JULY 2018

Takeaways from the Aspen Ideas Festival: Political Spotlight, Part I

Doug Cohen, managing director of portfolio management, shares the key takeaways from the panels he attended on the topics of American Democracy and Globalization at the Aspen Ideas Festival.

JULY 2018

Quality and Values-Based Investment Analysis: More Similarities than Differences?

While the terminology used by ESG and quality investors differs, they all share the common objective of finding companies that can sustain and grow their competitive positions.

JUNE 2018

Lies, Damned Lies, and Statistics

Metrics such as a the newly developed “Marx Ratio” can be helpful components to ESG measurement, but they can also be overly simplistic. It’s time for investors to be equipped with a broad array of metrics to evaluate ESG factors.



Investing in Gender Equality

A practitioner’s perspective on gender lens investing and the construction of gender inclusive investment portfolios

JUNE 2017

Alice's Adventures in Volatility-land

Managing portfolios according to Modern Portfolio Theory directs us to find investment portfolios with the highest level of return for a given level of risk. In this paper we examine the nuances of volatility and risk measurement to better inform decision-making in investment portfolios.

APRIL 2017

Building Impact Portfolios

A framework to building diversified portfolios that balance the objectives of maximizing risk-adjusted financial return and generating social and environmental impact.


MAY 2018

Interim Market Update - 2Q18

Mid-way through the second quarter of 2018, the markets have experienced a robust earnings season, rising US interest rates, higher inflation, a stronger USD, oil at its highest level since 2014, and the resurgence of potential tail risk in select emerging markets and the European Union.

APRIL 2018

Market Overview - 1Q18

After building throughout 2017, investors’ bullish sentiment reached a crescendo this quarter with solid performance across asset classes, in particular in US equity markets.


Interim Market Update - 1Q18

After years of low inflation, accommodative monetary policy, and low volatility, we believe we are now in a period of market transition. The new environment features tightening/less accommodative monetary policy, including the unwind of quantitative easing, excess fiscally-driven economic growth, increases in volatility, and the prospect for rising inflation.


JULY 2018

Financial Inclusion in Emerging and Frontier Markets

Financial inclusion is, today, one of the most popular investment themes among impact investors, in part because it has a long track record dating back to the emergence of the modern microfinance movement in the 1970s. Over the past 10 years, the field has shifted away from an emphasis on microcredit and towards the broader notion of financial inclusion. Athena Capital's landscape review examines the role for private capital within financial inclusion, the potential for meaningful social impact from investment activity, and the available investment strategies.

APRIL 2018

Evaluating Potential China Trade Tariffs

The escalating trade rhetoric between the US and China has recently garnered headlines as the countries have announced or enacted tariffs. We believe these actions mark a shift in the trade relationship between the US and China—from one of tolerance to one of engagement.


Introduction to Blockchain and Cryptocurrency

Cryptocurrencies such as Bitcoin have garnered significant attention due to their astronomical 2017 returns and the lack of consensus on their true value among prominent market strategists. While Athena Capital classifies cryptocurrencies as speculative assets with a high degree of volatility, we continue to evaluate this evolving market and the implications of its underlying technology, blockchain.