TY - JOUR T1 - The Performance Characteristics of Minimum Variance Portfolios JF - The Journal of Trading SP - 74 LP - 77 DO - 10.3905/jot.2012.7.1.074 VL - 7 IS - 1 AU - Mahesh Pritamani AU - Sean Smith AU - Aran Murphy Y1 - 2011/12/31 UR - https://pm-research.com/content/7/1/74.abstract N2 - In this article, the authors investigate the performance of a lowvolatility portfolio. Such a portfolio invests in lower- variance and defensive stocks that tend to have lower beta, making them less inclined to follow the market in a downswing, at a potential cost of slight underperformance during strong market upswings. In the past, and over the long run, low-volatility portfolios have shown the tendency to outperform the broad market on a riskadjusted basis. Evidence of this tendency is well documented, showing historic persistence and global applicability.TOPICS: Style investing, equity portfolio management, analysis of individual factors/risk premia ER -