AthenaInvest’s Behavioral Portfolio Management Outpaces Peers Again

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Athena Managed Equity Portfolio Reaches 5-Year Performance Milestone

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AthenaInvest, ( the leader in Behavioral Portfolio Management, announced today that the Athena Managed Equity Portfolio reached a five-year milestone with performance that beat its benchmark and outpaced many of its peers.

The portfolio outperformed its benchmark for its 1, 3 and 5-year performance and received a 4-Star Overall Morningstar RatingTM as of 9/30/16 out of a peer group of 154 Tactical Allocation Funds. This widely recognized rating acknowledges portfolios that have outperformed their peers based on risk-adjusted returns.

The Athena Managed Equity Portfolio is a diversified behavioral equity portfolio that uses a specific combination of value, dividend and tactical investment strategies. The portfolio and its underlying strategies are managed using Athena’s patented Behavioral Portfolio Management process.

“We continue forging ahead with optimism as another one of our behaviorally-managed portfolios reaches the five-year mark with great performance,” comments
C. Thomas Howard, PhD., Chief Investment Officer at AthenaInvest. “Outperformance, particularly during this challenging period for active managers, should quell the critics of behavioral finance that claim there is insufficient data to support the merit of such an investment approach.”

Athena’s behavioral research identifies specific opportunities ranging from individual security mispricing to market level directional signals. The investment process for the Athena Managed Equity Portfolio is implemented with a unique blend of stock selection and market rotation.

Dr. Howard architected Athena’s behavioral investment approach based on years of academic research and discoveries by the Nobel Prize winning research of Daniel Kahneman. Professor Howard is a pioneer in the application of behavioral finance for investment management which has captured the attention of the industry. He is the author of the groundbreaking book, "Behavioral Portfolio Management."

“Markets are not efficient and people are not rational,” states Dr. Howard. “The Efficient Market Theory does not work in a market where there is clearly an overwhelming presence of emotions involved in investment decisions. Those emotions create behaviors that can be systemically analyzed to find behavioral price distortions which can be used to create superior portfolio performance.”

In addition, the Athena Global Tactical ETFs Portfolio received a 5-Star Overall Morningstar RatingTM as of 9/30/16 out of Morningstar’s peer group of 154 Tactical Allocation Funds. Relying on behavioral signals to identify the most attractive markets and capitalization ranges, it is the market rotation component of the Athena Managed Equity Portfolio.

For media inquiries requesting more information on AthenaInvest, please contact Mo Shafroth at (720) 470-3653 or mo.shafroth(at)athenainvest(dot)com. For financial professionals requesting more information, please visit or call (877) 430-5675.

About AthenaInvest Advisors LLC
AthenaInvest is the industry leader in Behavioral Portfolio Management with a patented research process built on a deep academic foundation developed over 35 years of interaction with leading academics and institutional managers by C. Thomas Howard, PhD, CEO and Director of Research. AthenaInvest analyzes persistent and predictive behavioral factors to build innovative investment strategies including value, dividend and tactical equity. AthenaInvest is a sub-advisor to AdvisorShares, Princeton Fund Advisors and ICON Advisers.

Headquartered in Greenwood Village, Colorado, AthenaInvest is a SEC Registered Investment Advisor. Please visit for additional information.

© 2016 by AthenaInvest, Inc. All Rights Reserved
Protected by US Patents 7734526, 8352347, 8694406 and Singapore Patents 150371 and 184692.

The overall rating by Morningstar for the performance of the Athena Managed Equity Portfolio and the Athena Global Tactical ETFs Portfolio is for performance ending 9/30/16, both from the group of 154 Tactical Allocation Funds. Morningstar Ratings are based on risk-adjusted return. The Morningstar Rating for a fund is derived from a weighted-average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund’s monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.

© 2016 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

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