Published by Harriman House, Portfolio Representations provides a practical and sophisticated insight into each financial asset type, and how the different risks and exposures they involve should be most accurately combined and represented in a portfolio.

Published in the Journal of Asset Management Vol 12 4

This article argues that plausible and provable market differentiation for a fund management firm can only be delivered via a strategy and scenario-centric investment approach. By facilitating correct and repeatable decisions across multiple funds, firms can demonstrate a transparent and efficient investment process, implemented via skill centres that add positive returns. The emphasis is on differentiating good luck from skill, proving that the underlying decisions contribute to the ultimate performance. The article challenges the conventional view of traditional performance attribution approaches, and illustrates the options for implementing a fundamentally more logical, measurable process.

Published in Journal of Performance Measurement Spring 2010

Attribution approaches are based on models and approaches that do not reflect the modern portfolio system or computing capability.  Historically, all of the decisions made in a portfolio are consolidated into a total portfolio, with an attribution model then attempting to determine which decision were made and which added positive returns.