Gideon Smith

Gideon SmithEurope Chief Investment Officer

Gideon Smithgsmith@axarosenberg.comEurope Chief Investment Office, AXA Rosenberg

Gideon Smith

Europe Chief Investment Officer

Using quantitative techniques, it scrutinizes an extremely broad universe of stocks and selects the two halves of each fund - stocks it buys and stocks it sells short - based on 150 criteria, according to Gideon Smith, Axa Rosenberg's product strategist. ."We use 150 different dimensions to measure the characteristics of the portfolio: sector, country, price-to-book ratio, relative strength, size," he said."We make sure it is absolutely neutral on all dimensions.We are not biased either way; a long-short hedge fund would not necessarily balance the portfolio."

That is a key difference between market-neutral funds and long-short hedge funds generally.Hedge-fund managers may position their portfolios anywhere along the spectrum from 100 percent long to 100 percent short, and they may also buy favored sectors and sell those expected to fare poorly.The more lopsided a portfolio is along any of the stock-picking criteria, the more volatile it is likely to be. .
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Smith said the traditional fund-management approach is limited by the resources available to do fundamental research. ."Because we use a quant process, we are able to analyze every stock in the universe, not just ones where brokerages have written research reports or where the managers have made company visits," he said. .
...
Using quantitative techniques, it scrutinizes an extremely broad universe of stocks and selects the two halves of each fund - stocks it buys and stocks it sells short - based on 150 criteria, according to Gideon Smith, Axa Rosenberg's product strategist. ."We use 150 different dimensions to measure the characteristics of the portfolio: sector, country, price-to-book ratio, relative strength, size," he said."We make sure it is absolutely neutral on all dimensions.We are not biased either way; a long-short hedge fund would not necessarily balance the portfolio."

That is a key difference between market-neutral funds and long-short hedge funds generally.Hedge-fund managers may position their portfolios anywhere along the spectrum from 100 percent long to 100 percent short, and they may also buy favored sectors and sell those expected to fare poorly.The more lopsided a portfolio is along any of the stock-picking criteria, the more volatile it is likely to be. .
...
Smith said the traditional fund-management approach is limited by the resources available to do fundamental research. ."Because we use a quant process, we are able to analyze every stock in the universe, not just ones where brokerages have written research reports or where the managers have made company visits," he said. .
...
Using quantitative techniques, it scrutinizes an extremely broad universe of stocks and selects the two halves of each fund - stocks it buys and stocks it sells short - based on 150 criteria, according to Gideon Smith, Axa Rosenberg's product strategist. ."We use 150 different dimensions to measure the characteristics of the portfolio: sector, country, price-to-book ratio, relative strength, size," he said."We make sure it is absolutely neutral on all dimensions.We are not biased either way; a long-short hedge fund would not necessarily balance the portfolio."

That is a key difference between market-neutral funds and long-short hedge funds generally.Hedge-fund managers may position their portfolios anywhere along the spectrum from 100 percent long to 100 percent short, and they may also buy favored sectors and sell those expected to fare poorly.The more lopsided a portfolio is along any of the stock-picking criteria, the more volatile it is likely to be. .
...
Smith said the traditional fund-management approach is limited by the resources available to do fundamental research. ."Because we use a quant process, we are able to analyze every stock in the universe, not just ones where brokerages have written research reports or where the managers have made company visits," he said. .
...
Using quantitative techniques, it scrutinizes an extremely broad universe of stocks and selects the two halves of each fund - stocks it buys and stocks it sells short - based on 150 criteria, according to Gideon Smith, Axa Rosenberg's product strategist. ."We use 150 different dimensions to measure the characteristics of the portfolio: sector, country, price-to-book ratio, relative strength, size," he said."We make sure it is absolutely neutral on all dimensions.We are not biased either way; a long-short hedge fund would not necessarily balance the portfolio."

That is a key difference between market-neutral funds and long-short hedge funds generally.Hedge-fund managers may position their portfolios anywhere along the spectrum from 100 percent long to 100 percent short, and they may also buy favored sectors and sell those expected to fare poorly.The more lopsided a portfolio is along any of the stock-picking criteria, the more volatile it is likely to be. .
...
Smith said the traditional fund-management approach is limited by the resources available to do fundamental research. ."Because we use a quant process, we are able to analyze every stock in the universe, not just ones where brokerages have written research reports or where the managers have made company visits," he said. .

Gideon Smith
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Gideon joined AXA Rosenberg in 1998 and is currently Europe deputy chief investment officer based in the company's London office.Prior to his current role, he has held a number of positions at the firm, including director of client services and head of strategy engineering.Gideon received his MBA from London Business School in 2000.He is a holder of the Chartered Financial Analyst designation.

Gideon Smith AXA Rosenberg Investment Management

Smith Gideon AXA Rosenberg Investment Management