The World is Changing

The Emerging and Diverse Manager space is constantly evolving. As new managers and strategies develop, compelling investment opportunities emerge. We help you stay informed so that you can stay ahead of the curve.

Research and Whitepapers

“What We Need To Do About Capital”, Altura Capital Group (June 2014)
An integrated initiative and 11 point roadmap to maximizing human potential, creating high quality jobs, and growing our economy through closing the capital divide Buy Now
Asset Class Research - US Core Fixed Income Review (May 2013)
Many emerging core fixed income managers have shown that they are capable of adding value. While fixed income hasn’t benefited from the equity rebound, managers have still shown the ability to generate significant returns and generate alpha. These successes have illustrated the case for additional focus on manager selection. Buy Now
Asset Class Research - US Equity Review (April 2013)
A review of Altura’s US Equity universes across Growth, Core, and Value styles and across Large, Mid and Small cap sizes shows meaningful opportunities to add value. Performance of these products is generally attractive, and asset sizes allow for investment maneuverability as well as resourcing for research and operations. There is an ample number of products in each style and size, so opportunities can be found in any asset class. Differences in returns among managers over time also indicate opportunities for manager selection and diversification to meet specific client mandates. Buy Now
Asset Class Research - Mid Cap Value (March 2013)
The Mid Cap Value space has been challenging for managers over the last few years, but there have been opportunities within the asset class. Like most managers, the mid cap value managers have been hampered by the global financial crisis. While it has not been easy, there have been managers that have found a way to beat the benchmark and generate alpha. These successes have illustrated the case for additional focus on manager selection. Buy Now
Asset Class Research - Mid Cap Growth (February 2013)
Many emerging Mid Cap Growth managers have shown that they are capable of adding value. The macroeconomic troubles of the global financial crisis have plagued managers of all asset classes in recent years, but despite these challenges, many managers have outperformed the benchmarks. These successes have illustrated the case for additional focus on manager selection. Buy Now
Asset Class Research - Mid Cap Core (January 2013)
Emerging Mid Cap Core managers have shown that they are capable of adding value in the long run. Over the last several years the mid cap space has held many opportunities as well as potential pitfalls. Despite these challenges, many managers have outperformed the benchmarks, and have illustrated the case for additional focus on manager selection. Buy Now
Asset Class Research - International Equity (December 2012)
Emerging International Core managers have shown that they are capable of adding value in the long run. Over the last several years the international market has proved challenging in some areas of the world and very promising in others. Despite these challenges, many managers have outperformed the benchmarks, and have illustrated the case for additional focus on manager selection. Buy Now
Asset Class Research - US Large Cap Styles (November 2012)
US Large Cap Value managers have outperformed over longer periods but struggled in more recent years. Nonetheless, US Large Cap Value managers' longer-term results are compelling and exceed those of other US Large Cap styles. Additional information and statistics are in the attached report. Buy Now
Asset Class Research - US Large Cap Growth (October 2012)
Updated research on US Large Cap Growth managers finds that they outperform over longer periods. However, more recently, they have struggled, possibly because of the impact of cash and/or lower beta stocks in a market which overall has risen. Buy Now
Asset Class Research - US Large Cap Core (September 2012)
Altura Capital confirms that emerging Large Cap Core managers continue to outperform long-term, although performance has been more difficult in shorter periods. In addition, the average manager has increased in asset size since our previous research. Buy Now
Asset Class Research - US Small Cap Core (August 2012)
Altura Capital finds that emerging Small Cap Core managers continue to outperform over all time periods measured. These results continue a pattern of outperformance by smaller US Small Cap managers across styles. Buy Now
Asset Class Research - US Small Cap Value (July 2012)
Updated research shows continued strong performance by this group of managers, both over shorter and longer term periods. The opportunity set of firms also remains about the same size, both in number of products and typical asset size. Buy Now
Asset Class Research - Small Cap Growth (June 2012)
