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Alpha Groups
Alpha Groups
Not All Alphas are the Same
APS has found it extremely useful to classify alphas into four buckets:
Structural Alphas tend to be steady and durable. Companies riding on long-term trends or companies with structural strengths typically produce Structural Alphas.
Dynamic Alphas are generally produced in spurts by out-of-favor, mature companies which sell at a fraction of their intrinsic value.
Economic Alphas are unstable and are produced by companies in cyclical industries.
Opportunistic Alphas are produced by special events like M&A, changes in company management, new product launches, etc. These alphas appear least frequently in our portfolios.
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