Mutual Fund & ETF Research

Raymond James believes that providing in-depth, unbiased research is an essential tool for high-quality investment decisions. Our methodology emphasizes setting forward-looking expectations by analyzing both what has driven historical results and the structural elements that may support continued success: team quality, investment philosophy, research resources, portfolio construction and risk controls.

To consistently identify high-quality managers, the Mutual Fund & ETF Research team follows a five-step process designed to find strategies with the potential to outperform comparable funds over a full market cycle. The process begins with initial screens that surface managers demonstrating outperformance and consistency while incorporating risk. We then apply detailed quantitative analysis using risk-adjusted statistics, upside/downside capture, maximum drawdown, and both returns- and holdings-based attribution relative to carefully selected benchmarks and peer groups.

Quantitative results are complemented by qualitative due diligence. Analysts conduct multiple meetings and, when appropriate, on-site visits with portfolio management teams to evaluate investment philosophy, team structure and depth, research workflow, decision-making, sell discipline and evidence of repeatability. Findings are integrated into a comprehensive recommendation presented to the Mutual Fund & ETF Research Investment Committee for approval.

Specific Recommendations

Each covered fund receives a clear rating on the research report. A Recommended rating indicates a fund has passed our full process and is expected to deliver competitive risk-adjusted performance over a market cycle given its mandate and style. An Under Review designation flags concerns such as persistent underperformance, material deviations from style or significant management changes pending further evaluation.

Ratings reflect both empirical evidence and professional judgment. Analysts assess how a strategy behaves across regimes, the robustness of portfolio construction and the adequacy of resources at the parent firm. Active options are also compared to investable passive alternatives to determine whether excess return potential justifies active risk and fees. Documentation of alternatives considered and the rationale for selection supports high-quality, auditable recommendations.

Experience

The team’s coverage spans more than 50 asset classes, ranging from domestic, international and emerging markets equities to taxable and municipal fixed income and a variety of liquid alternatives. Analysts specialize by asset class while maintaining cross-team collaboration to capture insights that cut across categories.

This structure enables timely escalation of fund-specific developments and allows analysts to respond with targeted due diligence. The goal is a curated, core list that can meet most asset allocation needs.

Looking Back Isn’t Enough

Past performance alone is insufficient. Our forward-looking lens asks whether the investment process is clearly defined and repeatable, whether the team has demonstrated discipline through different market environments and whether the portfolio’s historical sources of return are consistent with stated objectives.

We analyze the interaction between expected alpha sources and fees, including evaluating where passive exposure may be preferable. In contexts where account structure matters, we also consider tax efficiency, turnover and operational features that can affect investor outcomes over time. All rationale is recorded to support the duty of care.

In-Depth Analysis

Initial screens filter a broad universe to a manageable subset (typically two to five strategies per category) using multi-horizon returns and consistency measures adjusted for risk.

Qualitative diligence includes structured portfolio manager interviews guided by key questions: Does the team adhere to a well-defined philosophy and process? How are ideas generated, vetted and sized? What constitutes a sell decision? How does the portfolio reflect stated beliefs? What has changed over time and why?

Benchmark selection and peer-group definition are critical to fair evaluation. We assess strategies against both their stated benchmark and other relevant references to understand how they may behave across market regimes. When suitable, we compare active choices with investable passive alternatives to quantify the value proposition. Operational aspects are assessed and documented to align with best practices.

A Long-Term View

Ongoing monitoring is the final phase. All covered funds are continuously reviewed, with systematic screens flagging names that fall below the 50th percentile across multiple time horizons for deeper analysis. We evaluate attribution by sector and security, style consistency, risk exposures, and any management or process changes that could alter forward expectations.

If underperformance lacks a compelling explanation, we investigate for potential process breakdowns. Actions may include changing the rating to Under Review, updating our thesis or removing coverage if conviction erodes. Our intent is a durable set of recommendations focused on long-term results rather than short-term trends, recognizing that no strategy leads in every environment.

For investors working with advisors, the research is paired with guidance on implementation details, including account type and share-class considerations when relevant to costs, and flexibility, ensuring decisions reflect the client’s goals, time horizon and service model.

Contact Us

To access the latest reports, ratings and fund updates, please contact your financial advisor, who can provide materials and discuss how specific strategies may align with your plan. If you are new to Raymond James, use the office locator to connect with a nearby branch and request a sample report.

Investors should carefully consider the investment objectives, risks, charges and expenses of any investment company before investing.

The prospectus contains this and other information about an investment company. The prospectus is available from your financial advisor and should be read carefully before investing. When purchasing shares in mutual funds, you may be entitled to a discounted transaction charge based on the total number of shares of a specific mutual fund and/or family of funds you hold in your own and/or relatied accounts. It is, therefore, important that you tell your financial advisor of positions you already hold that he or she may not be aware of so that you can benefit from the lowest transaction charge possible on this and subsequent trades.

ETF shareholders should be aware that the general level of stock or bond prices may decline, thus affecting the value of an exchange-traded fund. Although exchange-traded funds are designed to provide investment results that generally correspond to the price and yield performance of their respective underlying indexes, the funds may not be able to exactly replicate the performance of the indexes because of fund expenses and other factors.