Welcome to Quantitative Management Associates Quantitative Management Associates (QMA) combines analytical discipline and seasoned judgment to deliver customized investment solutions. QMA manages $65 billion* in domestic and international assets across a broad range of strategies for:

• domestic and international corporate clients
• public pension plans
• mutual funds
• endowments and foundations
• multi-employer pension plans

QMA identifies investment opportunities by blending the output from quantitative models with the seasoned judgment of 34 investment professionals (including 8 PhD’s)** averaging 18 years of experience.
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* $65 billion as of 06/30/10.

Market Reviews & Outlook
Economic and Market Outlook
After stronger-than-expected data kicked off the year, the U.S. economy has entered a soft patch over the past few months. However, we think the prospect of a double dip is low. We expect the economic recovery to be subdued but sustained, with stocks and other risky assets moving higher on a six- to 12-month horizon, though a volatile summer trading range appears likely. Therefore we have taken some risk off the table and reduced the size of some of our active positions. We currently maintain a neutral stance on stocks versus bonds. A better tone to the economic data in the U.S. and increased quantitative easing by the European Central Bank (ECB) would be among the signals we would look for to become more aggressive again.
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Spotlight
Why Have Estimate Revision Measures not Worked in Recent Years
(Journal of Portfolio Management, Spring 2008)
An alpha indicator can lose its efficacy if too many investors use it in their trading decisions. Thus, a robust alpha factor model should consider how much of the information in a signal may already be reflected in stock prices.
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