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Brandywine Asset Management, Inc. is an American investment management firm founded and managed by Michael Dever. The firm is registered as a commodity trading advisor. ==History== Michael Dever began personal discretionary trading〔 in 1979.〔〔〔〔 Dever founded Brandywine Asset Management, Inc. in 1982,〔〔 and Brandywine continued trading futures on a discretionary basis. In the 1980s, Dever began developing computer studies on commodity price behavior. The basic research and portfolio modeling concepts Brandywine uses today were developed through a major research project conducted from 1987 to 1991 using staff researchers and students and faculty from several universities, including the Wharton School of the University of Pennsylvania, Villanova University, and West Chester University.〔 The purpose of these studies was to test all of the ideas that Dever had accumulated to determine if they were statistically valid.〔 Beginning in 1989, Brandywine developed the Brandywine Benchmark Program, which Brandywine traded 1991-1998. The Brandywine Benchmark Program was a broadly diversified, fully computerized program, which incorporated trend-following, seasonal, arbitrage, and fundamentally based strategies.〔 The Brandywine Benchmark Program averaged 20% annualized returns throughout the 1990s.〔 The Brandywine Benchmark Program stopped trading in late 1998 as Dever began to focus on his venture development business. Dever is a pioneer in risk management and is credited with the development of one of the earliest comprehensive risk management models. In the 1980s, he developed a statistically based money management and risk allocation model. The purpose of the model was to allocate weightings equally to the strategies and markets within a portfolio〔 in order to maintain balance of returns from all strategy-market combinations.〔 The intent of this portfolio allocation model is to ensure that no single market or strategy-market combination dominates the portfolio over an extended period of time.〔 Since that time, elements of this trading model have become popularized as risk parity investing. In 1991, this model was incorporated in the Brandywine Benchmark Program, which was the first trading program to use risk parity portfolio management. During the years 1999-2007, Brandywine traded multiple strategies and programs, including mutual fund arbitrage, market neutral equity, long-short equity, and futures strategies. In addition, Brandywine's allocation to venture capital investing grew to over 50% of its business.〔 Brandywine has built an attractive track record and has achieved good risk-adjusted returns with consistent performance over time.〔〔〔〔 Brandywine believes in the dynamic nature of markets and the importance of taking an active approach to research.〔 The firm is built on a structure and a philosophy that requires continuous identification and development of new strategies for portfolio diversification.〔 The offices of Brandywine are located in an award-winning renovated 17th century grist mill〔 in the Brandywine Valley, outside of Philadelphia, Pennsylvania. The mill renovation project, which includes an actual reconstructed operating mill waterwheel, was designed by Thomas Dever, principal of Dever Architects and brother of Michael. The project was awarded a 1997 Building Excellence Award by the Philadelphia Business Journal.〔 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Brandywine Asset Management」の詳細全文を読む スポンサード リンク
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