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Manager Insights

Manager Insights White Paper Efficient Beta
November 2019

In our 2017 paper Liquidity Reimagined, we highlighted the ability of investment managers to utilize the ETF market structure to improve liquidity for fixed income index and beta portfolios. Over the last two years, we have continued to leverage this insight to resounding success. In this paper we describe the growth of credit portfolio trading and provide a quantitative review of our trade implementation efforts in the US high yield market.