Altura Capital has updated its research on emerging small cap growth managers and found that they continue to perform well, retaining attractive longer-term numbers (when compared to the study published 18 months ago). Also, there has been growth in the space, with the number of products increasing meaningfully. Buy Now
Asset Class Research - International Equity by Firm Size (May 2012)
Emerging international equity managers have generated compelling returns to their larger brethern. This result is especially gratifying considering that non-US equity managers in general performed well. The attached report provides statistics, as well as information on comparative risk levels. Buy Now
Asset Class Research - High Yield Fixed Income by Asset Size (April 2012)
Recent analysis by Altura shows that smaller high yield fixed income managers have had lower or indistinguishable returns compared to their larger peers over the past several years. Moreover, smaller firms' tracking error has been higher. There may be several reasons for this trend, including the higher cost of high yield research and yet the lower margins in the fixed space, which make it more difficult for emerging managers to compete. Buy Now
Asset Class Research - Core Fixed Income by Firm Size (March 2012)
Emerging core fixed income managers have shown excellent ability to add value compared to their larger brethren, and at similar risk levels. As a result, their reward/risk ratios are competitive. Interestingly, an analysis of the universe shows that more managers populate the small rather than the very small asset category, which may be a function of the scale needed in this asset class. Buy Now
Asset Class Research - US Equity Styles by Firm Size (February 2012)
Altura has reviewed several key styles in the US equity space and found that smaller firms have greater odds of outperformance than their larger peers, as well as low odds of underperforming bigger managers. This research piece provides a review of the data over multiple time periods, as well as risk and opportunity set statistics. Buy Now
Asset Class Research – US Mid Cap Performance by Firm Size (December 2011)
Altura has reviewed the US mid cap equity universe and found that smaller managers outperform larger firms in both the mid cap value and mid cap core substyles, similar to results for US small cap equity managers. Importantly, this effect holds up over multiple time periods and is based on utilizing ex ante data for AUM, which is the information that investors have available at the time of investment. Buy Now
Asset Class Research – US Small Cap Performance by Firm Size (November 2011)
Altura has taken a comprehensive look at US Equity Small Cap managers, and found that in two styles: US Small Cap Value and US Small Cap Core, smaller managers clearly outperform. This effect is even more pronounced when managers are classified on firm size based on ex ante (beginning of performance period) data, as opposed to the usual approach of looking at AUM at the end of period. In US Small Cap Growth, the results are inconclusive; Altura will continue to monitor the data. Buy Now
Asset Class Research – US Large Cap Performance by Firm Size (October 2011)
Altura has reviewed the performance of US Large Cap Core, US Large Cap Value, and US Large Cap Growth managers, by firm size. The research shows that the emerging manager effect, where smaller firms outperform large, holds across all three styles. Moreover, the results hold over multiple time periods. Buy Now
Asset Class Research - US Core Fixed Review (September 2011)
Altura has reviewed the performance of US Core Fixed Income managers and found that emerging products have produced good value add both compared to index and to a broader set of peers. While the opportunity set of products is relatively small, this work shows an appealing group in which to potentially invest. Buy Now
Asset Class Research - US Equity Review (August 2011)
This analysis of emerging US Equity managers in Altura’s database summarizes and aggregates results from 9 previous research papers. It shows that emerging firms have added value in every size and style sub category in the US Equity space. There is a large set of products to choose from, with firms ranging in size and number of products. There is also a rich selection of diverse and women-owned firms, allowing for a rich research set under almost any set of constraints. Buy Now
Asset Class Research - US Mid Cap Value (July 2011)
Recent analysis on the US Mid Cap Value universe shows that these firms have produced good results versus their benchmarks over longer time periods. When compared to their US Mid Cap Growth and US Mid Cap Core peers, they are middle of the pack in excess returns. Buy Now
Asset Class Research - US Mid Cap Growth (June 2011)
US Mid Cap Growth managers compose a small yet compelling opportunity set. The top quartile of managers have produced strong performance, and provide the potential for exposure to a less efficient yet relatively liquid asset class. This report provides additional information on the composition and performance of US Mid Cap Growth products. Buy Now
Asset Class Research - US Mid Cap Core (May 2011)
US Mid Cap Core returns are attractive in the emerging arena, though relatively fewer products exist, given limited dedicated allocations to this asset class. These products thus are best used as part of an opportunistic mandate. Buy Now
Asset Class Research - International Equity (April 2011)
Emerging manager performance in the international equity asset class has been extremely compelling, even considering the tailwind provided by emerging markets and smaller cap issues. These strong results may account for the larger assets under management among the firms in this asset class. Buy Now
Asset Class Research - US Large Cap Value (March 2011)
In a time period encompassing a difficult environment for value stocks, emerging US Large Cap Value managers have nonetheless generated strong outperformance. In fact, this asset class of managers produced the best returns compared to their emerging large cap counterparts in the core and growth styles. Diversity of talent also is prevalent in this category. Buy Now
Asset Class Research - US Large Cap Growth (February 2011)
Top quartile emerging US large cap growth managers have had significant outperformance versus the index, demonstrating that active management opportunities exit. Similar to the emerging US large cap core space, emerging US large cap growth managers exhibit a “Goldilocks” effect, where mid-sized emerging firms outperform the most. Buy Now
Asset Class Research - US Large Cap Core (January 2011)
Many point to the high coverage of domestic large cap stocks as one key reason why active management should add less value in this space. Nonetheless, an analysis of emerging US large cap core managers in Altura’s database shows that smaller firms have added value in this space. Moreover, there is indication of a “Goldilocks effect in this asset class, with mid-sized (by AUM) emerging managers having the best returns over the periods analyzed. Buy Now
Asset Class Research - US Small Cap Core (December 2010)
An analysis of returns shows that emerging US small cap core managers have had difficulty adding as much value as their emerging US small cap value and growth counterparts. While there are certainly firms that have outperformed, the products have been index like over longer periods. Buy Now
Asset Class Research - US Small Cap Value (November 2010)
This research shows compelling returns from emerging US small cap value managers, with particularly strong performance from the smallest emerging firms. In addition, there is good diversity of talent in this group, with over one-third of products offered by women- and minority-owned managers. Buy Now
Asset Class Research - US Small Cap Growth (October 2010)
Theoretically emerging managers may have extra advantage in small cap mandates given the flexibility that comes from their smaller asset bases. This note demonstrates that emerging US small cap growth managers indeed have added value, with differences in returns among managers over time also indicating opportunities for manager selection and diversification. Buy Now
Asset Class Research - Real Estate (September 2010)
In the midst of a difficult environment for real estate, Altura’s due diligence shows a number of compelling emerging firms with diversity in geographic exposure, property type, and investment structure. These emerging real estate managers offer exposure to smaller and mid sized transactions typically not a part of institutional investor portfolios. Buy Now
“The state of banking and its impact on economic growth in the United States”, Altura Capital Group
There is tangible evidence that small and community banks are more focused on small business lending, which spurs economic growth. This paper establishes a rationale for preventing ongoing consolidation in the banking industry from eliminating or reducing this source of economic growth. Buy Now
"The Performance of Emerging Managers: Year End 2008", Altura Capital Group
This study compares the performance composites of emerging managers on the Altura database against the appropriate benchmarks, and all 4 composites against the benchmarks over the long term. A benchmark of the composite performance vs. a universe comprised of their larger institutional peers was also established. Buy Now
"Women-owned Firms: A study of emerging financial service providers", Altura Capital Group
This study compares the performance composites of emerging Women-owned money managers on the Altura database against the appropriate benchmarks, including a long term comparison against the benchmarks. In addition, a benchmark of the composite performance vs. the universe comprised of their larger institutional peers was established. Buy Now

Customized Research

If your organization is interested in sponsoring a study—for industry use or proprietary use—we invite you to contact our Director of Research Lisa Kopp at lkopp@alturacap.com.