Budgeting Events Risk Analysis Valuation 
Brown Advisory
AUGUST 14, 2023
We have twice seen British Sterling spike up as a factor risk on one-off non-repeatable issues: Brexit in 2016 and the mini-budget fiasco in 2022. Both “risks” faded in the models quickly; the events had already happened. Consequently, the cross correlations are high as is factor risk; sectors are a blunt instrument.
Brown Advisory
OCTOBER 11, 2021
Muted Expectations Over past decades investors have had to take more risk in order to meet the same return hurdle. With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. This analysis is not intended to be a guarantee of future results.
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Brown Advisory
OCTOBER 11, 2021
Over past decades investors have had to take more risk in order to meet the same return hurdle. With traditional assets like stocks and bonds at high valuations, the implications for future returns of those assets may be underwhelming. This analysis is not intended to be a guarantee of future results. Muted Expectations.
Brown Advisory
MARCH 28, 2019
DEFINING RISK When it comes to managing institutional portfolios, most CIOs, committees and advisors adopt one of two philosophical approaches. The first approach is to determine an acceptable level of risk—often termed a “risk budget”—and then seek to maximize potential return within that risk constraint.
Brown Advisory
MARCH 28, 2019
The first approach is to determine an acceptable level of risk—often termed a “risk budget”—and then seek to maximize potential return within that risk constraint. Alternately, they can determine a target or required rate of return, and then adjust risk up or down to meet that return goal.
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