Si le interesa saber cómo se gestiona, en este enlace tiene una entrevista de Meb Faber al gestor, Pim Van Vliet. No es solo low-vol, se trata de una estrategia multifactorial, pero él lo explica mejor de lo que yo les pueda resumir.
Pim agrees with Rob in that valuation does matter. If you only look at low-vol, you might end up buying “expensive defensive”. If so, then yes, your expected returns will be lower. That’s why Pim includes a value filter. He looks at “multi-factor defensive”. Pim mentions Cliff Asness and notes that he likes incorporating momentum into his approach as well.