In 2014, Eugene Fama and Ken French released a paper that addresses factors uncovered in their original research from 20 years prior: Investment and Operating Profitability. Momentum and Low Volatility, two common risk factors for many practitioners today, were left out of the equation. Read their paper and see the results from 50 years of test data.


iCapital Network is providing this third party published material for informational purposes only. This material is publicly available and not produced or issued by any party affiliated with or otherwise directly associated with iCapital Network or its affiliates. While we believe the materials to be reliable, we have not independently verified the accuracy of the contents of the report, and therefore can’t attest to the accuracy of any data, statements, or opinions. The information or opinions presented are that if the issuer, is subject to change, and not necessarily those of iCapital Network or its affiliates. The materials aren’t not intended to be relied upon as a forecast or investment advice, and do not constitute a recommendation, offer, or solicitation for any security or any investment strategy. There is no guarantee that any forecasts made will come to pass. Due to various risks and uncertainties, actual events, results or performance may differ materially from those reflected or contemplated in any forward-looking statements. Reliance upon information in this material is at the sole discretion of the reader. No obligation is undertaken to update any information, data or material contained herein. Nothing contained in the following materials should imply that you will achieve the same or similar results, or would in any profit from advice provided by the third parties, if applicable. Past performance is not indicative of future results, and the value of an investment may decrease as well as increase, an investor may not receive the amount initially invested, and income, if any, may fluctuate.

Download PDF Back to Research