J.P. MorgaN Research

We are thrilled that J.P. Morgan has released its fifth research note,  "US ‘Human Capital Factor’, Still Going Strong". This compelling publication from Institutional Investor’s top quantitative research firm continues their independent validation of the unique alpha and portfolio outperformance of the Human Capital Factor®

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Below are a few highlights from the series of reports:

“The HCI [Human Capital Index] exhibits a perfect track record for calendar year performance, outperforming the benchmark in every single year of our sample. While it only did so marginally in three years the overall performance record for this period is stellar. Even in ‘24 YTD, it has managed to outperform a benchmark that has so far returned in excess of 20%.” ("US ‘Human Capital Factor’, Still Going Strong" - December 2024)

“The implication is that since human capital is not accounted for on balance sheets, there [is] exists the opportunity to gain enhanced returns by correctly identifying those companies which have superior human capital.” (The Human Capital Factor: What Drives Employees, Intrinsic or Extrinsic Factors? - August 2023)

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"The backtest results for the top quintile portfolio based on overall HCF score for the
universe of S&P 500 stocks [...] reveals long-term persistent outperformance over the full
period and in the majority of calendar years." (Measuring an Intangible Asset: The Human Capital Factor - November 2022)

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"HCF strictly dominates all styles across all metrics, it has the highest returns, lowest volatility, highest Sharpe Ratio, highest hit-rate and lowest maximum drawdown.”

(Introducing the Human Capital Factor - March 2021)​​

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Fill out the form below to download all five J.P. Morgan Research Notes including:

• US ‘Human Capital Factor’, Still Going Strong (December 2024)

• The Human Capital Factor: What Drives Employees, Intrinsic or Extrinsic Factors? (August 2023);

• Measuring an Intangible Asset: The Human Capital Factor (November 2022);

• Creating an Innovation Culture Score Using Human Capital Factor Data (January 2022); and

• Introducing the Human Capital Factor (March 2021).