answer-24bb8ada
author: Paul R. Kenney
text: Kenney holds a Bachelor of Arts from Saint Michael's College (1983) and a Master of Science in Finance from Bentley College (1988).
type: Answer

answer-4e9bc578
author: Paul R. Kenney
text: Inquiries regarding speaking engagements, media interviews, or industry commentary can be submitted through the contact page.
type: Answer

answer-5eaa77b0
author: Paul R. Kenney
text: Paul R. Kenney, Jr., CFA, is an investment industry executive with a career spanning corporate pension management, institutional investment consulting, and index product development. He currently serves as SVP, Client Solutions at Syntax Data / Syntax Advisors, LLC. He previously spent nearly two decades as a Partner at NEPC, LLC, leading the firm's Detroit office, and began his career managing Ford Motor Company's U.S. Defined Benefit Plan.
type: Answer

answer-63790419
author: Paul R. Kenney
text: Yes. Kenney is a CFA charterholder, reflecting his background in institutional asset management, pension consulting, and index-based investment solutions.
type: Answer

answer-6da954a4
author: Paul R. Kenney
text: Before joining NEPC, Kenney managed Ford Motor Company's U.S. Defined Benefit Plan, giving him direct experience overseeing a large corporate pension program before moving into institutional investment consulting.
type: Answer

answer-89f0c809
author: Paul R. Kenney
text: Kenney serves as SVP, Client Solutions at Syntax Data / Syntax Advisors, LLC, having joined the firm in May 2021 as Managing Director of Product Development and Client Solutions. In this capacity he works on the firm's custom and direct-indexing solutions, client relationships, and published research.
type: Answer

answer-b3ac6337
author: Paul R. Kenney
text: Kenney has authored or co-authored numerous bylined research papers for Syntax Data covering direct indexing, custom index construction, sector-specific index profiles, and ESG themes, alongside contributed articles and interviews in outlets including Kiplinger and Benzinga.
type: Answer

answer-edbbe856
author: Paul R. Kenney
text: Kenney was a Partner at NEPC, LLC, where he led the firm's Detroit office and served as Team Leader for its Corporate Defined Benefit and Healthcare practices. His tenure at NEPC ran from the early 2000s until his move to Syntax Advisors in 2021.
type: Answer

A Multi-Dimensional Peer Analysis of Anthropic
abstract: A peer-analysis piece examining Anthropic against comparable companies across several dimensions relevant to institutional and advisor audiences tracking the AI sector.
author: Paul R. Kenney
author: Paul Kenney
date published: 2026-02-18
description: A peer-analysis piece examining Anthropic against comparable companies across several dimensions relevant to institutional and advisor audiences tracking the AI sector.
is part of: Paul Kenney
publisher: org-syntax-data
type: Article

Becker's Healthcare: Will strategic investments in healthcare be a short-lived trend or the new normal?
abstract: Kenney, writing as a Partner at NEPC, examines the rise of hospitals and health systems investing directly in healthcare companies or through healthcare-focused private equity funds as a way to drive clinical innovation and financial returns. Drawing on an NEPC survey of 21 healthcare providers, he reports that 71% were either already making strategic investments or considering them, though most held five or fewer at the time — and that the trend was concentrated among larger organizations, with the majority of respondents holding over $1 billion in operating assets. He walks through the key decisions providers face: whether to invest directly or through funds (nearly half do both, though most found evaluating direct deals far more daunting than fund investments), whether to pursue a broad or targeted sector approach, how to measure clinical and financial success given the longer timelines involved, and how to coordinate between treasury/finance and innovation teams, which he found was often a weak link. Kenney concludes that despite being an early-stage trend, strategic investing is likely to become as routine for well-resourced health systems as alternatives or liability-driven investing have become, provided organizations approach it with patience and sound governance.
author: Paul R. Kenney
author: Paul Kenney
date published: 2018-08-23
description: Kenney, writing as a Partner at NEPC, examines the rise of hospitals and health systems investing directly in healthcare companies or through healthcare-focused private equity funds as a way to drive clinical innovation and financial returns. Drawing on an NEPC survey of 21 healthcare providers, he reports that 71% were either already making strategic investments or considering them, though most held five or fewer at the time — and that the trend was concentrated among larger organizations, with the majority of respondents holding over $1 billion in operating assets. He walks through the key decisions providers face: whether to invest directly or through funds (nearly half do both, though most found evaluating direct deals far more daunting than fund investments), whether to pursue a broad or targeted sector approach, how to measure clinical and financial success given the longer timelines involved, and how to coordinate between treasury/finance and innovation teams, which he found was often a weak link. Kenney concludes that despite being an early-stage trend, strategic investing is likely to become as routine for well-resourced health systems as alternatives or liability-driven investing have become, provided organizations approach it with patience and sound governance.
is part of: Paul Kenney
publisher: org-nepc-llc
type: Article

Building Bridges: Understanding & Navigating the Structural Divide Between Private & Public Markets
abstract: Kenney examines how private companies now stay private longer, prompting managers to court retail investors as an untapped source of capital. He explains that private markets lack the disclosure and real-time pricing public markets have, leaving investors reliant on GP-reported valuations that lag behind current conditions. Only a few hundred of roughly 300,000 private companies trade with enough secondary volume for reliable pricing. He notes that the most liquid private-market segment is even more concentrated than the S&P 500, both in its largest holdings and its heavy tilt toward technology, with SpaceX's IPO reinforcing that skew. Kenney concludes that better data, secondary pricing, and index construction are gradually closing the gap between private and public markets, giving investors more confidence as access to this space widens.
author: Paul R. Kenney
author: Paul Kenney
date published: 2026-07-14
description: Kenney examines how private companies now stay private longer, prompting managers to court retail investors as an untapped source of capital. He explains that private markets lack the disclosure and real-time pricing public markets have, leaving investors reliant on GP-reported valuations that lag behind current conditions. Only a few hundred of roughly 300,000 private companies trade with enough secondary volume for reliable pricing. He notes that the most liquid private-market segment is even more concentrated than the S&P 500, both in its largest holdings and its heavy tilt toward technology, with SpaceX's IPO reinforcing that skew. Kenney concludes that better data, secondary pricing, and index construction are gradually closing the gap between private and public markets, giving investors more confidence as access to this space widens.
is part of: Paul Kenney
publisher: org-advisor-perspectives
type: Article

Client story: Syntax
about: Paul R. Kenney
alternative headline: Client story: Syntax
date published: 2024
description: This is a Preqin customer case study describing how Syntax integrated Preqin's private-company data to extend its proprietary classification technology, the Functional Information System (FIS®), from public markets into private markets. Syntax needed a reliable data source covering sponsor-backed private equity and venture capital-owned companies to fuel its classification engine, since data quality and availability for private firms lags far behind public company data. The company chose Preqin's Data Feeds API to process information on over 100,000 U.S. private companies, with Kenney, quoted in his role as SVP, Client Solutions, noting that the API was the most efficient way to integrate and manage that volume of data at scale. Syntax's team describes how the API eliminated manual data-gathering work, enabling an automated pipeline that refreshes company data daily. The case study reports that Syntax's beta test produced private-company profiles approaching the quality of its existing public-market coverage, and notes the company's plans to expand into global private-company data going forward.
publisher: Preqin
type: NewsArticle

Data, Custom Indexing Reshape Public Equity Portfolios
about: Paul R. Kenney
alternative headline: Data, Custom Indexing Reshape Public Equity Portfolios
date published: 2025-08-01
description: This article examines how growing access to trading data is letting institutional investors and advisors move beyond traditional benchmarks and build portfolios tailored to specific sector exposures and risk factors. It features commentary from several industry voices, including NEPC's Nedelina Petkova, who notes clients increasingly use custom indexes to tilt toward favored themes like AI or clean energy, or to screen out sectors like tobacco or fossil fuels. Kenney, identified as SVP of Client Solutions at Syntax Data, argues that passive strategies will keep migrating toward direct indexing because it can diversify a portfolio while trimming the number of holdings an investor has to track — noting that a portfolio spanning U.S. large-cap, small-cap, and international indices might otherwise hold anywhere from 1,500 to over 3,000 individual securities. He adds that investment managers will increasingly need technical fluency as AI-driven tools become more central to the business. The piece also cites Michael Ashley Schulman of Running Point Capital Advisors, who frames custom indexing as a way to avoid overconcentration in individual stocks that come bundled into standard ETFs, and Ben McMillan of IDX Advisors, who argues direct indexing has shifted from a nice-to-have to a near-essential tool for investors since the COVID-19 pandemic.
publisher: Chief Invesment Officer
type: NewsArticle

