The asset manager’s competitive landscape has intensified, and traditional investment factors – such as value, momentum, and quality – are increasingly well-understood, resulting in diminished returns (e.g. McLean & Pontiff, 2015; Calluzzo, Moneta, & Topaloglu S., 2019; Jacobs, Kenneth, & Lee, 2025). One promising yet still underutilized source of alpha lies in textual data (e.g. see review by Sun et al. 2024). While traditional investment strategies rely on structured financial data, a vast amount of valuable and complementary information remains hidden within unstructured textual sources, such as annual reports, patents, earnings calls transcripts, and employee reviews. Until recently, systematically leveraging these textual sources for investment signals remained impractical, due to technological and infrastructural limitations.
in VBA Journaal door Machiel Westerdijk, Olivera Rakic and Ashraf Mansur