Windham in the News


Press Release: Windham Capital’s CEO Mark Kritzman Wins 2013 Peter L. Bernstein Award for Best Paper in an Institutional Investor Journal

Mark Kritzman, Will Kinlaw and David Turkington recognized for extraordinary and compelling research

BOSTON, MA (October 18, 2013) – CEO of Windham Capital Management, Mark Kritzman, and State Street Associates executives Will Kinlaw and David Turkington have been awarded the 2013 Peter L. Bernstein Award for their article, Liquidity and Portfolio Choice: A Unified Approach. The article illustrates innovative techniques for investors to determine the optimal allocation to illiquid assets. The piece appeared in the Winter 2013 issue of The Journal of Portfolio Management, which is published by the Institutional Investor, Inc.’s Journals Group.

“While investors recognize the importance of having liquidity in a portfolio, they have long struggled to determine how to balance it with expected return and risk,” said Mr. Kritzman, who has published over 60 papers since 1988 on various finance topics. “I am honored that Institutional Investor Journals has recognized our research for integrating liquidity with expected return and risk. Hopefully this recognition will encourage investors to address liquidity more rigorously and with greater clarity.”

The award submissions were blind-reviewed by an independent committee comprised of investment experts from industry and academia. The award is named for Peter L. Bernstein, the celebrated economic historian, consultant, and Founding Editor of The Journal of Portfolio Management. The Peter L. Bernstein Award honors extraordinary and compelling research published in any of Institutional Investor’s market-leading journals over the past year. The criteria included three core elements: original or new approach to the field or subject of study; surprising and/or insightful results or implications of the study; and both practical and academic relevance.

Mr. Kritzman founded Windham Capital in 1988, focused on providing research around various risk-driven investment techniques to the investment community. Today Windham Capital is a research-based asset management firm that provides proprietary risk management innovations and customized investment techniques to sophisticated investors. The firm’s unique investment management approach, Windham Risk Regime InvestingTM, is based on Mr. Kritzman’s research into market fragility and financial turbulence, and uses dynamic asset allocation to manage through changing market conditions.

In addition to his position at Windham Capital Management, Mark Kritzman teaches a graduate finance course at the Massachusetts Institute of Technology. He is both a founding partner and board member of State Street Associates, an industry-leading investment research think tank. Mr. Kritzman has also served on several corporate and non-profit boards and is a member of several advisory and editorial boards. He has won numerous other prestigious finance awards, including the Graham and Dodd Scroll, the Bernstein-Fabozzi/Jacobs-Levy Award, and the Roger F. Murray First Prize from the Q-Group

About Windham Capital Management

Boston-based Windham Capital Management is an independent asset management firm, focused on risk-based investment solutions. Founded in 1988 Windham is widely known for its pioneering research and its impact on the way institutional investors manage assets. Windham provides investment management for institutional investors and intermediaries. Armed with innovative research and proprietary risk management, Windham creates and manages portfolios designed to increase the probability of investment success in both calm and turbulent markets. Key inputs to this process are Windham’s proprietary risk measures, which reflect financial market sensitivity to changes in levels of market turbulence and seek to provide an early warning signal to fragile markets. For more information, please visit

Back to News