Direct Investing: Tips for Setting A Program Up for Success
abstract: Kenney lays out practical guidance for family offices building a direct-investment program, building on the mixed performance findings from his earlier piece. He frames several key strategic choices: pairing direct deals with GP-led fund investments rather than treating them as either/or, weighing active board-level involvement against more passive participation, and favoring buyout-style deals over venture capital, where information asymmetries and high failure rates make direct investing especially hard. He also addresses co-investing versus solo deals, sector-focused versus generalist approaches, whether to build capabilities in-house or lean on outside experts, and the tradeoffs of investing alongside partners. He closes with three core recommendations: rigorous due diligence focused on the family office's real competitive edge rather than just fee savings, strong governance around capital-deployment decisions and follow-on financing rounds, and self-awareness about organizational blind spots so investment size and complexity stay within the office's actual capabilities.
author: Paul R. Kenney
author: Paul Kenney
date published: 2019-09-03
description: Kenney lays out practical guidance for family offices building a direct-investment program, building on the mixed performance findings from his earlier piece. He frames several key strategic choices: pairing direct deals with GP-led fund investments rather than treating them as either/or, weighing active board-level involvement against more passive participation, and favoring buyout-style deals over venture capital, where information asymmetries and high failure rates make direct investing especially hard. He also addresses co-investing versus solo deals, sector-focused versus generalist approaches, whether to build capabilities in-house or lean on outside experts, and the tradeoffs of investing alongside partners. He closes with three core recommendations: rigorous due diligence focused on the family office's real competitive edge rather than just fee savings, strong governance around capital-deployment decisions and follow-on financing rounds, and self-awareness about organizational blind spots so investment size and complexity stay within the office's actual capabilities.
is part of: Paul Kenney
publisher: org-wealth-management
type: Article

Direct Investment: What Do The Numbers Say?
abstract: Kenney examines the limited data available on the performance of direct private investments and finds the results mixed at best for family offices. While direct investing appeals to wealthy individuals because it avoids the management and performance fees charged by private equity funds, he notes there's little proof it beats fund benchmarks — individual investors struggle to match the experience, networks, and deal access of professional PE firms. Drawing on a 2014 academic study of seven large institutional investors (average AUM of $94 billion, 390 transactions from 1991–2011), he reports that co-investments tended to underperform the funds they rode alongside — largely due to adverse deal selection in hot markets — while solo direct deals outperformed funds overall, though both approaches lost ground over time. The piece concludes that proximity and hands-on involvement improved outcomes, and that direct investing is toughest to pull off in areas like venture capital, where general partners hold a strong information edge.
author: Paul R. Kenney
author: Paul Kenney
date published: 2019-08-23
description: Kenney examines the limited data available on the performance of direct private investments and finds the results mixed at best for family offices. While direct investing appeals to wealthy individuals because it avoids the management and performance fees charged by private equity funds, he notes there's little proof it beats fund benchmarks — individual investors struggle to match the experience, networks, and deal access of professional PE firms. Drawing on a 2014 academic study of seven large institutional investors (average AUM of $94 billion, 390 transactions from 1991–2011), he reports that co-investments tended to underperform the funds they rode alongside — largely due to adverse deal selection in hot markets — while solo direct deals outperformed funds overall, though both approaches lost ground over time. The piece concludes that proximity and hands-on involvement improved outcomes, and that direct investing is toughest to pull off in areas like venture capital, where general partners hold a strong information edge.
is part of: Paul Kenney
publisher: org-wealth-management
type: Article

Direct Investments Explained
abstract: A WealthManagement.com piece breaking down direct investment approaches for institutional and high-net-worth audiences, continuing the direct-investing themes NEPC published across a multi-part series Kenney contributed to.
author: Paul R. Kenney
author: Paul Kenney
date published: 2019-08-19
description: A WealthManagement.com piece breaking down direct investment approaches for institutional and high-net-worth audiences, continuing the direct-investing themes NEPC published across a multi-part series Kenney contributed to.
is part of: Paul Kenney
publisher: org-wealth-managament
type: Article

Direct Investments
abstract: An NEPC insights piece on direct investment strategies for institutional portfolios, part of a broader series exploring direct investing approaches published c. 2019–2021.
author: Paul R. Kenney
author: Paul Kenney
date published: 2019-10-11
description: An NEPC insights piece on direct investment strategies for institutional portfolios, part of a broader series exploring direct investing approaches published c. 2019–2021.
is part of: Paul Kenney
publisher: org-nepc-llc
type: Article

Do You Know What You Own? How Much Technology is Really in the S&P 500?
abstract: Prompted by a broad tech-driven sell-off that hit companies across multiple GICS sectors, Kenney argues that standard sector classification badly understates how much of the S&P 500 is actually exposed to technology. While the Information Technology sector officially accounted for 27.6% of the index at the time, he shows that a more accurate figure, capturing technology exposure embedded across other sectors, is 42%. He explains that GICS falls short because it assigns companies to a single sector based on their primary business (missing secondary tech-driven revenue, as with Amazon's cloud business), applies a one-size-fits-all sector structure that can't isolate cross-sector themes, and updates its category definitions too slowly to reflect real shifts in how companies operate, such as the 2018 creation of the Communication Services sector. Using Syntax's Affinity data, which tags companies by underlying product line rather than primary business, Kenney recalculates the index's true technology exposure and breaks down its composition across software, hardware, fintech, and infrastructure businesses spanning six different GICS sectors. He also shows that this more accurate tech exposure has climbed above levels last seen during the 2000 tech bubble, accelerating through the pandemic, and argues that even without predicting what comes next, quantifying true thematic exposure is an essential first step for investors managing concentration risk.
author: Paul R. Kenney
author: Paul Kenney
date published: 2021-10-06
description: Prompted by a broad tech-driven sell-off that hit companies across multiple GICS sectors, Kenney argues that standard sector classification badly understates how much of the S&P 500 is actually exposed to technology. While the Information Technology sector officially accounted for 27.6% of the index at the time, he shows that a more accurate figure, capturing technology exposure embedded across other sectors, is 42%. He explains that GICS falls short because it assigns companies to a single sector based on their primary business (missing secondary tech-driven revenue, as with Amazon's cloud business), applies a one-size-fits-all sector structure that can't isolate cross-sector themes, and updates its category definitions too slowly to reflect real shifts in how companies operate, such as the 2018 creation of the Communication Services sector. Using Syntax's Affinity data, which tags companies by underlying product line rather than primary business, Kenney recalculates the index's true technology exposure and breaks down its composition across software, hardware, fintech, and infrastructure businesses spanning six different GICS sectors. He also shows that this more accurate tech exposure has climbed above levels last seen during the 2000 tech bubble, accelerating through the pandemic, and argues that even without predicting what comes next, quantifying true thematic exposure is an essential first step for investors managing concentration risk.
is part of: Paul Kenney
publisher: org-syntax
type: Article

