RT Journal Article SR Electronic T1 Managed Volatility: A New Approach to Equity Investing JF The Journal of Investing FD Institutional Investor Journals SP 15 OP 23 DO 10.3905/JOI.2009.18.1.015 VO 18 IS 1 A1 Ric Thomas A1 Robert Shapiro YR 2009 UL https://pm-research.com/content/18/1/15.abstract AB In this study we argue that managed-volatility equity strategies are likely to gain greater acceptance in the marketplace over time. In particular, portfolios created with the goal of maximizing total return while controlling total volatility have historically dominated cap-weighted market portfolios in both risk and return. This dominance is due to the inability of the CAPM beta to explain returns. We conclude that insurance companies as well as other liability-focused institutional investors will increasingly allocate funds to equity strategies that target low total volatility.TOPICS: Volatility measures, performance measurement, risk management