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Director, Global Research & Design, S&P Dow Jones Indices
Bill Hao is Director, Global Research & Design at S&P Dow Jones Indices (S&P DJI). In this role, he is responsible for the conceptualization, research, and design of global strategies. He specializes in factor, alternative beta, and thematic equity indices.
Prior to joining S&P DJI in 2017, Bill had 10 years of experience in quantitative equity research and investment and 17 years of experience in quant analytics. Bill was a senior portfolio manager at Winsight Global Asset Management. Before that, he held assistant vice president and quant analyst positions in investment and research at ING Investment Management, Asia Pacific region. Bill also worked as a quantitative analyst at Panagora Asset Management and lead research analyst at Liberty Mutual Insurance Group.
Bill holds a bachelor’s degree in engineering from Northeastern University of China, a master’s degree in biostatistics from the University of Minnesota, and an MBA in finance from Cornell University.
The S&P 500® has had a wild ride in 2020. The index hit an all-time high in February, then dropped 33.8% to the bottom in March due to the COVID-19 pandemic, and then rallied 32.6% by May 22. During this turbulent time, the S&P 500 Pure Growth, while declining along with markets, ultimately outperformed its…
COVID-19 driven volatility has caused market participants to refocus on defensive strategies. As investors turned to quality, the S&P 500® Quality Index demonstrated better downside protection and outperformed. Furthermore, it offered a sizable dividend yield of 2.2%. This analysis investigates attributes of the index. Breaking Down Components From all-time highs on Feb. 19, 2020, to…
In this blog, the third in our introduction to the S&P High Yield Dividend Aristocrats®, we will cover sector composition, performance attribution, and factor exposure. Sector Composition As shown in Exhibit 1, the S&P High Yield Dividend Aristocrats has diversified sector exposures, with some sector bets, given different dividend-paying practices among sectors. Historically, the S&P…
From Dec. 31, 1999, to June 30, 2019, the S&P High Yield Dividend Aristocrats® generated a total return of 590.3%. Of the contribution, about 57% was from dividend income, while 43% came from price appreciation. In this blog, we will look at the risk/return characteristics in detail. Favorable Risk-Adjusted Returns The S&P High Yield Dividend…
With the 10-Year Treasury yield around just 1.5% and the potential for more interest rate cuts on the horizon, yield-seeking investors may become more interested in equity dividend yield strategies. Dividend strategies can satisfy investors’ needs in several regards, namely higher dividend income, favorable risk-adjusted returns, lower volatility, and more downside protection in bearish market…
In this blog, the fourth in our introduction to Growth at a Reasonable Price (GARP) strategies, we cover factor exposures, sector composition, and performance attribution. Targeted Factor Exposures Exhibit 1 shows the active exposures (in percentages) of the S&P 500® GARP Index to the five factors used in GARP strategies: three-year sales per share (SPS)…
In this blog, the third in our introduction to Growth at a Reasonable Price (GARP) strategies, we look at risk and return. The main objective of the S&P 500® GARP Index is to capture the performance of growth stocks with relatively high quality and value composite scores over a long-term investment horizon. Historically, the GARP…
In a previous blog, we took the first and second steps in our Growth at a Reasonable Price (GARP) strategy construction. We introduced the GARP investment strategy and showed how it can be implemented systematically. In this blog, we will take the third and fourth steps: using a multi-factor sequential filtering process for security selection…
In this blog (and three subsequent posts) we will explore using Growth at a Reasonable Price (GARP) principles for investment in indices. GARP is a well-known, much-practiced, fundamental-driven investment strategy. It seeks to balance between the pure growth strategy and pure valuation strategy, as the former tends to chase high growth yet expensive stocks, while…
The past two months saw bouts of market volatility, which in turn is causing market participants to refocus on defensive equity strategies. Quality, together with other defensive factors such as low volatility, has a higher degree of downside protection compared with other risk factors like value or momentum. For example, during months in which the…
