The firm has proven successful at holding onto portfolio management talent, providing continuity for strategies, as displayed by lower-than-average turnover in the past five years compared with asset management peers. The firm tends to offer open-end and exchange-traded products at lower costs, a strength of the firm. On average, expenses for the firm's funds land in the second-cheapest quintile of category peers. The firm has not had a durable product lineup. Specifically, its 10-year risk-adjusted success ratio demonstrates that only 38% of products were both able to survive and beat their respective category median on a risk-adjusted basis. A low success ratio indicates poor performance and raises questions about a firm’s discipline around investment strategy and product development.
Game Over for Hard-to-Borrow Stocks?
Short squeezes may mean more persistent overpricing (and crashes) of meme stocks.