Quiver Top Lobbying Spenders
This strategy takes an equal-weighted position in 10 publicly-traded companies that have reported the most lobbying spending over the last quarter.
*Vertical reference line denotes the end of simulated backtest data and the start of live performance data.
** Performance data is calculated using the average returns of all accounts with more than $100 invested in this strategy.
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The Lobbying Disclosure Act of 1995 requires lobbyists in the United States to disclose information about their activities, such as their clients, which issues they are lobbying on, and how much they are being paid. This data is scraped and mapped to stock tickers to track which companies are spending money for legislative influence. Investing in companies with the largest lobbying expenditures has been found to have historically produced excess returns while having low turnover. These companies are positioned to benefit from favorable legislation that has potential to be influenced by their lobbying efforts. This portfolio is rebalanced at the start of every month.
Key Considerations
We use a rolling window for lobbying disclosures in an attempt to capture the full quarter’s lobbying expenditure. Large lobbying disclosures for a company on the same issue are often done quarterly with a semi-consistent interval, so there is potential for a company to move out of the rankings for one (or more) rebalance periods if the two disclosures are spread out, and conversely for a company to move into the ranking during a rebalance window if the two disclosures are closer together.
Lobbying disclosures are filed under a company’s legal name, and are not mapped to tickers at the source. Because of this, there is a risk of mapping lobbying disclosures to the wrong company, or missing disclosures that are filed under a subsidiary or other name. While we have taken steps to mitigate this risk, it presents the possibility for erroneous data. This strategy invests in fractional shares when available. When not available, it will invest in the nearest (lower) whole number of shares. Please note that this number may be 0 if your investment in this strategy is sufficiently low, meaning our investment strategy advertised returns will be different from your returns.