Our Thought Leadership


What Will Happen When The Fed Increases Rates?What Will Happen When The Fed Increases Rates?

Q1 2015

With many investors and pundits believing that the Federal Reserve will begin to increase interest rates from the current zero interest rate policy (ZIRP) in mid‐to‐late 2015, we sought to consider the potential impacts…
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Capitalizing on Broad Bond Market AccessibilityCapitalizing on Broad Bond Market Accessibility

Q3 2014

Given the evolution of the corporate bond market, regulatory changes affecting broker-dealers, and the concentration of assets under management (AUM) among a relatively small number
of asset managers, the consulting community…
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Alternative Beta: Blending Smart Beta Strategies Improves Risk-Adjusted ReturnsAlternative Beta: Blending Smart Beta Strategies Improves Risk-Adjusted Returns

Q2 2014

Smart Beta strategies have increasingly become a topic of interest for investors. While implementations vary, “Smart Beta” implies a transparent, quantitative investment strategy where individual stock position weights are determined by…
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The Sweet Spot of the US Equity Market II: The Yield Curve and Stock ReturnsThe Sweet Spot of the US Equity Market II: The Yield Curve and Stock Returns

Q1 2014

This short piece builds on research we published in 2013 (“The Sweet Spot of the US Equity Market: SMID”, first quarter, 2013). In that document, we described the performance of various market cap tranches of the Russell 3000…
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4Q13 Piedmont Peaks- To Taper or Not to Taper_Page_1To Taper or Not to Taper? That is the Question…
Q4 2013

Given the heavy media focus on the potential “tapering” of Quantitative Easing (QE), this quarter’s Piedmont In-sights is about the mechanics and potential consequences of QE and the beginning of the end of the program (the so-called “taper”)
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How Earnings Momentum Let Down InvestorsHow Earnings Momentum Let Down Investors
Q3 2013
Inspired by a study regarding the persistence of earnings by Sanford Bernstein analysts, we analyzed earnings and returns over the last 20+ years to understand the factors playing out in the market today. Specifically, we explored the deterioration of earnings momentum persistence…
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2Q13 Piedmont Peaks- Sticking with Bonds_Page_1

Sticking with Bonds: Protecting your hard earned gains and finding new ones
Q2 2013

Clients and the financial media apparently share a common fear: The bursting of the “bond bubble” and the calamitous upward move in interest rates. Our base case scenario does call for an increase in economic growth, which should lead to higher rates…
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The Sweet Spot of the US Equity Market: SMIDThe Sweet Spot of the US Equity Market: SMID
This short piece describes research and analysis Piedmont’s equity team completed in a continual search for an additional investment edge. After a comprehensive analysis of market returns over the last 20+ years s it became clear that an inherent edge existed within…
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Insights Piece - The Role for Credit in Short Duration Portfolios_Page_1

The Role for Credit in Short Duration Portfolios

This short piece describes our analysis of historical return patterns for short duration fixed income assets and an assessment of the benefits and drawbacks of investing with an inherent bias towards spread products over a range of market cycles….
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