Structured Capital name

Recent Market Returns Analysis

A simple return attribution model is used to parse market returns over various time frames.

Did you know that from the US equity market low at the end of February 2009 to December 31, 2013, the S&P 500 (in US dollars) has generated a total return of 178.9% or 23.6% annuallized? While 2.3% annually has come from dividends, and 5.1% has come from nominal dividend growth, dividend revaluation has generated returns of 15.1% annualized, or 64% of the total, as yields have fallen from 3.8% to 1.9%.

Background information is here, and further analysis is here.


About Us

Structured Capital Inc. (SCI) is a consulting firm specializing in quantitative research relating to investing and markets. Historically the focus has been on building proprietary value-adding investment strategies for institutional investors. With the publication of the investment book How do you get THERE from HERE? Learning and Playing the Long-term Investment Game, an additional focus is on helping investors better position themselves for long-term investment success.

SCI was founded in 1998 by Tim Appelt. Tim has a Ph.D. from M.I.T. and an M.B.A from York University. He has 25 years of investment experience in quantitative research, strategy development and implementation, and portfolio management.

Structured Capital presents a book by Tim Appelt:

How do you get THERE from HERE?
Learning and Playing the Long-term Investment Game

frontcoverHistorical analysis of long-term global equity and bond returns is used to develop an analytical framework for a historical attribution of returns. In turn this attribution approach is used to develop expectations of future returns that acknowledge the past but take into account current market conditions.

Further information: