Raymond Kerzérho

CFA, Director of Research

Raymond is the Director of Research at PWL Capital. He rigorously analyzes PWL’s investment strategies and makes sure they are well supported by academic research. Raymond has worked extensively as an institutional portfolio manager, with a particular focus on fixed-income securities and derivative products
Raymond is the Director of Research at PWL Capital. He rigorously analyzes PWL’s investment strategies and makes sure they are well supported by academic research. Raymond has worked extensively as an institutional portfolio manager, with a particular focus on fixed-income securities and derivative products
Personal Wealth

The Terrible Truth about Hedge Funds

Hedge funds represent a fascinating field of interest for two reasons. First, they involve the most sophisticated strategies and instruments, such as short selling, derivative products and leverage. Hedge fund managers have unequalled freedom of action, with a goal of maximizing profits.

Market Research

Posted vs. Forward-Looking MERs

ETFs and mutual funds report their Management Expense Ratio (MER) semi-annually in their Management Report of Fund Performance (MRFP). The reported MER is the sum of the fund’s total management fees plus total operating expenses plus sales tax for the last year, all divided by the fund’s average assets for the period.