Portfolio Managers ‐ Investment Management Research

The Value of Investment Management Research (IMR)

Creating Value for Clients Through the Relentless Pursuit of Alpha

The IMR team uses a comprehensive proprietary process to evaluate manager best practices in eight key categories to understand not only investment execution efficiency, but most importantly manager skill – the foundation of alpha.

Don't Confuse Skill with Investment Style

There is often a tendency to misinterpret the variability of sub-style performance for skill. Further, while execution inefficiencies are generally easier to isolate, investment manager skill is the critical component of alpha, which is more difficult to assess and quantify.

Unique IMR Process – Three Steps to Ranking an Investment Manager

1. IDENTIFY

The sub-style matrix managers are analyzed based on:
  • Portfolio characteristics
  • Performance patterns
  • Market inefficiencies
Sub-style matrix of High Quality, Growth, High Opportunity, and Value.

2. UNDERSTAND

SKILL: Ability to produce alpha

EXECUTION: Organizational and process efficiency

  • Breadth of opportunities
  • Tracking error
  • Stock selection process inefficiencies

Research Categories:

  • Organization
  • Investment Staff
  • Decision Making
  • Idea generation
  • Security Selection
  • Sell Discipline
  • Research
  • Portfolio Construction

3. RANK

RANK: each manager to summarize IMR's level of conviction

IMR's level of conviction chart of Skill and Executional Capability.

The Value of Investment Management Research (IMR) The Value of Investment Management Research (IMR)

To find out more about the IMR team or any Renaissance Investments, please speak to your investment advisor.

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