Alpha Architect, LLC

Established in 2010, Alpha Architect is dedicated to empowering investors through comprehensive education. We are an asset management firm driven by research, concentrating on high-conviction value and momentum factor strategies. Our goal is to provide “Affordable Alpha,” which refers to unique investment strategies offered at lower costs, increasing sophisticated investors' chances of success after accounting for fees and taxes. We currently provide Exchange-Traded Funds (ETFs), Separately Managed Accounts (SMAs), and white-label ETF services. We hold several core principles: 1) Transparency, 2) Evidence-Based Investing, 3) Systematic Decision Making, and 4) Client relationships that are mutually beneficial. Our firm is located in the suburbs of Philadelphia, PA, and we proudly identify as a service-disabled and minority-owned business.

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Momentum investing must be done thoughtfully!

2 weeks ago | alphaarchitect.com | Larry Swedroe

Paul Calluzzo, Fabio Moneta, and Selim Topaloglu, authors of the April 2025 study “Momentum at Long Holding Periods” investigated a key aspect of how academic momentum strategies are typically constructed when forming a portfolio. Specifically, at the end of each month t−1, the standard 12-2 momentum strategy sorts stocks based on their cumulative returns from month t−12 to month t−2 and goes long stocks that are in the top decile and short stocks that are in the bottom decile.
Unlocking Cross-Asset Potential: A New Approach to Portfolio Construction

4 weeks ago | alphaarchitect.com | Larry Swedroe

||Categories: Research Insights, Factor Investing, Larry Swedroe, Other Insights, Tactical Asset Allocation Research|Christian Goulding and Campbell Harvey, authors of the study “Investment Base Pairs,” proposed a groundbreaking framework for portfolio construction that challenges traditional approaches in modern finance. Their research focused on leveraging cross-asset information to optimize investment strategies and improve returns across diverse asset classes.
Profitability impacts investor returns more than you think!

1 month ago | alphaarchitect.com | Larry Swedroe

In his 2013 paper “The Other Side of Value: The Gross Profitability Premium,” Robert Novy-Marx documented that profitability, broadly measured, has as much power as relative price in predicting cross-sectional differences in expected returns. With the publication of that paper, profitability quickly become a prominent theme in asset pricing research. For example, Dimensional began incorporating profitability into its systematic factor-based strategies almost immediately.
A New Approach to Regime Detection and Factor Timing

1 month ago | alphaarchitect.com | Larry Swedroe

The financial research literature has found that the performance of assets (and factors) can vary substantially across regimes (for example, see here and here)—factor premiums can be regime dependent. Unfortunately, the real-time identification of the current economic regime is one of the biggest challenges in finance.
Enhancing Industry Momentum Strategies: Finding Hidden Neighbors

2 months ago | alphaarchitect.com | Larry Swedroe

Momentum is a financial anomaly in which buying stocks with positive past returns and selling the negative yielding ones has delivered positive returns.
Adverse Effects of Index Replication

Mar 21, 2025 | alphaarchitect.com | Larry Swedroe

—Important DisclosuresFor informational and educational purposes only and should not be construed as specific investment, accounting, legal, or tax advice. Certain information is deemed to be reliable, but its accuracy and completeness cannot be guaranteed. Third party information may become outdated or otherwise superseded without notice.
Private Infrastructure as an Asset Class

Mar 7, 2025 | alphaarchitect.com | Larry Swedroe

Private infrastructure refers to physical assets that provide and/or support essential services such as energy grids and data centers. Typically operating under long-term contracted or regulated business models, infrastructure assets can offer stable cash flows with relatively low sensitivity to the economic cycle, due to factors such as steady demand growth and potentially predictable cash flows, as well as providing diversification benefits.
Valuations Reflect U.S. Exceptionalism

Feb 28, 2025 | alphaarchitect.com | Larry Swedroe

Conventional wisdom can be defined as ideas that are so ingrained in our belief system that they go unchallenged. Unfortunately, much of the “conventional wisdom” about investing is wrong. One example of erroneous conventional wisdom is that investors seeking higher returns should invest in countries that are forecasted to have high rates of economic growth, such as India and China.
Listing Domicile Driving Valuations

Feb 21, 2025 | alphaarchitect.com | Larry Swedroe

The post-GFC period has seen two major divergences in valuations that has led to divergences in performance. The one that has received the most attention has been the widening of the spread in valuations between growth and value stocks, explaining all the outperformance of growth stocks over the period. The other has been the widening of the valuation spread between US and international stocks.
The Ability to NAV Time Interval Funds

Feb 14, 2025 | alphaarchitect.com | Larry Swedroe

||Categories: Private Equity, Research Insights, Larry Swedroe, Other Insights|Highly illiquid assets trade infrequently making it difficult to know their true market value. To address this issue, funds that invest in illiquid assets create fair valuation estimates at periodic intervals. These valuation estimates determine the share values at which interval and tender offer funds issue and redeem their shares.