Conflicts of Interest in Continuation Funds
Part II in a Series on Ethics in Private Markets Learn MoreRecently Published
Some Unpleasant Total Return Arithmetic
With Bernhard Scherer, PhD
Private Credit Funds and the Retail Shift: Structural Vulnerabilities and Policy Responses
By Cheryll-Ann Wilson, PhD, CFA
Regimes Matter: Regime-Based Dynamic Asset Allocation Using Neural Networks
By Uri Carl, Yaacov Kopeliovich, PhD, Michael Pokojovy, PhD, and Kevin Shea, CFA
Remembering Bill Fung, PhD
Explore his many contributions to CFA Institute Research and Policy Center.
Thematic Content
Capital Markets
Understanding the Growth of Private Markets: Structural Shifts in the Investment Industry
Private markets now shape capital formation, portfolio construction, and financial stability. This report examines private markets’ growth, risks, and implications for investors, policymakers, intermediaries, and the investment profession.
Technology
Artificial Intelligence and the Future of Finance: A Framework for Structural Change
This report addresses how artificial intelligence could reshape finance by changing how investors process information, allocate capital, manage risk, define professional skill, and preserve accountability in an increasingly automated system.
Industry Future
The Total Portfolio Approach (TPA): A Practical Guide for Navigating the Transition to TPA
Explore the total portfolio approach (TPA), its advantages over traditional asset allocation, and the governance, culture, technology, and leadership needed for adoption. Learn from leading asset owners and gain practical guidance for transitioning to TPA.
Sustainability
Investment Innovations Toward Achieving Net Zero
CFA Institute Research and Policy Center has convened net-zero thought leaders and investment luminaries to break down the big ideas around achieving net zero. They provide practical guidance for investors, asset managers, investment professionals, and regulators.
Blogs
Book Review: Deep Learning in Quantitative Trading
Can deep learning deliver an edge in quantitative investing without becoming a black box? Mark S. Rzepczynski, PhD reviews Deep Learning in Quantitative Trading, exploring how machine learning, neural networks, transformers, and other AI techniques can enhance quantitative trading, risk management, and portfolio optimization.
The Question That Reveals Whether a Quant Manager Can Explain a Single Trade
Genuine model explainability may be a critical test of whether managers truly understand the decisions their systems make. Milos Maricic argues that institutional investors should test quantitative managers on their ability to reconstruct individual decisions, not just describe model architecture or provide performance attribution.
Speculative Supply Chains and the Madness of Crowds
Why do speculative bubbles keep returning even when the warning signs seem familiar? Mark J. Higgins, CFA, analyzes how speculative supply chains can turn individually rational decisions into system-wide excess as incentives align around continuous capital deployment, risks become increasingly segmented, and market narratives overwhelm independent judgment. What does this mean for private credit?
More
Conflicts of Interest in Continuation Funds: Part II in a Series on Ethics in Private Markets
Unlocking AGMs: From Votes to Voice in Asia-Pacific
Financial Analysts Journal, Third Quarter 2026, Vol. 82, No. 3
The Equity Risk Premium
Private Credit: Market Structure, Fund Design, and Retail Access
Conversations with Frank Fabozzi, CFA, Featuring Francesco Fabozzi
Infrastructure Debt: Alternative Credit to Finance the Future
