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Contents of Investment Advisor Portfolios

Posted in Investing Expertise

What should investors expect to see in a typical investment advisor's model portfolio? In their July 2019 paper entitled "Factors and Advisors Portfolios", Brian Lawler, Andrew Ang, Brett Mossman and Patrick Nolan examine patterns and factor exposures in detailed holdings for a large number of model portfolios from many types of investment advisors. When holdings are funds, they examine contents of the funds. They assess exposures to economic growth, real interest rates and inflation. Within equity holdings, they assess exposures to size, value, momentum, quality and volatility factors. Using holdings of 9,940 model portfolios provided by investment advisors during October 2017 through September 2018, they find that:

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