Quando meno è meglio
L'alfa è da sempre considerato il sacro Graal degli investitori. Ora, banche e asset manager hanno iniziato a sviluppare dei prodotti che offrono unicamente beta. Nicchia potenziale o miraggio algoritmico?
Gareth Gore
Il vecchio beta non è generalmente il punto da evidenziare quando si vuole collocare un prodotto nuovo, in particolare se il target di mercato comprende investitori hedge affamati di alfa. Tuttavia, a giudicare dai prodotti portable beta lanciati negli ultimi mesi, uno sparuto gruppo di operatori avrebbe individuato un mercato nascente di prodotti automatizzati che offrono rendimenti modesti rispetto a quelli dei gestori best performing, ma a prezzi stracciati.
Merrill Lynch, Goldman
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