Listen on The Move
Is it possible to enhance diversification without sacrificing returns?
In this episode of Raise Your Average, Pierre Daillie sits down with Rodrigo Gordillo of ReSolve Asset Management and Corey Hoffstein of Newfound Research to discuss the game-changing concept of 'return stacking' and the launch of the Return Stacked Global Balanced & Macro ETF (RGBM)ânow listed on the Toronto Stock Exchange.
Discover how this capital-efficient and tax-efficient strategy allows investors and advisors to stack returns from systematic macro strategies on top of a traditional 60/40 portfolioâall without selling core assets.
Packed with institutional insights, behavioral solutions, and a dose of ETF innovation, this conversation reveals how ReturnStackedÂź ETFs is democratizing strategies once exclusive to pension funds and hedge funds.
⏱️ Chapters (Timestamps)
0:00 - Intro: Why diversification doesnât need to mean sacrifice
2:52 - Genesis of Return Stacking: Portable alpha reborn
6:45 - Institutional proof: The Delta Pension Plan case study
11:50 - Solving line item risk & behavioral drag
14:35 - "A spoonful of sugar helps the diversification go down."
17:30 - Kitchen vs. Solarium: Pierreâs investing metaphor
20:00 - Defensive leverage vs. LICE (Leverage that's Illiquid, Concentrated, Excessive)
22:30 - Inside RGBM: Structure & allocation explained
26:00 - Three implementation strategies for RGBM
32:00 - Why use RGBM as a return enhancer
36:00 - "Why are we playing the game on hard mode?"
41:30 - Systematic macro: strategy, structure, and why now
47:50 - The power of structural uncorrelation
52:00 - Return stacking vs. alpha chasing in equity markets
58:00 - Triple Alpha: Strategy Alpha, Structural Alpha, Tax Alpha
1:00:00 - Closing thoughts & how to learn more
🔗 Resources & Links
📘 Learn more about RGBM ETF
📚 Explore the Systematic Macro Research library
📰 Read more from ReSolve Asset Management
🧠 Newfound Research insights
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