ETFs Vs. Direct Indexing: How Advisors Are Building The Next Generation Of Portfolios
abstract: This piece explores how direct indexing is emerging as a complement to, rather than a replacement for, ETFs in advisor portfolios. Kenney, quoted throughout as SVP of Client Solutions at Syntax Data, argues that while ETFs remain valuable for their simplicity, liquidity, and cost efficiency, they can't yet match the customization, precision, and tax optimization that direct indexing offers. He points to inconsistencies among cybersecurity-themed ETFs as an example of how different providers can implement the same investment theme in very different ways, whereas a direct index lets an advisor define exactly what characteristics they want, removing ambiguity about what's actually being held. The article also cites SSGA's Allison Bonds Mazza, who notes that direct indexing has become more accessible thanks to technological advances that reduce its historical cost and complexity. Kenney illustrates a practical 'core-satellite' use case: a family with significant real estate exposure using a broad Russell 3000 ETF as a core holding while adding a direct index built around non-residential REITs to avoid doubling up on housing risk. He concludes that the choice isn't ETFs versus direct indexing, but rather how advisors blend the two to fit each client's needs, with ETFs serving as the portfolio's foundation and direct indexing layered on top for personalization.
author: Paul R. Kenney
author: Paul Kenney
date published: 2025-09-09
description: This piece explores how direct indexing is emerging as a complement to, rather than a replacement for, ETFs in advisor portfolios. Kenney, quoted throughout as SVP of Client Solutions at Syntax Data, argues that while ETFs remain valuable for their simplicity, liquidity, and cost efficiency, they can't yet match the customization, precision, and tax optimization that direct indexing offers. He points to inconsistencies among cybersecurity-themed ETFs as an example of how different providers can implement the same investment theme in very different ways, whereas a direct index lets an advisor define exactly what characteristics they want, removing ambiguity about what's actually being held. The article also cites SSGA's Allison Bonds Mazza, who notes that direct indexing has become more accessible thanks to technological advances that reduce its historical cost and complexity. Kenney illustrates a practical 'core-satellite' use case: a family with significant real estate exposure using a broad Russell 3000 ETF as a core holding while adding a direct index built around non-residential REITs to avoid doubling up on housing risk. He concludes that the choice isn't ETFs versus direct indexing, but rather how advisors blend the two to fit each client's needs, with ETFs serving as the portfolio's foundation and direct indexing layered on top for personalization.
is part of: Paul Kenney
publisher: Benzinga
type: Article

ETFs vs Direct Indexing: How Advisors Are Building the Next Generation of Portfolios
about: Paul R. Kenney
alternative headline: ETFs vs Direct Indexing: Building Tomorrow's Portfolios
author: Paul Kenney
date published: 2025-09-09
description: A Benzinga feature on how advisors are weighing ETFs against direct indexing when constructing next-generation client portfolios, drawing on Kenney's perspective from Syntax Advisors, with direct quotes and interview commentary.
publisher: Benzinga
type: NewsArticle

How Useful Is AI in Institutional Investing Right Now?
about: Paul R. Kenney
alternative headline: Artificial intelligence can make a major contribution by interpreting data, but it will not generate alpha on its own; human analysts remain better with ‘intangible’ information.
date published: 2025-10-01
description: This article examines how institutional investors are integrating AI into their workflows, concluding the technology currently works best paired with human judgment rather than as a standalone tool. Kenney, identified as SVP at Syntax Data, is quoted on how advances in software and processing power now allow more sophisticated combinations of investment factors for portfolio construction and signal extraction, and argues AI's key value lies in helping separate meaningful data from noise. The piece cites a 2024 Journal of Financial Economics paper finding AI tools outperformed humans in about 54.5% of stock predictions, while humans retained an edge in understanding the institutional context behind firms and industries, reinforcing the case for a combined human-AI approach. It also features Stas Melnikov of SAS, who cautions that AI alone can't manufacture alpha from public information, since any pattern discoverable by a language model would already be known to other market participants and thus arbitraged away. The article frames AI as an increasingly embedded but still complementary tool in institutional investing rather than a replacement for human expertise.
publisher: Chief Investment Officer
type: NewsArticle

In Recognition of Financial Advisors – What They Do and Where They Are Going
abstract: Kenney reflects on the evolving role of the financial advisor, considering how client relationships, technology, and portfolio construction have shifted the profession's day-to-day responsibilities and its future direction.
author: Paul R. Kenney
author: Paul Kenney
date published: 2025-06-12
description: Kenney reflects on the evolving role of the financial advisor, considering how client relationships, technology, and portfolio construction have shifted the profession's day-to-day responsibilities and its future direction.
is part of: Paul Kenney
publisher: org-syntax-data
type: Article

Investors Know They Own Too Much Tech. This Analysis Shows That It’s Worse Than They Think.
about: Paul R. Kenney
alternative headline: Investors Know They Own Too Much Tech. This Analysis Shows That It’s Worse Than They Think.
date published: 2021-11-16
description: This article covers Syntax Advisors' then-unreleased research paper finding that S&P 500 index investors have nearly 15 percentage points more technology exposure than standard sector measures suggest, roughly 42% versus the commonly cited 27.6% under GICS. The piece explains that Syntax's classification approach profiles companies by their underlying product lines rather than a single primary sector, revealing tech exposure hidden inside companies like Amazon that traditional systems assign elsewhere. It quotes Syntax product strategist Simon Whitten, who argues current tech concentration in the S&P 500 now rivals how deeply financials permeated markets before the 2008 financial crisis, warning that a shift in sentiment away from tech 'will take 42 percent of the market with it.' Kenney, described as Syntax's head of product development and client solutions and previously a nearly 20-year veteran of NEPC who managed Ford Motor Company's pension plan, is quoted arguing that traditional sector-based classification is outdated for capturing modern portfolio risk. The article situates the research within a broader institutional trend toward more precise, factor- and product-line-based tools for understanding portfolio concentration, particularly as pension funds and other large investors increasingly rely on cap-weighted index funds without fully grasping their underlying tech exposure.
publisher: Institutional Investor
type: NewsArticle

Is Your Portfolio Leaning Too Hard On A Few Stocks?
about: Paul R. Kenney
alternative headline: Is Your Portfolio Leaning Too Hard On A Few Stocks?
author: Paul Kenney
date published: 2026-03-25
description: This is a Q&A with Kenney explaining how the Syntax Stratified LargeCap Index differs from traditional cap-weighted benchmarks like the S&P 500. He describes how the index holds the same stocks as the S&P 500 but reweights them by equally balancing exposure across sectors, sub-sectors, and industries, aiming to reduce the concentration risk that builds up in a handful of mega-cap tech names. Kenney points out that the S&P 500's top 10 holdings made up nearly 39% of the index at the end of 2024, with names like Apple, Microsoft, and NVIDIA individually rivaling the weight of entire sectors like Energy or Consumer. He walks through the index's rebalancing approach, which mirrors the S&P 500's quarterly schedule for cost and comparability reasons, and addresses the main criticism of the strategy: that it can lag during narrow, momentum-driven bull markets. He suggests the index works well either as a core holding or as a complement to the S&P 500 to soften its tech concentration. Comparing stratification to equal-weighting and factor investing, Kenney argues it offers a more transparent and intuitive way to balance business risk without taking an implicit bullish or bearish stance on any one sector.
publisher: Stratified
type: NewsArticle

