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Steve Sapra

Senior Advisor
Mr. Sapra is a senior advisor to PIMCO and professor of economics at the University of Southern California, where he is also co-director of the USC mathematical finance graduate program. Prior to 2023, he was an executive vice president and quantitative research analyst at PIMCO, focusing on client solutions and analytics with an emphasis on defined contribution solutions. He was also a member of PIMCO’s glide path leadership team, which is responsible for the development and implementation of the firm's target date glide path. Prior to joining PIMCO in 2012, he was a managing director at TOBAM, a quantitative asset manager headquartered in Paris. From 1999–2010, Mr. Sapra served as a portfolio manager at Analytic Investors, based in Los Angeles. Mr. Sapra has written and spoken extensively on issues pertaining to investing and risk management and has published papers in several journals including the Financial Analysts Journal, Journal of Portfolio Management, and Journal of Retirement. He holds a Ph.D. in economics from Claremont Graduate University and a master's degree in economics from the University of Southern California.
Quantitative Research and Analytics

We show that the return to a defensive equity portfolio can be decomposed into a hedging component and a component that seeks to generate returns.

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