What is a Martingale?
With our systematic stock valuation process, Martingale follows all 800 companies in the Russell Midcap Index. Martingale can manage a mid cap core portfolio using either the Russell Midcap or the S&P MidCap 400 Index as the benchmark. This benchmark decision should be based on which index best complements the structure of the aggregate equity portfolio. These two benchmarks have different risk profiles along dimensions of size and style, stock-specific risk, industry and sector exposure. Martingale is also able to manage to a mid cap growth or mid cap value style index. Martingale began managing mid cap core mandates in 1995. For mid cap portfolios, we target an excess return of 1.5% - 2.5% per year over a full market cycle, with an expected tracking error of 2.5% - 3.5% versus the benchmark.
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