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Featured research
Penn, Stanford and MIT have reported sharply different FY26 returns. MPI examines the emerging endowment puzzle through the lens of economic exposures and portfolio risk.
We look beneath the apparent alpha of the top-performing Large Growth funds to ask what may really be driving the returns, and what that could mean for portfolio risk.
Can annual endowment returns reveal a concentrated private-market exposure before the underlying position becomes transparent? The recent SpaceX disclosures give us an unusual opportunity to test that question.
Using the Western Asset / Leech case as a study, we show how return-based surveillance can identify exposure drift, selection divergence, and performance deterioration that warrant closer due-diligence review.
Media Coverage
In the Feb. 15, 2026 Sunday edition of The Wall Street Journal, reporter Heather Gillers examined how elite university endowments are reassessing private equity amid slower distributions and a more crowded market. The story links to MPI’s Transparency Lab and includes an MPI chart (FY22–FY25) illustrating recent endowment performance in the context of Princeton University’s […]
“Style analysis is a useful tool that can illuminate how a portfolio operates if people understand how to use it, which Markov and his employees do, Sharpe said in an interview. “I would pay serious attention to the results they produce,” he said.” Justin Mitchell quotes Nobel-prize winner in Economics William Sharpe in his article.
“The quantitative analysis firm has a method for back-solving portfolios using returns rather than squishy self-reported allocations, and produced a study for Institutional Investor,” writes Leanna Orr about MPI in her article “David Swensen Is Great for Yale. Is He Horrible for Investing?”
Chris Flood from The Financial Times talks about MPI’s technology, its ability to reverse engineer hedge fund returns and applications from fund selection to managing risk and detecting potential fraud. “MPI’s software provides valuable insights into how a hedge fund delivers returns. It can help an investor understand whether a manager is adding value. If some […]
“This method allows firms to effectively deduce strategies at other firms and avoid potential counterparty risks, without being forced to wade through information…” The article “Criminal minds and increased surveillance” highlights MPI’s technology for non-intrusive Oversight and Surveillance.
“Michael Markov, C.E.O. of MPI, a quantitative research firm, said calculations using daily prices of AXA Rosenberg’s mutual fund portfolios suggest that by early 2009, there was “an apparent aberration” in the funds.” The New York Times’ Jeff Sommer features MPI’s analysis in a story “The Tremors From a Coding Error”.
“…(MPI) was hired by a fund two years ago to look into Fairfield Sentry’s returns and found that it was “statistically impossible to replicate them.” New York Times article “In Fraud Case, Middlemen in Spotlight” discusses how MPI found warning signs in Madoff’s returns.
“To folk who want to invest in hedge funds, as well as those who want to invest like hedge funds, Markov Processes has a lot to offer…” The Economist article “In the garden of good and evil” discusses MPI’s expertise in quantitative analysis and replication of hedge funds