Know What You Own: Underlying Concentration Risks Embedded in Domestic, International, and Emerging Markets Equity Indices
abstract: Kenney uses Syntax's proprietary classification framework to show that standard geographic benchmarks carry more hidden sector concentration than conventional classification systems reveal. Looking at the S&P 1500, MSCI EAFE, and MSCI Emerging Markets indices, he finds true technology exposure runs well above reported GICS figures, with the S&P 1500's tech weight reaching 40% and MSCI EM's reaching 34% once software- and hardware-driven product lines are captured across sector lines. He also highlights that MSCI EAFE and MSCI EM carry roughly twice the Financials exposure of the U.S. market, with MSCI EM particularly concentrated in banking, and that all three indices carry meaningful exposure to Industrials and commodity-linked businesses, with MSCI EM showing the strongest tilt toward metals and chemicals. On single-stock risk, he notes that the S&P 1500 and MSCI EM both have notable top-10 concentration, driven largely by mega-cap tech names like Apple, Microsoft, and Taiwan Semiconductor, while MSCI EAFE is comparatively diversified. Kenney concludes that investors relying on geographic diversification alone may be underestimating the sector and single-stock risks embedded in their portfolios, and argues that more granular classification data can better inform asset allocation and manager selection.
author: Paul R. Kenney
author: Paul Kenney
date published: 2023-09-23
description: Kenney uses Syntax's proprietary classification framework to show that standard geographic benchmarks carry more hidden sector concentration than conventional classification systems reveal. Looking at the S&P 1500, MSCI EAFE, and MSCI Emerging Markets indices, he finds true technology exposure runs well above reported GICS figures, with the S&P 1500's tech weight reaching 40% and MSCI EM's reaching 34% once software- and hardware-driven product lines are captured across sector lines. He also highlights that MSCI EAFE and MSCI EM carry roughly twice the Financials exposure of the U.S. market, with MSCI EM particularly concentrated in banking, and that all three indices carry meaningful exposure to Industrials and commodity-linked businesses, with MSCI EM showing the strongest tilt toward metals and chemicals. On single-stock risk, he notes that the S&P 1500 and MSCI EM both have notable top-10 concentration, driven largely by mega-cap tech names like Apple, Microsoft, and Taiwan Semiconductor, while MSCI EAFE is comparatively diversified. Kenney concludes that investors relying on geographic diversification alone may be underestimating the sector and single-stock risks embedded in their portfolios, and argues that more granular classification data can better inform asset allocation and manager selection.
is part of: Paul Kenney
publisher: org-syntax
type: Article

Benchmarks Must Be Chosen Carefully To Avoid Structural Risks
abstract: Kenney challenges the assumption that benchmark selection is a neutral, default decision, opening with an example showing that 'sector-neutral' is defined relative to a benchmark like the S&P 500, not by literal equal weighting. He shows how benchmarks quietly evolve over time, noting that the Bloomberg U.S. Aggregate Bond Index's duration has swung meaningfully over the past 20 years and that its Treasury weighting has nearly doubled as government debt issuance has grown, both of which reshape the risk embedded in the index. He also explores how benchmarks like the S&P 500 shape investor psychology, contrasting the disillusionment of the 2000s' flat decade with the FOMO-driven passive investing boom that followed the 2010s recovery. Citing the CFA Institute's SAMURAI framework, Kenney outlines seven criteria a benchmark should meet, including being specified in advance, appropriate to the manager's style, and genuinely investable, and distinguishes this from a simple return objective, which fails several of those tests despite feeling benchmark-like. He concludes that benchmarks can obscure structural risks, from tech concentration in the S&P 500 to rising Treasury dominance in the Aggregate Bond Index, and urges investors to select them deliberately rather than by default.
author: Paul R. Kenney
author: Paul Kenney
date published: 2025-12-10
description: Kenney challenges the assumption that benchmark selection is a neutral, default decision, opening with an example showing that 'sector-neutral' is defined relative to a benchmark like the S&P 500, not by literal equal weighting. He shows how benchmarks quietly evolve over time, noting that the Bloomberg U.S. Aggregate Bond Index's duration has swung meaningfully over the past 20 years and that its Treasury weighting has nearly doubled as government debt issuance has grown, both of which reshape the risk embedded in the index. He also explores how benchmarks like the S&P 500 shape investor psychology, contrasting the disillusionment of the 2000s' flat decade with the FOMO-driven passive investing boom that followed the 2010s recovery. Citing the CFA Institute's SAMURAI framework, Kenney outlines seven criteria a benchmark should meet, including being specified in advance, appropriate to the manager's style, and genuinely investable, and distinguishes this from a simple return objective, which fails several of those tests despite feeling benchmark-like. He concludes that benchmarks can obscure structural risks, from tech concentration in the S&P 500 to rising Treasury dominance in the Aggregate Bond Index, and urges investors to select them deliberately rather than by default.
is part of: Paul Kenney
name: Re-Evaluating The Status Quo: Benchmarks
publisher: org-wealth-solutions-report
type: Article

Reducing Friction and Improving Performance Through Direct Indexing
abstract: Kenney responds to a Wall Street Journal piece by Jason Zweig, which found that the S&P 500 Equal Weight Index's long-term outperformance over its cap-weighted counterpart largely evaporates once real-world trading costs are factored in, citing the Invesco RSP ETF's underperformance versus its own paper index. Kenney argues direct indexing offers a structural fix to that problem. He points out that separately-managed direct portfolios typically cost roughly half the expense ratio of a fund like RSP, and outlines three ways direct indexing can cut the turnover-driven friction Zweig highlighted: using buffer-based rebalancing instead of rigid quarterly schedules, holding a smaller representative set of securities rather than all 500 names, and trading opportunistically instead of on a fixed calendar. He also highlights tax-loss harvesting as a key advantage unavailable to pooled ETF investors, since direct-indexing investors hold individual tax lots that can be harvested for losses even when the overall index is up, citing academic estimates of 30 to 65 basis points in resulting 'tax alpha.' Kenney concludes that direct indexing lets advisors capture the theoretical benefits of strategies like equal-weighting while sidestepping the cost drag that limits pooled fund vehicles.
author: Paul R. Kenney
author: Paul Kenney
date published: 2026-03-10
description: Kenney responds to a Wall Street Journal piece by Jason Zweig, which found that the S&P 500 Equal Weight Index's long-term outperformance over its cap-weighted counterpart largely evaporates once real-world trading costs are factored in, citing the Invesco RSP ETF's underperformance versus its own paper index. Kenney argues direct indexing offers a structural fix to that problem. He points out that separately-managed direct portfolios typically cost roughly half the expense ratio of a fund like RSP, and outlines three ways direct indexing can cut the turnover-driven friction Zweig highlighted: using buffer-based rebalancing instead of rigid quarterly schedules, holding a smaller representative set of securities rather than all 500 names, and trading opportunistically instead of on a fixed calendar. He also highlights tax-loss harvesting as a key advantage unavailable to pooled ETF investors, since direct-indexing investors hold individual tax lots that can be harvested for losses even when the overall index is up, citing academic estimates of 30 to 65 basis points in resulting 'tax alpha.' Kenney concludes that direct indexing lets advisors capture the theoretical benefits of strategies like equal-weighting while sidestepping the cost drag that limits pooled fund vehicles.
is part of: Paul Kenney
publisher: org-advisorpedia
type: Article

Rush University Medical Center and NEPC Use PFaroe
about: Paul R. Kenney
alternative headline: Rush University Medical Center and NEPC Use PFaroe
date published: 2017-03-22
description: Coverage of NEPC's use of the PFaroe risk-analytics platform with Rush University Medical Center to improve collaboration and effectiveness in asset-liability management; Kenney was quoted.
publisher: RiskFirst / Moody's Analytics
type: NewsArticle

Stratified LargeCap Q1 2025 Review
abstract: A quarterly performance review of the Syntax Stratified LargeCap Index, covering sector positioning and results relative to conventional cap-weighted benchmarks over the first quarter of 2025.
author: Paul R. Kenney
author: Paul Kenney
date published: 2025-05-01
description: A quarterly performance review of the Syntax Stratified LargeCap Index, covering sector positioning and results relative to conventional cap-weighted benchmarks over the first quarter of 2025.
is part of: Paul Kenney
publisher: org-syntax-data
type: Article

Syntax Advisors Hires Paul R. Kenney, Jr. as Managing Director
about: Paul R. Kenney
alternative headline: Syntax Advisors Hires Paul R. Kenney, Jr. as Managing Director
date published: 2021-05-05
description: Announcement of Kenney's appointment as Managing Director of Product Development and Client Solutions at Syntax Advisors, following his tenure at NEPC, with a direct quote from Kenney.
publisher: Business Wire
type: NewsArticle

Syntax Direct: A Direct-to-Index Solution Platform
abstract: An overview of the Syntax Direct platform, describing how it lets advisors build and manage customized, tax-aware direct indexing portfolios for clients at scale.
author: Paul R. Kenney
author: Paul Kenney
date published: 2024-11-22
description: An overview of the Syntax Direct platform, describing how it lets advisors build and manage customized, tax-aware direct indexing portfolios for clients at scale.
is part of: Paul Kenney
publisher: org-syntax-data
type: Article

