Factor FRAMEWORKS, Built for the Buyside Analyst

An on-demand masterclass offering frameworks and tools to excel in factor-based investing and risk management.

Used by analysts at top hedge funds

The Missing Layer in Portfolio Construction

Why even rigorous theses can underperform without factor awareness.

You’re not short on ideas, but constructing a factor-aware portfolio can feel like learning to invest all over again.

Even the most talented investors can see their portfolios move in unexpected directions due to factor rotations that are unrelated to a stock's fundamentals. As an analyst, you’re expected to construct a compelling thesis and triage incremental developments, all while factors evolve in the background.

We built this course because too many talented investors:

  • Rely solely on general intuition of portfolio construction without evaluating factor weights in parallel

  • Spend hours on a name, only to learn of its incompatibility with the portfolio’s factor profile

  • Feel like their process shifts ad hoc every time a new theme hits

The goal of factor-aware investing isn’t about replacing your analytical process. Rather, it complements your analysis to help your portfolio generate higher-sharpe returns.

This course gives you frameworks used by top buyside analysts and PMs to:

  • Spot unintended factor exposures

  • Develop proficiency in assessing factor suitability for PMs/risk

  • More clearly articulate one's own alpha-generation process to allocators

Factor Academy helps investors understand the complex world of factors, revealing hidden factor bets in a portfolio and addressing risks that you may not even know existed. It’s about making decisions with clarity and conviction, because your capital is too valuable for guesswork.

oUR gOAL:
Build a definitive masterclass for
factor investing & factor-based risk management

Have you heard this before?

  • “We manage capital in a beta-neutral, factor-constrained approach”

  • “We underperformed because our portfolio was underweight momentum & size factors”

  • “I would prefer not to cover that short, it would exacerbate our excess beta exposure”

  • “The crowding factor is having a -4 standard deviation move today”

let’s talk about what those quotes really mean.

You’ve probably heard lines like these in research decks or PM meetings.
They sound smart, but what do they actually tell you about the trade in front of you?

In Factor Academy, we teach you to decode that surface-level language, pressure-test your thesis with frameworks, and separate noise from real insight.

In this info session, you can learn more about Factor Academy and:

  • The core frameworks behind repeatable investment decisions

  • The mindset shifts that separate top-tier analysts

  • Determine if Factor Academy is the right fit for you.

Want to learn more?
Click below to download the syllabus and info deck.

what‘s included in factor academy?

  • - A blend of pre-recorded video modules and 9 live sessions spread over 9 months

  • - Interactive Q&A during monthly live office hours sessions

  • - Guest speaker sessions with specialized industry experts

  • - Slide presentations and additional materials (such as Excel model samples) are available for download

  • - Factor Lab for experiential learning, case studies, and free data vendor trials (for institutional investors only)

THE CURRICULUM

  • Factors for the Fundamental Investor

    1. What is a Factor? And Why Should I Care?

    2. The Building Blocks of Factor Analysis

    3. Factor Attribution & Return Decomposition

    4. Factor-Based Investing

    5. Factor-Based Risk Models

    6. Fundamental Investing in a Factor-Focused World

    Instructors:

    • Brett Caughran

    • Rich Falk-Wallace

    Guest Speakers:

    • Chad Myhre, the Allocator Perspective

    • Mark Carver, MSCI

    • Melissa Brown, Axioma

    Factor Lab:

    • Case Study: Consider Optimal
      Factor Hedge

  • Factor-Based Investing

    1. Frameworks for Factor-Based Investing

    2. Identifying Alpha with Factor Frameworks

    3. A Deep Dive Into Common Factors

    4. Applied Factor Investing

    5. Frameworks for Factor Timing

    6. "Quantamental" Factor Investing Approaches

    Instructors:

    • Brett Caughran

    • Rocky Cahan

    Guest Speakers:

    • Meb Faber, Factor-Based Investing

    • Wes Grey, Factor-Based Investing

    • Adam Parker, Trivariate

    Factor Lab:

    • Case Study: Construct
      "Quantamental" Portfolio

  • Factor-Based Risk Management

    1. "Alpha Machine" & the Rise of Factor Risk Models

    2. Statistics & Math for the Non-Quant

    3. How Factor Models Work

    4. Risk Decomposition & Volatility Prediction

    5. Performance Attribution

    6. Expanding Factor Libraries

    Instructors:

    • Brett Caughran

    • Rich Falk-Wallace

    Guest Speakers:

    • Giuseppe Paleologo, Risk 201

    • Sandeep Varma, Managing a Portfolio with a Factor Risk Model

    Factor Lab:

    • Case Study: Optimize Idio on a
      Native Portfolio

  • Factor-Aware Portfolio Management

    1. PM Toolkit for Factor-Constrained Investing

    2. Factors, Positioning & Crowding

    3. Themes, Baskets & Factor-Constrained Investing

    4. Factor-Aware Hedging Approaches

    5. Lessons Learned (the Hard Way)

    6. Portfolio Management in a Factor-Focused World

    Instructors:

    • Brett Caughran

    • Rich Falk-Wallace

    Guest Speakers:

    • Jared Kubin

    • Omer Cedar

    Factor Lab:

    • Case Study: Express Theme,
      Factor-Constrained

Factor Academy Core Instructors

  • Brett

    CAUGHRAN

    HEAD TRAINER
    Area of Specialty: PM Experience at Multiple Firms

    Brett brings 13yrs of hedge fund experience at Maverick, D.E. Shaw, Citadel, Two Sigma & Schonfeld.

    Brett founded Fundamental Edge in 2022 to help improve training on the buy-side. Brett has led over 750 buy-side analysts through Analyst Academy and has designed and delivered numerous custom analyst training programs.

  • Rich

    FALK-WALLACE

    QUANT INSTRUCTOR

    Area of Specialty: Factor Risk Management

    Rich brings 8 years on the buyside at Silver Point, Viking Global & Citadel as a Portfolio Manager.

    Rich is currently Co-Founder & CEO of Arcana, an equity-factor risk model focused on risk & performance.

  • Rocky

    CAHAN

    QUANT INSTRUCTOR

    Area of Specialty:Factor Based Investing

    Rocky is a Portfolio Strategist at Empirical Research Partners, focusing on research from stock selection to macroeconomic analysis since 2013.

    Previously, he led Deutsche Bank's top-ranked U.S. Quantitative Strategy team and held roles at Macquarie Bank and Citigroup, with published work in prominent finance journals.

Learn From Investors Who’ve Actually Done It

This isn’t just theory. Our instructors bring real experience to every lesson.

What Students Have To Say About Factor Academy

Real Voices From the Buyside

You won’t just learn our frameworks, you’ll hear how senior investors across the industry apply them. From PMs to allocators, these are the conversations that rarely happen in public.

Guest Speakers:

Complementary perspectives to explore factors from all angles

  • Giuseppe Paleologo

    Head of Quant Research at Balyasny, former Risk Management, Millennium, Citadel, Hudson River

  • ADAM PARKER

    Founder - Trivariate research, Former Eminence & Morgan Stanley

  • Mark Carver

    Global Head of Equity Factors & Equity Portfolio Management, MSCI

  • Sandeep Varma

    Co-founder & CEO - Equity Data Science, Former Bridger & Herring Creek

  • Wes Sapp

    Research Analyst, Empirical Research Partners

  • Melissa brown

    Global Head of Investment Decision Research, SimCorp (Axioma)

  • Chad Myrhe

    Managing Director, Alfred L. Dupont Charitable Trust

  • Omer Cedar

    Co-Founder & CEO, Omega Point Former Two Sigma

  • Meb Faber

    Co-Founder and Chief Investment Officer, Cambria Investment Management

  • WES GRAY

    CEO, Alpha Architect

  • Jared kubin

    Founder and Chief Investment Officer, Issachar Technologies

  • Marc Greenberg

    Founder, Greener Pastures

  • Rob Arnott

    Founder and Chairman, Research Affiliates

  • Mahmood Noorani

    CEO, Quant Insight

FAQs

  • You do not need a model subscription. However, we do offer free data vendor trials for institutional investors only. We will provide contact information to these vendors upon enrollment.

  • Yes, once enrolled, you will get immediate access to the content.

  • This course is now a rolling enrollment, meaning you can enroll at any time without waiting until the cohort starts.

  • We will set office hours on the 3rd Thursday of every month. You will have access to 9 months of office hours through this course.