RT Journal Article SR Electronic T1 Practical Applications of On the Holy Grail of “Upside Participation and Downside Protection” JF Practical Applications FD Institutional Investor Journals SP 1 OP 3 DO 10.3905/pa.2015.3.2.132 VO 3 IS 2 A1 Edward Qian A1 Barbara J. Mack YR 2015 UL https://pm-research.com/content/3/2/1.12.abstract AB On the Holy Grail of “Upside Participation and Downside Protection” Edward Qian If you are passionate about what qualifies as a good defensive strategy and how it relates to the traditional definitions of alpha and beta, or about the benefits of active management, you’ll want to read this report.In On the Holy Grail of “Upside Participation and Downside Protection” , Eddie Qian , Chief Investment Officer in the Multi-Asset Group at PanAgora Asset Management introduces a new tool, the Participation Ratio Difference (PRD), to measure the level of upside participation relative to downside protection.How might a strategy prosper when the market is good, while capping the downside when things take a turn for the worse? To answer that question, one must understand what downside protection really means, Qian says.TOPICS: Financial crises and financial market history, accounting and ratio analysis, statistical methods