio and Analysis mode.

In the Portfolio Builder section, you can customize the name of your portfolio and begin choosing assets.

By default, the portfolio will be 100% allocated to Uninvested Cash in the currency of the portfolio. Allocate percentages of that cash to your assets using the weight fields provided.

To finish, click on the Save button at the lower-right hand of the pane. Your new portfolio will appear in the left-hand pane under 'My Portfolios,' as well as on the scatter plot.

AAI offers two options for models when calculating expected returns: (1) Valuation Dependent, and (2) Yield & Growth. The default model is Valuation Dependent.

To change, click on 'Expected Returns Model' at the top of the App.

From here, you have the option to select either of the two models or create a custom blend by clicking '+ Create New' and inputting the blended weights for each.

The underlying data for AAI is updated monthly.

Yes. At any point while navigating AAI, users can print the chart(s) they are viewing by clicking the "Print" icon at the bottom right to prompt the print dialog. From there, users can change settings and select or deselect options from the right side of the screen before clicking the final print button.

AAI has more than 20 other charts and views to select from. All the options available are displayed on the Views tab in the right pane of the app. Select your view and use the left pane list of Portfolios, Assets, and/or Countries to navigate and dive deeper.

Yes, an excel download is available in the tool. Please note that time-series data is not available in the file.

A methodology document is available here and in the AAI tool .

* Asset Allocation Interactive from 01/01/2018 - 02/29/2024 had 4.3 million interactions.

JIM MASTURZO

CIO Multi-Asset Strategies

“Strategic portfolio positioning should start from the perspective of where assets are priced today, not what they returned in the past. AAI provides investors with these conditional expectations, along with transparency regarding the methodology and building blocks driving the expectations."

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You are now leaving the Research Affiliates, LLC website.  The following link may contain information concerning investments, products or other information.  Research Affiliates, LLC is not responsible for the accuracy or completeness of information on non-affiliated websites and does not make any representation regarding the advisability of investing in any investment fund or other investment product or vehicle.  Importantly, Research Affiliates, LLC is not compensated for linking you to any non-affiliated website and instead is only compensated with an asset-based fee as either a licensor of intellectual property or a sub-adviser to an investment adviser.  The material available on non-affiliated websites has been produced by entities that are not affiliated with Research Affiliates, LLC.  Descriptions of, references to, or links to products or publications within any non-affiliated linked website does not imply endorsement or recommendation of that product or publication by Research Affiliates, LLC.  Any opinions or recommendations from non-affiliated websites are solely those of the independent providers and are not the opinions or recommendations of Research Affiliates, LLC, which is not responsible for any inaccuracies or errors.  THIS INFORMATION IS NOT AN OFFER TO BUY OR A SOLICITATION TO SELL ANY SECURITY OR INVESTMENT PRODUCT.  SUCH AN OFFER OR SOLICITATION IS MADE ONLY BY THE SECURITIES’ OR INVESTMENT PRODUCTS’ ISSUER OR SPONSOR THROUGH A PROSPECTUS OR OTHER OFFERING DOCUMENTATION.  

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Research Affiliates® Global Multi-Asset Index (RAGMAE)

AT A GLANCE

Uses Research Affiliates’ proprietary research and aims to provide broad diversification and stable returns through volatile markets.

The Research Affiliates Global Multi-Asset Index (RAGMAE) provides diversified exposure to global equities, bonds and commodities through futures contracts, while utilizing a proprietary risk management process to manage volatility. Leveraging Research Affiliates’ decades long experience forecasting returns across asset classes and deep expertise in multi-asset investing, this index utilizes systematic, rules-based signals to create a strategy that seeks to outperform based on where markets are expected to go, not where they’ve been.

Thoughtfully designed to deliver for investors

• Strategic allocation determined by our capital markets forecasts Strategic allocation uses proprietary long-term future expected return models to identify underpriced assets.  
• Tactical overlay that responds to short-term market movements Uses carry, value and momentum signals to respond to short-term market forces that impact income, valuation and momentum.
• Proprietary volatility management process Proprietary risk controls target a 5% volatility and focus on improving the risk/return tradeoff by reducing positions when market risk is significantly elevated.

Expected 10-Year Excess Return Forecast

Our forecasting models are grounded upon a solid economic foundation.  They reflect current market conditions rather than relying simply upon past returns.  We use a "building block" approach to forecasting where we estimate key predictors of return for each asset within the index.  

• Yield :  Steady state return expected from holding index assets (e.g. current yield for bonds and dividend yield for stocks).
• Growth :  Return from the expected growth, reflecting increased prices from growing cash flows (e.g. GDP growth). 
• Valuation Change :  Return assessing the fair value of each asset (whether the asset is cheap or expensive and assuming mean reversion).
• Diversification Return :  Return from holding and rebalancing a diversified set of assets.
• Tactical Alpha :  Additional return expected from making short-term tactical allocation adjustments. 

These building blocks form the core of our 10-year index forecast. To learn more about our forecast methodology, please visit: Research Affiliates Capital Market Expectations Methodology.

Source: Research Affiliates, LLC, as of December 31, 2023, based in USD.

Note: All data presented herein are forward-looking estimates based on simulated portfolios computed by Research Affiliates, LLC, and do not reflect the performance of any product or strategy. Forward-looking statements are subject to numerous assumptions, risks, and uncertainties, which change over time, and speak only as of the date they are made. Research Affiliates, LLC assumes no duty to and does not undertake to update forward-looking statements. The data are based upon reasonable beliefs of Research Affiliates, LLC, but are not a guarantee of future performance. Actual results may differ materially.

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Inception date: 11/24/2023

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This site uses cookies on our website to distinguish you from other users of our website.  Our objective is to optimize your experience when you browse our website and to continually improve our site.  Consenting to the use of these conditions is not a condition of using the website, however, if you do not consent, you will be redirected to a static website with limited information.  Please select “Accept” if you consent to our use of cookies, pursuant to our Cookies Policy, during your visit to our website.  Otherwise, please select “Decline” if you do not consent to our use of cookies during your visit to our website.  A copy of our Cookies Policy can be found at https://www.rafi.com/legal/cookies-policy.

You are now leaving the RAFI.com website. The following link may contain information concerning investments, products or other information. RAFI Indices, LLC is not responsible for the accuracy or completeness of information on non-affiliated websites and does not make any representation regarding the advisability of investing in any investment fund or other investment product or vehicle. Importantly, RAFI Indices, LLC is not compensated for linking you to any non-affiliated website and instead is only compensated with an asset-based fee in the limited capacities as a licensor of intellectual property. The material available on non-affiliated websites has been produced by entities that are not affiliated with RAFI Indices, LLC. Descriptions of, references to, or links to products or publications within any non-affiliated linked website does not imply endorsement or recommendation of that product or publication by RAFI Indices, LLC. Any opinions or recommendations from non-affiliated websites are solely those of the independent providers and are not the opinions or recommendations of RAFI Indices, LLC, which is not responsible for any inaccuracies or errors. THIS INFORMATION IS NOT AN OFFER TO BUY OR A SOLICITATION TO SELL ANY SECURITY OR INVESTMENT PRODUCT. SUCH AN OFFER OR SOLICITATION IS MADE ONLY BY THE SECURITIES’ OR INVESTMENT PRODUCTS’ ISSUER OR SPONSOR THROUGH A PROSPECTUS OR OTHER OFFERING DOCUMENTATION.