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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A New Approach to Regime Detection and Factor Timing

1 week 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

3 weeks 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

1 month ago | 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 Third party information may become outdated or otherwise superseded without notice.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

2 months ago | 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

2 months ago | 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

2 months ago | 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

2 months ago | 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.
Investor lessons the market taught in 2024

Feb 7, 2025 | alphaarchitect.com | Larry Swedroe

||Categories: Private Equity, Research Insights, Larry Swedroe, Other Insights, Investor Education, Key Research|My October 19, 2024 Alpha Architect article examined the explosive growth in private credit and sought to answer the question was there a bubble as many pundits have been warning. The following chart shows the growth of $1 invested in the Cliffwater Direct Lending Index from June 2019 (the inception date of Cliffwater’s Corporate Lending Fund CCLFX) through June 2024.
Investor lessons the market taught in 2024

Jan 31, 2025 | alphaarchitect.com | Larry Swedroe |Robert Rubin

||Categories: Larry Swedroe, Research Insights, Other Insights, Investor Education, Key Research|Every year the markets provide us with lessons on prudent investment strategies. With great frequency, markets offer remedial courses covering lessons they taught in previous years. That’s why one of my favorite sayings is that there’s nothing new in investing, only investment history you don’t know. In 2024 investors were provided with nine lessons. Many of them are repeats from prior years.
Growth Predictions, Growth Surprises, and Equity Returns

Jan 24, 2025 | alphaarchitect.com | Larry Swedroe

Since the value of a company is the net present value of future cash flows, an accurate prediction of future earnings growth would appear to be the most important ingredient to successful valuation and stock selection.