Front-running the herd, investor crowding

Front-running the herd, investor crowding

Front-running the herd, investor crowding

Thursday, July 2
3.00 - 4.00 PM (GMT)

What is crowding? Is it always bad? How do you measure it? Can you think of crowding as a factor?
So-called investor crowding – particularly into popular systematic strategies such as momentum investing – has been a hot topic for several years, and blamed for some of the convulsions seen in equity markets during that period. But it’s not always obvious what people mean by crowding, or whether it is necessary to be avoided.

This session will look at:

  • Risks associated with factors
  • Investor crowding and crowding as a factor - how to measure it
  • Latest research into crowding effects and how investors can handle them
  • The impact of market liquidity and recent global market developments on systematic strategies


The Risk Live virtual week is complimentary. You can register for one session or all sessions across the week. 

Vitali Kalesnik

Partner, director of research

Research Affiliates

Vitali Kalesnik is a partner and senior member of the investment team.
He leads research and business strategy in the European region.
Previously, Vitali led the Equity Research team and continues to
perform general equity-related research.
Articles he has co-authored with others have been recognized with two
Graham and Dodd Scroll Awards, a Financial Analysts Journal Readers’
Choice Award, a William F. Sharpe Indexing Achievement Award, and a
Bernstein Fabozzi/Jacobs Levy Award. His research strengthens and
expands Research Affiliates’ products—in particular, RAFI™
Fundamental Index™ strategies—and supports our global tactical asset
allocation products.
Vitali earned his PhD in economics from the University of California,
Los Angeles, where he was a winner of the UCLA Graduate Division
Fellowship for 2001–2005. He speaks fluent English, Russian, and

Luc Dumontier

Head of Factor Investing & Senior Portfolio Manager


Luc Dumontier, Head of Factor Investing & Senior Portfolio Manager, LA FRANCAISE INVESTMENT SOLUTIONS

In 1998, Luc started his career as an equity portfolio manager. From 2004 to 2011, he was in charge of the Absolute Return management at Sinopia where he developed quantitative strategies such as Global Bond Market Neutral, Currency Overlay, Global Tactical Asset Allocation, and Multi Government Bonds. After that, Luc was Head of the Absolute Return management at HSBC AM. Luc also leads the « Portfolio Management » class at the SFAF (French Society of Financial Analysts) since 2002 and at the AFG (French Asset Management Association) since 2011.

Luc holds a Master's degree of Economy and also a Master's degree in Money, Bank and Finance from Pantheon-Sorbonne University.