Check whether managers duplicate the same value or momentum exposure.

Family Office Private Wealth Journal · Editorial research desk · 2 November 2026

Companion to Value and Momentum Everywhere by CLIFFORD S. ASNESS; TOBIAS J. MOSKOWITZ; LASSE HEJE PEDERSEN.

Decision in practice

A committee wants to add momentum to an existing value tilt. The historical interaction alone does not show what the family can capture after implementation.

Committee assignment

Model the proposed mix after turnover, taxes, slippage and financing. Stress the point at which both allocations must be reduced together.

Record and decision rule

Document implementable instruments and rebalance rules. Delay funding until trading costs are expressed in the same units as the claimed benefit.

Illustrative application by the editorial desk. The source authors did not evaluate or endorse this procedure.