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There are significant and recurring market inefficiencies. History can help identify which inefficiencies are profitable.
First Quadrant's investment philosophy begins with the belief that market inefficiencies exist for a variety of reasons, including:
- Information is persistently priced with a lag in certain dimensions of the market (typically macro)
- Certain information is given either too much or too little weight in investors' decisions
- Investors fail to respond efficiently to changes in various attributes of risk
In First Quadrant's view, each persistent error or bias represents individual market inefficiencies, and provides therefore, an individual and essentially independent source of excess return.
All market inefficiencies go through phases of expansion and contraction.
First Quadrant believes that its primary challenge is to deliver a consistent stream of alpha while investing in dynamic and ever-changing global markets.
Disclosure
Investors should carefully consider the fund's investment objectives, risks, charges, and expenses before investing. For this and other information, please call 800.835.3879 or download a free prospectus. Read it carefully before investing or sending money.
The performance shown represents past performance and is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. From time to time the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields on the Fund are net of expenses and the returns and yields on the indices exclude expenses. Current performance of the Fund may be lower or higher than the performance quoted.
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