Victor Zhu, CFA, CAIA, Chapter Executive

Victor Zhu, CFA, CAIA is a senior investment strategist in Vanguard Investment Strategy Group, where his responsibilities include research on portfolio construction, quantitative model portfolio development, robo-advice, and tailored portfolio solutions. Among his areas of expertise are asset allocation, investment strategy, fixed income, and alternative investments. Prior to his current role, he worked in the Quantitative Equity Group and the Quantitative Research Fixed Income Group at Vanguard.

FDP Candidate Orientation Session Q4-2023

Description: To support FDP Candidates and those considering the pursuit of the FDP Charter, we offered a brief, live webinar with our Curriculum and Operations team members to help prepare you for your exam experience. We discussed curriculum materials, Learning Objectives and provided a Practice Question review. We went over the exam structure and format, and available resources. In addition, we shared tips to prepare for exam day and what items are permitted during the exam.

CAIA Washington DC & CAIA LatAm Joint Webcast - Private Equity Secondaries & Co-Investments: Current Trends & Opportunities

The secondaries market has experienced significant growth and evolution over the past decade. The market for dedicated co-investment funds has similarly evolved, albeit it on a more limited scale. Both options present investors with significant flexibility and a complex array of considerations as they manage exposure to alternative assets. Watch our panel discussion as we explored current developments in each of these dynamic opportunities.

Can Large Language Models Produce More Accurate Analyst Forecasts?

Russ Goyenko, Associate Professor of Finance at McGill University discussed with Dr. Hossein Kazemi how large language models can, and soon they will produce more accurate analyst forecasts. Using textual information from a complete history of regular quarterly and annual (10-Q and 10-K) filings by U.S. corporations, we train machine learning algorithms and large language models, LLMs, to predict future earnings surprises. First, the length of MD&A section on its own is negatively associated with future earnings surprises and firm returns in the cross-section.

The Best of Both Worlds: Forecasting US Equity Market Returns Using a Hybrid Machine Learning-Time Series Approach

Predicting long-term equity market returns is of great importance for investors to strategically allocate their assets. Harshdeep Ahluwalia, Head of Asset Allocation, Americas for Vanguard Investment Strategy Group is one of the authors invited to discuss the exploration of machine learning methods to forecast US stock returns 10-years ahead and compare the results to the traditional Shiller regression-based forecasts more commonly used in the asset-management industry.

June 2023: Beyond Bits and Bytes: Unraveling the Paradox of Digital Assets

Authored by Steven Novakovic, CAIA, CFA

In nearly 15 years, the universe of digital assets has grown from an idea presented in a whitepaper by an unknown author, to a global ecosystem full of promise, potential and tangible value. The services and applications provided by digital assets are broad, varied, and numerous. Measuring the value of the ecosystem is a near-impossible task as the universe spans private companies, public companies, decentralized organizations, coins, tokens, and other applications.