Syntax Direct Case Study: Creating a Defensive Equity Index to Balance Portfolio Risk
abstract: A case study walking through the construction of a defensive equity index on the Syntax Direct platform, illustrating how direct indexing can be used to manage downside risk within a broader portfolio.
author: Paul R. Kenney
author: Paul Kenney
date published: 2025-04-03
description: A case study walking through the construction of a defensive equity index on the Syntax Direct platform, illustrating how direct indexing can be used to manage downside risk within a broader portfolio.
is part of: Paul Kenney
publisher: org-syntax-data
type: Article

Syntax Stratified LargeCap Q1 2024 Review
abstract: The prior year's quarterly review of the Syntax Stratified LargeCap Index, tracking how its diversified sector-weighting methodology performed through the first quarter of 2024.
author: Paul R. Kenney
author: Paul Kenney
date published: 2024-04-23
description: The prior year's quarterly review of the Syntax Stratified LargeCap Index, tracking how its diversified sector-weighting methodology performed through the first quarter of 2024.
is part of: Paul Kenney
publisher: org-syntax-data
type: Article

Syntax US Medical Innovations Index
abstract: An introduction to the Syntax US Medical Innovations Index, built to capture companies driving advances in medical technology, diagnostics, and treatment innovation.
author: Paul R. Kenney
author: Paul Kenney
date published: 2025-04-01
description: An introduction to the Syntax US Medical Innovations Index, built to capture companies driving advances in medical technology, diagnostics, and treatment innovation.
is part of: Paul Kenney
publisher: org-syntax-data
type: Article

Tech Has Simplified Direct Indexing, and That's Not the Only Reason Financial Advisers Should Make the Leap
abstract: A Kiplinger column arguing that technology has lowered the operational barriers to direct indexing, making the case for advisers to adopt it more broadly for their clients.
author: Paul R. Kenney
author: Paul Kenney
date published: 2026-04-16
description: A Kiplinger column arguing that technology has lowered the operational barriers to direct indexing, making the case for advisers to adopt it more broadly for their clients.
is part of: Paul Kenney
publisher: org-kiplinger
type: Article

The Best Story Wins: The Power of Presenting Data in New Ways
abstract: Kenney, SVP of Client Solutions at Syntax Data, makes the case that investment managers should reclaim ownership of their narrative rather than letting third-party evaluators like Morningstar flatten their strategies into ratings and style boxes. Opening with examples from Morgan Housel's Same as Ever on how compelling storytelling — not just novel ideas — drives influence, he argues managers can use data science and alternative data to tell a richer, more accurate story about their portfolios. He shows how structured, sentence-like tagging of company activities and resources can reveal a company's true business model (e.g., recasting Lyft as a software firm serving transportation rather than an industrial company), and uses Snap-On as an example of how single-product perception often hides a far more diversified revenue base. He also demonstrates how drilling into subsector-level detail — illustrated through a sample midcap portfolio's financials exposure — can overturn assumptions drawn from headline sector weights, and how custom thematic lenses (e.g., defensive equity, cloud computing) can highlight strategic traits that standard classifications miss. Kenney concludes that in a crowded market, managers who use these more granular data tools to shape their own narrative — rather than ceding it to generic classification systems — are better positioned to stand out.
author: Paul R. Kenney
author: Paul Kenney
date published: 2025-11-19
description: Kenney, SVP of Client Solutions at Syntax Data, makes the case that investment managers should reclaim ownership of their narrative rather than letting third-party evaluators like Morningstar flatten their strategies into ratings and style boxes. Opening with examples from Morgan Housel's Same as Ever on how compelling storytelling — not just novel ideas — drives influence, he argues managers can use data science and alternative data to tell a richer, more accurate story about their portfolios. He shows how structured, sentence-like tagging of company activities and resources can reveal a company's true business model (e.g., recasting Lyft as a software firm serving transportation rather than an industrial company), and uses Snap-On as an example of how single-product perception often hides a far more diversified revenue base. He also demonstrates how drilling into subsector-level detail — illustrated through a sample midcap portfolio's financials exposure — can overturn assumptions drawn from headline sector weights, and how custom thematic lenses (e.g., defensive equity, cloud computing) can highlight strategic traits that standard classifications miss. Kenney concludes that in a crowded market, managers who use these more granular data tools to shape their own narrative — rather than ceding it to generic classification systems — are better positioned to stand out.
is part of: Paul Kenney
publisher: org-advisor-perspectives
type: Article

The Future of Energy and the Syntax Power Solutions Index
abstract: A discussion of shifting energy-sector dynamics and how the Syntax Power Solutions Index is constructed to give investors targeted exposure to that transition.
author: Paul R. Kenney
author: Paul Kenney
date published: 2025-08-06
description: A discussion of shifting energy-sector dynamics and how the Syntax Power Solutions Index is constructed to give investors targeted exposure to that transition.
is part of: Paul Kenney
publisher: org-syntax-data
type: Article

The Hidden Cost in Investing: Negative Compounding & the Opportunity Cost of Fees
abstract: Kenney argues that investors underestimate how much fees really cost them, since the bigger hit isn't the fee itself but the compounded returns lost on that money over time. Using a hypothetical $100,000 invested in the S&P 500, he shows that a 1.25% all-in fee over 30 years costs an investor far more in lost compounding than in fees actually paid, with the combined effect wiping out roughly 30% of the portfolio's potential value. He calculates that trimming the fee by just a quarter point, from 1.25% to 1.00%, would save an investor about 120% of their original investment over three decades. Kenney closes by pointing to Syntax Direct, his firm's direct-indexing platform, as a way advisors can lower these costs for clients without cutting their own margins.
author: Paul R. Kenney
author: Paul Kenney
date published: 2025-05-06
description: Kenney argues that investors underestimate how much fees really cost them, since the bigger hit isn't the fee itself but the compounded returns lost on that money over time. Using a hypothetical $100,000 invested in the S&P 500, he shows that a 1.25% all-in fee over 30 years costs an investor far more in lost compounding than in fees actually paid, with the combined effect wiping out roughly 30% of the portfolio's potential value. He calculates that trimming the fee by just a quarter point, from 1.25% to 1.00%, would save an investor about 120% of their original investment over three decades. Kenney closes by pointing to Syntax Direct, his firm's direct-indexing platform, as a way advisors can lower these costs for clients without cutting their own margins.
is part of: Paul Kenney
publisher: org-advisor-perspectives
type: Article

The Multi-Faceted Nature of Client Service for Investment Advisors and Managers
abstract: Kenney argues that client service is far more layered than a simple satisfaction rating, shaped by both visible factors (like whether a client's issue gets resolved) and hidden ones (like a firm's internal systems and staff training). He outlines the broader forces that shape service quality generally, including how scalable person-to-person interactions are, how many products a firm offers, and firm-level factors like turnover and staffing. For investment advisors specifically, he points to the added strain of managing client emotions during market downturns and periods of underperformance. Drawing on his own experience as a plan sponsor, consultant, and investment manager, he identifies the personal traits he sees behind strong client service, describing it as an intuitive sense of when to reach out and a steady rhythm in the relationship. He closes with practical suggestions for advisory firms: survey clients directly, recognize that service expectations shift over time, invest in technology and data capabilities, monitor which relationships are at risk, and stay grounded in the client's own perspective.
author: Paul R. Kenney
author: Paul Kenney
date published: 2026-06-19
description: Kenney argues that client service is far more layered than a simple satisfaction rating, shaped by both visible factors (like whether a client's issue gets resolved) and hidden ones (like a firm's internal systems and staff training). He outlines the broader forces that shape service quality generally, including how scalable person-to-person interactions are, how many products a firm offers, and firm-level factors like turnover and staffing. For investment advisors specifically, he points to the added strain of managing client emotions during market downturns and periods of underperformance. Drawing on his own experience as a plan sponsor, consultant, and investment manager, he identifies the personal traits he sees behind strong client service, describing it as an intuitive sense of when to reach out and a steady rhythm in the relationship. He closes with practical suggestions for advisory firms: survey clients directly, recognize that service expectations shift over time, invest in technology and data capabilities, monitor which relationships are at risk, and stay grounded in the client's own perspective.
is part of: Paul Kenney
publisher: org-advisorpedia
type: Article

