Capture the Knowledge Effect in your portfolio

Embrace Change

We believe in embracing change. Every industry has two groups of companies, those that lead and those that follow. Leaders innovate and introduce new products; followers mimic and react. Research shows the stock market tends to reward innovation. We invest in companies that lead innovation in their industries, and we apply the same standard to our own work.

Investment Strategy


The Knowledge Leaders Strategy seeks to transform the Knowledge Effect into portfolio alpha. We identify Knowledge Leaders, or highly innovative companies, by measuring a company’s investment in its future growth. Knowledge Leaders possess deep reservoirs of intangible capital as a result of their history of investing in knowledge-intensive activities like R&D, brand development and employee education. Developed by founder Steven Vannelli and based on decades of academic research, our proprietary model adjusts a company’s financial history to capitalize these investments and reveal the companies with the greatest knowledge intensity. The companies that pass our quantitative Knowledge Leaders screen comprise the Knowledge Leaders Indexes, the first indexes designed to capture the Knowledge Effect. We look for the best opportunities among Knowledge Leaders for investment by our actively managed products. 

An overview of our
investment strategy
and products.

Featured Research

A quick overview of
this market anomaly

A complete guide to
understanding why highly
innovative companies
generate excess returns

This quarter:
What We Know, What We Think & What We Are Unsure Of


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