“Shifting the Investment Paradigm” article was published in Investments & Wealth Monitor, Nov/Dec 2011 edition  - View the article written by Senior Portfolio Manager, Tom Lee, CFA


Tom Lee, CFA, Senior Portfolio Manager & Principal at Clifton was quoted in an article in Nonprofit News.  Read more in the article:  Hybrid Equity Strategies Generating Interest As Institutions Look To Increase Downside Protection


Clifton's response to the downgrade of U.S. sovereign debt

“The Benefits of Rebalancing in High-Volatility Environments” article was published in The Journal of Index Investing, Summer 2011 edition - View the article written by Portfolio Manager, Alex Zweber, CFA


The Clifton Group Names Andrew Spellar Portfolio Manager of Risk Parity Strategies - Read more in the Press Release

White Papers

Date	Paper	Summary
Published in The Journal of Index Investing, Summer 2011 edition	The Benefits of Rebalancing in High Volatility Environments	Using daily market return data and a simplified base portfolio with equal weights for equity and fixed income, this paper examines various rebalancing strategies over a recent market cycle to determine which approach performs best in periods of high volatility.  The full period analyzed (1990-6/2009) was one with similar annualized returns for the equity and fixed income benchmark indices, but with large return deviations intra-period.  Each of the rebalancing strategies outperformed both the benchmark and buy-and-hold portfolio on an absolute and risk-adjusted basis.  During the extreme volatility of late 2008 and 2009, tighter rebalance thresholds were shown to provide the greatest incremental value in return enhancement and risk reduction.
July 2009	Implementing Tail Risk Strategies	This paper attempts to define what constitutes a "tail risk" hedge and provides a framework for implementing these types of transactions in a manner that provides the greatest likelihood of achieving an investor's objectives.