The Nine Planetary Boundaries: Climate Change & Biodiversity Loss
abstract: An ESG-focused primer on the nine planetary boundaries framework, connecting climate change and biodiversity loss to the considerations advisors and asset owners weigh in sustainable index construction.
author: Paul R. Kenney
author: Paul Kenney
date published: 2024-06-04
description: An ESG-focused primer on the nine planetary boundaries framework, connecting climate change and biodiversity loss to the considerations advisors and asset owners weigh in sustainable index construction.
is part of: Paul Kenney
publisher: org-syntax-data
type: Article

The Trillion-Dollar Launch: How SpaceX’s Path to Public Markets Redefines the Private Universe
abstract: Kenney examines SpaceX's anticipated IPO, expected to target a valuation near $1.75 trillion and rank as the largest offering in history, well ahead of Saudi Aramco's 2019 debut. He describes how SpaceX has grown beyond its Starship and Falcon rocket business into a broader conglomerate spanning Starlink, its Starshield defense unit, and a new push into computing infrastructure through xAI. Drawing on the Syntax Private Market Universe, he shows SpaceX alone makes up 24% of that $5.5 trillion universe of tracked private companies, roughly half a trillion dollars ahead of OpenAI. He notes that removing SpaceX from the picture sharply reshapes sector composition, with technology's share rising and industrials' share collapsing. Kenney also flags a looming index-methodology question: standard float-adjusted rules would give SpaceX a public listing weight far below its full valuation, prompting index providers like Nasdaq and FTSE Russell to consider faster inclusion rules for mega-cap listings. He closes by suggesting that SpaceX's IPO, along with expected offerings from OpenAI and other large private companies, will test how public indexes adapt to absorb trillion-dollar entrants.
author: Paul R. Kenney
author: Paul Kenney
date published: 2026-05-07
description: Kenney examines SpaceX's anticipated IPO, expected to target a valuation near $1.75 trillion and rank as the largest offering in history, well ahead of Saudi Aramco's 2019 debut. He describes how SpaceX has grown beyond its Starship and Falcon rocket business into a broader conglomerate spanning Starlink, its Starshield defense unit, and a new push into computing infrastructure through xAI. Drawing on the Syntax Private Market Universe, he shows SpaceX alone makes up 24% of that $5.5 trillion universe of tracked private companies, roughly half a trillion dollars ahead of OpenAI. He notes that removing SpaceX from the picture sharply reshapes sector composition, with technology's share rising and industrials' share collapsing. Kenney also flags a looming index-methodology question: standard float-adjusted rules would give SpaceX a public listing weight far below its full valuation, prompting index providers like Nasdaq and FTSE Russell to consider faster inclusion rules for mega-cap listings. He closes by suggesting that SpaceX's IPO, along with expected offerings from OpenAI and other large private companies, will test how public indexes adapt to absorb trillion-dollar entrants.
is part of: Paul Kenney
publisher: org-advisorpedia
type: Article

Transparency in Action: How Syntax Data Provided Investors Insights Into SpaceX
abstract: Kenney argues that SpaceX's IPO filing revealed a fundamental misclassification: despite being widely seen as an aerospace and defense company, its actual revenue profile is that of a telecommunications business. He points to the Form S-1 disclosure showing Starlink generated $11.4 billion in revenue in 2025, 61% of the company's total and far ahead of the $4.1 billion launch segment, while also being by far the most profitable division, posting over $4.4 billion in operating income against losses in the core space and newly integrated xAI/compute segments. Kenney frames this as evidence that SpaceX has effectively become a high-margin, subscription-driven connectivity company, with its historic rocket business now functioning as a supporting piece of that broader network. He also covers SpaceX's pending $60 billion acquisition of Anysphere (Cursor), structured to close after the IPO, which adds roughly $4 billion in annualized software revenue and pushes the company further into direct competition with AI labs like Anthropic, OpenAI, and Google. He concludes that SpaceX is becoming a multi-sector conglomerate that resists simple classification, and positions Syntax's data and analysis as well-suited to track and codify the company's evolving business mix once post-merger financials are available.
author: Paul R. Kenney
author: Paul Kenney
date published: 2026-06-29
description: Kenney argues that SpaceX's IPO filing revealed a fundamental misclassification: despite being widely seen as an aerospace and defense company, its actual revenue profile is that of a telecommunications business. He points to the Form S-1 disclosure showing Starlink generated $11.4 billion in revenue in 2025, 61% of the company's total and far ahead of the $4.1 billion launch segment, while also being by far the most profitable division, posting over $4.4 billion in operating income against losses in the core space and newly integrated xAI/compute segments. Kenney frames this as evidence that SpaceX has effectively become a high-margin, subscription-driven connectivity company, with its historic rocket business now functioning as a supporting piece of that broader network. He also covers SpaceX's pending $60 billion acquisition of Anysphere (Cursor), structured to close after the IPO, which adds roughly $4 billion in annualized software revenue and pushes the company further into direct competition with AI labs like Anthropic, OpenAI, and Google. He concludes that SpaceX is becoming a multi-sector conglomerate that resists simple classification, and positions Syntax's data and analysis as well-suited to track and codify the company's evolving business mix once post-merger financials are available.
is part of: Paul Kenney
publisher: org-syntax
type: Article

'Two biggest real estate trends in one graph' — Data center spending set to overtake office space for the first time
about: Paul R. Kenney
alternative headline: 'Two biggest real estate trends in one graph' — Data center spending set to overtake office space for the first time
date published: 2025-09-14
description: This article covers the crossover in U.S. commercial real estate spending, with data center construction closing in on and set to surpass traditional office spending for the first time, a trend Creative Planning CEO Peter Mallouk highlighted as capturing 'the two biggest real estate trends in one graph.' The piece traces how office spending has steadily declined since 2021 while data center investment has more than quadrupled, driven by AI's surging energy and computing needs, with data centers already consuming roughly 5% of U.S. power and projected to exceed 10% by 2030. Kenney's research is cited to make the broader investment case: his analysis found that AI-related hardware and software made up roughly 8% of the S&P 500 by 2024, a share likely higher in 2025 given Nvidia's outsized weight in the index. The article notes that the 'Magnificent Seven' tech giants are collectively on pace to spend over $400 billion on AI this year, a near-term drag on margins that could pay off if AI delivers on projections estimating it could add trillions of dollars to global GDP by 2030.
publisher: Investors Observer
type: NewsArticle

Understanding the Growing Investment Opportunity in Cyber Security
abstract: An examination of cybersecurity as an expanding investment theme, exploring the structural demand drivers behind the sector and how targeted index exposure can capture that growth.
author: Paul R. Kenney
author: Paul Kenney
date published: 2024-03-25
description: An examination of cybersecurity as an expanding investment theme, exploring the structural demand drivers behind the sector and how targeted index exposure can capture that growth.
is part of: Paul Kenney
publisher: org-syntax-data
type: Article

Where Do We Go From Here: Direct Indexing and ETFs
abstract: A look at how direct indexing and ETFs coexist in advisor portfolios, weighing the tax-management and customization advantages of direct indexing against the simplicity of ETF wrappers.
author: Paul R. Kenney
author: Paul Kenney
date published: 2025-10-13
description: A look at how direct indexing and ETFs coexist in advisor portfolios, weighing the tax-management and customization advantages of direct indexing against the simplicity of ETF wrappers.
is part of: Paul Kenney
publisher: org-syntax-data
type: Article

