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Dimensional Fund Advisors (DFA) is an investment firm headquartered in Austin, Texasmarker with regional offices in Sydney, London, Vancouver, Santa Monica and Chicago. The company was founded in 1981 by David G. Booth and Rex Sinquefield, both M.B.A. graduates of the University of Chicago Booth School of Business.

DFA's objective is to use the insights of Modern Portfolio Theory to produce more efficient investment vehicles. The company's board of directors includes Myron Scholes and Robert C. Merton, both of whom won the Nobel Prize for economics. The late Merton Miller, another Nobel laureate, was also on the board of directors. Other directors include leading economists such as Eugene Fama, Kenneth French, and Roger G. Ibbotson.

The company rejects stock-picking and market timing and use enhanced indexing to design portfolios and limit trading costs. Their investment philosophy emphasizes five "dimensions" that determine investment results – hence the firm's name. For example, one of their stock funds might overweight small-cap stocks and value stocks, to emphasize the dimensions of "size" and "price."

Dimensional has more than $160 billion under management . Its hundreds of mutual funds, trusts, and other portfolios are not offered directly to the public, but only to institutional investors and through registered fee-based only investment advisers. The company is owned by its employees, board members and a number of outside investors, which as of 2005 was reported to include Governor Arnold Schwarzenegger of California.See

On November 6, 2008, the University of Chicagomarker Graduate School of Business announced a $300 million dollar gift in DFA stock from David Booth. The school has been renamed as the University of Chicago Booth School of Business.

See also



Notes

  1. "The New Indexing," an article by Eugene Fama on DFA's site: http://www.dfaus.com/library/articles/new_indexing/
  2. The truth about Arnold, by Peter Byrne. salon.com, February 15 2005; see also Schwarzenegger’s Next Goal on Dogged, Ambitious Path, by Bernard Weinraub and Charlie LeDuff. New York Times, August 17, 2003.
  3. "The Evolution of an Investor", by Michael Lewis. "Portfolio Magazine", December 2007.
  4. Associated Press, Alum gives U of Chicago $300M for business school
  5. The University of Chicago Booth School of Business


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