“A Boston-based quant firm is channeling Ray Dalio’s playbook in an attempt to navigate late-cycle markets that are flipping between giddy rallies and gut-wrenching losses. PanAgora is a fan… it’s the professional home of Edward Qian, who coined the term [Risk Parity]… According to a recent paper [on Defensive Equity] by Alonso and Qian, PanAgora’s multi-asset team starts by selecting shares with high exposure to the quality, value and momentum factors. It then weights the portfolio so that risk contributions across sectors, countries and stocks are as equal as possible, avoiding concentrations.”


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