Empiritrage Launches Flagship Strategy With $20M

Dec 11 2012 | 8:43am ET

Ohio-based investment advisor Empiritrage has launched its flagship strategy with a $20.6 million seed from an unnamed New York family office.

Empirical Quantitative Value is based on strategies developed by University of Chicago finance professor Wesley R. Gray, whose book, Quantitative Value: A Practitioner's Guide to Automating Intelligent Investment and Eliminating Behavioral Errors, co-authored by Tobias Carlisle, is being released by John Wiley & Sons in December 2012. 

The book is billed as a response to the "Magic Formula" of Joel Greenblatt's Little Book that Beats the Market. Grey claims his EQV strategy takes Greenblatt's formula “to the next level” by “incorporating cutting-edge academic research into a unified value-investing framework.” 

The EQV strategies are implemented via a managed account platform and carry a 0.95% management fee and no performance fee.

For clients willing to pay a 10% performance fee, Empiritrage will throw in a proprietary market-timing overlay that “utilizes a combination of technical signals with macro fundamentals and valuation metrics to determine allocation decisions.”

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