Will strategic investments in healthcare be a short-lived trend or he new normal?
abstract: Kenney, writing as a Partner at NEPC, examines the rise of hospitals and health systems investing directly in healthcare companies or through healthcare-focused private equity funds as a way to drive clinical innovation and financial returns. Drawing on an NEPC survey of 21 healthcare providers, he reports that 71% were either already making strategic investments or considering them, though most held five or fewer at the time — and that the trend was concentrated among larger organizations, with the majority of respondents holding over $1 billion in operating assets. He walks through the key decisions providers face: whether to invest directly or through funds (nearly half do both, though most found evaluating direct deals far more daunting than fund investments), whether to pursue a broad or targeted sector approach, how to measure clinical and financial success given the longer timelines involved, and how to coordinate between treasury/finance and innovation teams, which he found was often a weak link. Kenney concludes that despite being an early-stage trend, strategic investing is likely to become as routine for well-resourced health systems as alternatives or liability-driven investing have become, provided organizations approach it with patience and sound governance.
author: Paul R. Kenney
author: Paul Kenney
date published: 2018-08-22
description: Kenney, writing as a Partner at NEPC, examines the rise of hospitals and health systems investing directly in healthcare companies or through healthcare-focused private equity funds as a way to drive clinical innovation and financial returns. Drawing on an NEPC survey of 21 healthcare providers, he reports that 71% were either already making strategic investments or considering them, though most held five or fewer at the time — and that the trend was concentrated among larger organizations, with the majority of respondents holding over $1 billion in operating assets. He walks through the key decisions providers face: whether to invest directly or through funds (nearly half do both, though most found evaluating direct deals far more daunting than fund investments), whether to pursue a broad or targeted sector approach, how to measure clinical and financial success given the longer timelines involved, and how to coordinate between treasury/finance and innovation teams, which he found was often a weak link. Kenney concludes that despite being an early-stage trend, strategic investing is likely to become as routine for well-resourced health systems as alternatives or liability-driven investing have become, provided organizations approach it with patience and sound governance.
is part of: Paul Kenney
publisher: org-beckers-hospital-review
type: Article

B.A.
credential category: degree
date created: 1983
recognized by: Saint Michael's College
type: EducationalOccupationalCredential

M.S.F. (Master of Science in Finance) in Finance
credential category: degree
date created: 1988
recognized by: Bentley College
type: EducationalOccupationalCredential

Asset Allocation
description: Four decades of experience in asset allocation for corporate pension, institutional, and private clients.
term code: thought leader, 40 years
type: DefinedTerm

Asset-Liability Management
description: Worked on asset-liability management initiatives at NEPC, including use of the PFaroe platform with Rush University Medical Center.
term code: advanced
type: DefinedTerm

Corporate Defined-Benefit Plan Management
description: Managed Ford Motor Company's U.S. Defined Benefit Plan and led NEPC's Corporate DB consulting practice.
term code: expert
type: DefinedTerm

Direct & Custom Indexing
description: Since 2021, focused on direct-to-index and custom-indexing solutions for advisors and institutional clients at Syntax Advisors/Syntax Data.
term code: thought leader, 5 years
type: DefinedTerm

Fintech Product Development
description: Leads product development and client solutions for direct/custom indexing fintech offerings at Syntax Data.
term code: advanced
type: DefinedTerm

Manager Selection
description: Advised institutional investment committees on manager selection throughout his career at NEPC and beyond.
term code: thought leader, 40 years
type: DefinedTerm

Risk Management
description: Risk management expertise spanning corporate pension oversight and institutional consulting.
term code: expert, 40 years
type: DefinedTerm

eduorg-bentley-college-alumniof
alumni of: Bentley College
end date: 1988
role name: M.S.F. (Master of Science in Finance), Finance
type: OrganizationRole

Bentley College
type: CollegeOrUniversity

eduorg-saint-michaels-college-alumniof
alumni of: Saint Michael's College
end date: 1983
role name: B.A.
type: OrganizationRole

Saint Michael's College
type: CollegeOrUniversity

Small Cap, Big Opportunity: How FTSE Russell and Syntax Data Are Making the Russell 2000 Work Harder for Advisors
type: Thing

The Wealth Advisor
type: Place

Small Cap, Big Opportunity: How FTSE Russell and Syntax Data Are Making the Russell 2000 Work Harder for Advisors
about: Small Cap, Big Opportunity: How FTSE Russell and Syntax Data Are Making the Russell 2000 Work Harder for Advisors
description: This piece features a joint interview with Catherine Yoshimoto of FTSE Russell and Kenney, making the case that the Russell 2000 offers advisors a distinctive, underused opportunity for diversification and customization through direct indexing. Yoshimoto highlights the index's domestic focus, sector balance, and rules-based construction, which adds IPOs quickly regardless of profitability, pointing to Amazon and Netflix as examples that joined the Russell 2000 well before becoming profitable. Kenney adds that small caps often function as an incubator for future large-cap winners and that many constituents are pure-play businesses with concentrated revenue streams, giving advisors more precise building blocks for client portfolios. He walks through several direct-indexing use cases enabled by Syntax Direct, including applying quality overlays for risk-averse clients, excluding sectors like banking and real estate for a client overexposed through their career, and using the index's sector dispersion to expand tax-loss harvesting opportunities. Kenney also argues that traditional sector classifications understate large-cap tech concentration, noting that a product-line view pushes the S&P 500's technology exposure above 50%, which strengthens the case for small-cap diversification given the Russell 2000's comparatively low top-10 concentration and larger weighting toward industrials. Both speakers conclude that pairing the Russell 2000's breadth and liquidity with a direct-indexing platform gives advisors a flexible, transparent, and business-ready way to build differentiated portfolios.
location: The Wealth Advisor
performer: PerformanceRole
  performer: Paul R. Kenney
  performer: Catherine Yoshimoto
  role name: Panelist
start date: 2026-06-02
type: Event

Paul Kenney, CFA, is an accomplished investment executive and advisor with 40 years of experience in asset allocation, manager selection, risk management, fintech innovation and emerging technology.
about: Paul R. Kenney
caption: Paul Kenney, CFA, is an accomplished investment executive and advisor with 40 years of experience in asset allocation, manager selection, risk management, fintech innovation and emerging technology.
copyright year: 2026
encoding format: image/webp
height: 800
thumbnail: image-80d0e2ad-thumbnail
width: 800
type: ImageObject

Paul Kenney, CFA, is an accomplished investment executive and advisor with 40 years of experience in asset allocation, manager selection, risk management, fintech innovation and emerging technology.
about: Paul R. Kenney
caption: Paul Kenney, CFA, is an accomplished investment executive and advisor with 40 years of experience in asset allocation, manager selection, risk management, fintech innovation and emerging technology.
copyright year: 2026
encoding format: image/webp
height: 460
thumbnail: image-df8d708d-thumbnail
width: 360
type: ImageObject

occupation-ford-motor-company-manager-us-defined-benefit-plan-role
end date: 2002
has occupation: Manager, U.S. Defined Benefit Plan
role name: Manager, U.S. Defined Benefit Plan at Ford Motor Company
type: Role

Manager, U.S. Defined Benefit Plan
description: Managed Ford Motor Company's $35 billion U.S. Defined Benefit pension plan; also served as portfolio manager for multi-billion dollar annuity and bond portfolios.
type: Occupation

occupation-nepc-llc-partner-detroit-office-lead-team-leader-corp-d87611-role
end date: 2021
has occupation: Partner; Detroit Office Lead; Team Leader, Corporate DB & Healthcare Practices
role name: Partner; Detroit Office Lead; Team Leader, Corporate DB & Healthcare Practices at NEPC, LLC
start date: 2002
type: Role

Partner; Detroit Office Lead; Team Leader, Corporate DB & Healthcare Practices
description: Partner and Detroit office lead at NEPC, LLC; Team Leader for the firm's Corporate Defined Benefit and Healthcare consulting practices, advising institutional investment committees on asset allocation and manager selection.
type: Occupation

occupation-syntax-advisors-llc-managing-director-product-develop-7c68c9-role
has occupation: Managing Director, Product Development and Client Solutions
role name: Managing Director, Product Development and Client Solutions at Syntax Advisors, LLC
start date: 2021-05
type: Role

