Research Paper Discussion | Debate: What determines Portfolio performance?
- July 4, 2026
- 11:00 am to 12:30 pm IST
- Zoom (Link will be shared after registration)
Join us in our monthly Zoom webinar series – “Research Paper Discussion”, where we’ll dissect influential research papers on capital markets!
For our next “Research Insights” webinar, we are pairing two highly related landmark papers to spark an engaging debate on the absolute core of portfolio construction:
- “Determinants of Portfolio Performance” by Gary P. Brinson, L. Randolph Hood, and Gilbert L. Beebower (1986/1995)
- “Does Asset Allocation Policy Explain 40%, 90%, or 100% of Performance?” by Roger G. Ibbotson and Paul D. Kaplan (2000)
About the Papers & Their Importance
The Brinson et al. paper shook the investment world by concluding that asset allocation policy determines a staggering 93.6% of the variation in a portfolio’s returns over time, leaving market timing and security selection with minimal impact. However, because this finding is frequently misunderstood by practitioners, Ibbotson and Kaplan published their follow-up research to untangle the confusion. They clarify that while policy explains roughly 90% of a single fund’s ups and downs over time, it only explains about 40% of the variation between different funds, and actually accounts for 100% of the absolute return level on average.
By examining these papers together, our session will give Indian practitioners a precise, data-backed understanding of exactly when asset allocation dictates performance and where active management still holds the keys to alpha.
Event Details:
Date: Saturday, 4th July 2026
Time: 11:00 AM
Platform: Zoom (Link will be shared after registration)
It’ll be an open discussion, moderated by CFA Society India volunteers.
We kindly request that you read the paper before joining the call
Click the link below to access the paper:
- “Determinants of Portfolio Performance” by Gary P. Brinson, L. Randolph Hood, and Gilbert L. Beebower (1986/1995)
- “Does Asset Allocation Policy Explain 40%, 90%, or 100% of Performance?” by Roger G. Ibbotson and Paul D. Kaplan (2000)
Registration Details:
CFA Society India Member: FREE
Kshitiz Jain, CFA, FRM
Co-Chair, Research Advocacy and Standards Committee | CFA Society India
Kshitiz Jain, CFA, FRM
Co-Chair, Research Advocacy and Standards Committee | CFA Society India
Kshitiz Jain is an accomplished Treasury and Investment leader with over 14 years of experience across banking, corporate treasury, and wealth management. He is currently working as Vice President at NIIF Infrastructure Finance Limited.
His previous roles include serving as Senior Vice President at Shriram Group, where he was leading the strategic setup of their Primary Dealership entity. He has also worked as Co-Founder and Head of Investment Strategy at CAGRfunds, where he scaled an institutional-grade equity advisory practice, and Senior Associate Director of Treasury at CTBC Bank, where he was instrumental in setting up the India Treasury business. He also spent nearly five years at ICICI Bank managing large-scale Indian Rates and G-sec desks.
He has a PGDM from IIM Bangalore and a B. Tech degree from IIT Roorkee. He is also a CFA Charter holder and Financial Risk Manager (FRM).
As a dedicated volunteer for CFA Society India, Kshitiz serves as Co-Chair of the Research and Advocacy Committee, where he regularly engages with regulators for policy advocacy. He is also the Deputy Director of the IIM Bangalore Alumni Association (Mumbai Chapter).
Kshitiz Jain, CFA, FRM
Co-Chair, Research Advocacy and Standards Committee | CFA Society India
Kshitiz Jain, CFA, FRM
Co-Chair, Research Advocacy and Standards Committee | CFA Society India
Kshitiz Jain is an accomplished Treasury and Investment leader with over 14 years of experience across banking, corporate treasury, and wealth management. He is currently working as Vice President at NIIF Infrastructure Finance Limited.
His previous roles include serving as Senior Vice President at Shriram Group, where he was leading the strategic setup of their Primary Dealership entity. He has also worked as Co-Founder and Head of Investment Strategy at CAGRfunds, where he scaled an institutional-grade equity advisory practice, and Senior Associate Director of Treasury at CTBC Bank, where he was instrumental in setting up the India Treasury business. He also spent nearly five years at ICICI Bank managing large-scale Indian Rates and G-sec desks.
He has a PGDM from IIM Bangalore and a B. Tech degree from IIT Roorkee. He is also a CFA Charter holder and Financial Risk Manager (FRM).
As a dedicated volunteer for CFA Society India, Kshitiz serves as Co-Chair of the Research and Advocacy Committee, where he regularly engages with regulators for policy advocacy. He is also the Deputy Director of the IIM Bangalore Alumni Association (Mumbai Chapter).