Seeks to Capture 60% of Market Upside With Only 30% of the Downside  
Utilizes Highly Liquid Instruments to Achieve Targeted Exposures
Provides Diversification to Traditional Asset Classes Within an Overall Portfolio
There is no guarantee that these objectives will be achieved.
MPS Combines Quantitative Parameters and Portfolio Manager Judgement

The strategy dynamically adjusts factor exposures (market, volatility, and duration) using:

- S&P 500 Index options and futures, which provide equity participation with limited risk
- US Government bonds and futures, which seek to preserve capital and provide downside protection
Exposures Are Actively Managed In Response To Changing Market Conditions

Since the strategy’s inception on 1/1/1992, this combination of reduced maximum drawdown with significant upside capture has provided annualized returns in line with the S&P 500 Index over the long term – but with significantly less volatility.

Source: QMA.
Shown for illustrative purposes only.
There is no guarantee that these objectives will be achieved.
Case Study: Downside Protection
MPS not only compares well with, or outperforms, most of the other defensive strategies in our study, but it does so consistently during significant equity market drawdowns.
US Market Participation Strategy (MPS)
Your source for the latest MPS performance, risk profile, drawdowns since inception and more.
Portfolio Managers
Devang Gambhirwala
Devang Gambhirwala
Portfolio Manager
32 Years Experience
Joel M. Kallman
Joel M. Kallman
Portfolio Manager
14 Years Experience
Marcus M. Perl
Marcus M. Perl
Portfolio Manager
28 Years Experience
Contact Us
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Our Team
QMA’s team-based investment approach fosters a culture of intellectual curiosity and stability.
Our Philosophy
Learn more about our firm’s foundations.