Managing Director, Product Development and Client Solutions
description: Joined Syntax Advisors, LLC as Managing Director of Product Development and Client Solutions, announced via Business Wire on May 5, 2021.
type: Occupation

SVP, Client Solutions
description: Currently leads Syntax Data's public and private client solutions and its published research efforts, with a focus on direct and custom indexing.
type: Occupation

Benzinga
type: NewsMediaOrganization

Business Wire
type: NewsMediaOrganization

org-cfa-institute-memberof
description: CFA charterholder, reflecting his background in institutional asset management, pension consulting, and index-based investment solutions.
member of: CFA Institute
role name: certification body
type: OrganizationRole

CFA Institute
type: Organization

Chief Invesment Officer
type: NewsMediaOrganization

Chief Investment Officer
type: NewsMediaOrganization

Ford Motor Company
type: Organization

Institutional Investor
type: NewsMediaOrganization

Investors Observer
type: NewsMediaOrganization

Paul Kenney
type: Organization

Preqin
type: NewsMediaOrganization

RiskFirst / Moody's Analytics
type: NewsMediaOrganization

org-river-road-advisors-llc-affiliation
affiliation: River Road Advisors LLC
description: Advises investment managers, fintech firms, and family offices through River Road Advisors LLC.
role name: Advisor
type: OrganizationRole

River Road Advisors LLC
type: Organization

Stratified
type: NewsMediaOrganization

Paul R. Kenney
additional name: R.
affiliation: org-river-road-advisors-llc-affiliation
alternate name: Paul Kenney
alternate name: Paul R. Kenney, Jr.
alumni of: eduorg-bentley-college-alumniof
alumni of: eduorg-saint-michaels-college-alumniof
description: Paul Kenney, CFA, is an accomplished investment executive and advisor with 40 years of experience in asset allocation, manager selection, risk management, fintech innovation, and emerging technology. He managed Ford Motor Company's $35 billion pension plan, was a partner and practice leader at NEPC, LLC, and now leads client solutions and research at Syntax Data.
disambiguating description: Paul Kenney is an accomplished investment executive and advisor with 40 years of experience in asset allocation, manager selection, risk management, fintech innovation and emerging technology.
family name: Kenney
gender: male
given name: Paul
has credential: B.A.
has credential: M.S.F. (Master of Science in Finance) in Finance
has occupation: occupation-ford-motor-company-manager-us-defined-benefit-plan-role
has occupation: occupation-nepc-llc-partner-detroit-office-lead-team-leader-corp-d87611-role
has occupation: occupation-syntax-advisors-llc-managing-director-product-develop-7c68c9-role
has occupation: SVP, Client Solutions
honorific suffix: Jr., CFA
job title: Manager, U.S. Defined Benefit Plan
knows: Ford Motor Company
knows: NEPC, LLC
knows: River Road Advisors LLC
knows: Syntax Data / Syntax Advisors, LLC
knows about: Asset Allocation
knows about: Asset-Liability Management
knows about: Corporate Defined-Benefit Plan Management
knows about: Direct & Custom Indexing
knows about: Fintech Product Development
knows about: Manager Selection
knows about: Risk Management
knows language: English
member of: org-cfa-institute-memberof
subject of: Client story: Syntax
subject of: Data, Custom Indexing Reshape Public Equity Portfolios
subject of: ETFs vs Direct Indexing: How Advisors Are Building the Next Generation of Portfolios
subject of: Investors Know They Own Too Much Tech. This Analysis Shows That It’s Worse Than They Think.
subject of: Is Your Portfolio Leaning Too Hard On A Few Stocks?
subject of: Rush University Medical Center and NEPC Use PFaroe
subject of: Syntax Advisors Hires Paul R. Kenney, Jr. as Managing Director
subject of: 'Two biggest real estate trends in one graph' — Data center spending set to overtake office space for the first time
works for: Ford Motor Company
type: Person

Catherine Yoshimoto
type: Person

Ford Motor Company
description: Kenney managed Ford Motor Company's U.S. Defined Benefit Plan prior to 2002.
type: Person

NEPC, LLC
description: Kenney was a Partner at NEPC, LLC from 2002 to 2021, leading its Detroit office.
type: Person

Paul Kenney
type: Person

River Road Advisors LLC
description: Kenney advises investment managers, fintech firms, and family offices through River Road Advisors LLC.
type: Person

Syntax Data / Syntax Advisors, LLC
description: Kenney's current employer, where he serves as SVP, Client Solutions.
type: Person

Where did Paul Kenney go to school?
accepted answer: answer-24bb8ada
author: Paul R. Kenney
type: Question

Is Paul Kenney available for speaking engagements or media interviews?
accepted answer: answer-4e9bc578
author: Paul R. Kenney
type: Question

Who is Paul R. Kenney, Jr.?
accepted answer: answer-5eaa77b0
author: Paul R. Kenney
type: Question

Is Paul Kenney a CFA charterholder?
accepted answer: answer-63790419
author: Paul R. Kenney
type: Question

Where did Paul Kenney work before NEPC?
accepted answer: answer-6da954a4
author: Paul R. Kenney
type: Question

What is Paul Kenney's current role?
accepted answer: answer-89f0c809
author: Paul R. Kenney
type: Question

What has Paul Kenney published?
accepted answer: answer-b3ac6337
author: Paul R. Kenney
type: Question

What was Paul Kenney's role at NEPC, LLC?
accepted answer: answer-edbbe856
author: Paul R. Kenney
type: Question

Paul Kenney
description: Paul Kenney is an accomplished investment executive and advisor with 40 years of experience in asset allocation, manager selection, risk management, fintech innovation and emerging technology.
language: en
publisher: Paul R. Kenney
type: WebSite

aboutpage-encoding-jsonld
encoding format: application/ld+json
type: MediaObject

aboutpage-encoding-n3
encoding format: text/n3
type: MediaObject

aboutpage-encoding-nq
encoding format: application/n-quads
type: MediaObject

aboutpage-encoding-nt
encoding format: application/n-triples
type: MediaObject

aboutpage-encoding-rdf
encoding format: application/rdf+xml
type: MediaObject

aboutpage-encoding-rj
encoding format: application/rdf+json
type: MediaObject

aboutpage-encoding-trig
encoding format: application/trig
type: MediaObject

aboutpage-encoding-trix
encoding format: application/xml
type: MediaObject

aboutpage-encoding-ttl
encoding format: text/turtle
type: MediaObject

About
about: Paul R. Kenney
breadcrumb: breadcrumb
date modified: 2026-07-29
date published: 2026-07-11
description: Paul Kenney, CFA, is an accomplished investment executive and advisor with 40 years of experience in asset allocation, manager selection, risk management, fintech innovation, and emerging technology. He managed Ford Motor Company's $35 billion pension plan, was a partner and practice leader at NEPC, LLC, and now leads client solutions and research at Syntax Data.
encoding: aboutpage-encoding-jsonld
encoding: aboutpage-encoding-n3
encoding: aboutpage-encoding-nq
encoding: aboutpage-encoding-nt
encoding: aboutpage-encoding-rdf
encoding: aboutpage-encoding-rj
encoding: aboutpage-encoding-trig
encoding: aboutpage-encoding-trix
encoding: aboutpage-encoding-ttl
language: en
is part of: Paul Kenney
main entity: Paul R. Kenney
publisher: Paul Kenney
type: AboutPage

Home
item: https://thepaulkenney.com
position: 1
type: ListItem

About
item: https://thepaulkenney.com/about
position: 2
type: ListItem

faqpage
about: Paul R. Kenney
language: en
is part of: Paul Kenney
main entity: Where did Paul Kenney go to school?
main entity: Is Paul Kenney available for speaking engagements or media interviews?
main entity: Who is Paul R. Kenney, Jr.?
main entity: Is Paul Kenney a CFA charterholder?
main entity: Where did Paul Kenney work before NEPC?
main entity: What is Paul Kenney's current role?
main entity: What has Paul Kenney published?
main entity: What was Paul Kenney's role at NEPC, LLC?
type: FAQPage