Harry Marmer

Investors allocating to small cap stocks typically expect that they will outperform large cap stocks. • What are these expectations based on? • Why may these expectations not be fulfilled? This presentation will discuss these issues and other empirical observations of small cap investing including: • What is the Small Cap Anomaly? • Does the Small Cap Anomaly Exist? • The Small Cap Premium vs Small Cap Effect • The Strange Case of the Disappearing Small Cap Anomaly • Why Do Institutional Investors Tend to Miss This Opportunity?

Technology has revolutionized the investment management industry. The rise of outsourcing, smart beta, passive investment management, lower trading costs, all can be sourced to technological empowerment. This presentation will discuss these and other results of the continued quantification of the investment management industry including: . The Rise of Powerhouse Sponsors . Why Consultants Have Become Money Managers . Active Management vs Smart Beta & Passive Management: Who Wins? . The Future of the Business and Consequences for All Of Us!

Smart beta has become one of the most popular investment terms in the industry as a Google search for the term pops up 43.5 million results. This discussion examines both alpha and beta with the objective of determining Are Alphas Becoming Smart Betas? Topics include: • The Difference Between Alpha, Beta and Smart Beta • Is Smart Beta, Smart Alpha? • What Are The Implications of Smart Beta and Alpha For Sponsors, Consultants and Money Managers?