The 'Investor Identity': The Ultimate Driver of Returns

This paper challenges the traditional focus on asset allocation and portfolio implementation as primary drivers of returns, asserting that an investor's 'identity'—its unique set of organizational capabilities—forms the true foundation of performance.

Authors Monk and Rook describe identity through seven factors: capital, people, processes, information, governance, culture, and technology, which together determine how investors allocate assets and implement strategies.

They use examples like investment models (e. g.

, Yale Model) as 'thumbprints' and highlight how identity enables superior returns, such as through specialized infrastructure investing by funds like Cbus.