Quarterly Mark

New perspectives. Practical knowledge. Expertly curated.

We understand the need for Members to have continued access to fresh perspectives, industry insights, and leading-edge knowledge that not only benefit their clients but satisfy their unending intellectual curiosity.

In a rapidly evolving industry, a diverse skill set, and interdisciplinary knowledge have become crucial for responsible long-term asset stewardship. From portfolio construction to thematic investing trends, geopolitics to regulatory considerations, and technological innovations - staying well-informed is now a fundamental requirement.

Quarterly Mark, published by the CAIA Association, is expertly curated to meet the unique needs of the global CAIA community. It is developed with thoughtfully selected articles from various investment journals woven together with a unifying narrative.

The result? A superior experience that ensures CAIA Members are at the forefront of the latest developments in the investment world!

Quarterly Mark, Volume 2, Issue No. 1

March 2024

Since the arrival of Modern Portfolio Theory (MPT) in the early 1950’s by the legendary Harry Markowitz, we have been sturdily anchored to this philosophy when constructing portfolios. MPT’s most tangible heir, Strategic Asset Allocation (SAA), and all its apparatus—mean-variance optimization, efficient frontier, benchmarking, not to mention our organizational charts, compensation structures, academic course work, and performance reporting—have perpetuated this worldview.

In recent years, however, an enterprising handful of large institutional investors have begun challenging the common wisdom of an SAA approach given some of its now known inherent weaknesses. These include a tendency to breed silo behavior, unhealthy competition for resources and attention, unrecognized duplication or disjointed risk exposure across the portfolio, and difficulty in managing the capital pool holistically around a view of the future.

In parallel with the innovation happening at large allocators over the last decade, the academy has begun dropping breadcrumbs assessing alternative approaches to aligning the investment process more acutely with total portfolio return. In this issue of Quarterly Mark, we’ve curated articles that explore four of the most common elements debated to be contributing to this next epoch of portfolio construction we call Total Portfolio Approach (TPA).

Featured Articles
  • The 'Investor Identity': The Ultimate Driver of Returns
  • Factors to Assets: Mapping Factor Exposures to Asset Allocations
  • The Golden Rule of Investing
  • Buying Returns - Not Managers
  • Quarterly Mark, Volume 1, Issue No. 2

    December 2023

    Transformative technologies largely follow a familiar pattern: 1) Fervor, as hype outpaces sensibility, gobs of VC money pours in, and retail narratives take on grandiose conclusions; 2) Rationalization, as reality kicks in, pretenders and nefarious actors are exposed, and valuations reset aggressively; and 3) Reconciliation, as sustainable use cases crystallize, and revenue and profit models emerge.

    In the last half century, personal computing, the internet, and mobile computing have all exhibited this playbook. If an investor has been around for more than a minute, they have the scars and residual skepticism to prove it. Artificial intelligence and blockchain technology are no exception and CAIA is eager to devote this issue of Quarterly Mark, to the potential disruption and opportunity these two forces represent for both investing and our broader society.

    Quarterly Mark, Volume 1, Issue No. 1

    September 2023

    Our inaugural issue of Quarterly Mark is aptly titled Next is Here. The name rightly reflects a new age of capital allocation for which greater diversification and broader expertise are indispensable. We believe CAIA Association sits at that intersection of past and future and therefore this issue contains articles devoted to highlighting some of the most significant advancements in alternatives in recent years that are shaping the industry.


    Quarterly Mark, published since 2023 by the CAIA Association, is a magazine publication of expertly curated industry journal articles selected to provide practical knowledge and new perspectives from Association leadership.


    Quarterly Mark is available exclusively to current CAIA Members in March, June, September, and December.


    Topics, comments, and questions are welcome via email to QuarterlyMark@caia.org.