Analyzing 220 years of global data, the authors find that defensive equity factors help reduce downside risk, but Defensive Absolute Return and trend-following strategies provide the most robust, complementary protection against drawdowns.
View the full article The Best Defensive Strategies: Two Centuries of Evidence
In Practice Member Companion Brief
Read Brief
CFA Institute Premium Member Content
This is available to the following CFA Institute membership classes: CFA charterholders, Professionals, and Affiliates.