<s>
A	O
quantitative	B-Algorithm
fund	I-Algorithm
is	O
an	O
investment	O
fund	O
that	O
uses	O
quantitative	O
investment	O
management	O
instead	O
of	O
fundamental	O
human	O
analysis	O
.	O
</s>
<s>
Hedge	O
funds	O
have	O
been	O
driving	O
the	O
growth	O
of	O
quantitative	B-Algorithm
funds	I-Algorithm
over	O
the	O
past	O
decades	O
.	O
</s>
<s>
Over	O
the	O
past	O
two	O
decades	O
quantitatively	O
managed	O
funds	O
have	O
become	O
popular	O
as	O
an	O
increasing	O
number	O
of	O
asset	O
managers	O
adopted	O
quantitative	B-Algorithm
investing	I-Algorithm
and	O
launched	O
a	O
wide	O
range	O
mutual	O
funds	O
as	O
well	O
as	O
exchange	O
traded	O
funds	O
.	O
</s>
<s>
Most	O
quantitative	B-Algorithm
funds	I-Algorithm
are	O
equity	O
funds	O
,	O
besides	O
fixed	O
income	O
quantitative	B-Algorithm
funds	I-Algorithm
which	O
have	O
become	O
more	O
popular	O
in	O
the	O
past	O
years	O
.	O
</s>
<s>
Quantitative	B-Algorithm
investing	I-Algorithm
accounts	O
for	O
16	O
percent	O
of	O
actively	O
managed	O
assets	O
in	O
the	O
U.S.	O
in	O
2006	O
,	O
up	O
from	O
13	O
percent	O
in	O
2003	O
,	O
according	O
to	O
Vanguard	O
.	O
</s>
<s>
Many	O
quantitative	B-Algorithm
funds	I-Algorithm
were	O
able	O
to	O
deliver	O
high	O
long-term	O
risk-adjusted	O
returns	O
profiting	O
from	O
the	O
positive	O
exposure	O
of	O
factors	O
such	O
as	O
value	O
,	O
momentum	O
,	O
low-volatility	O
and	O
quality	O
.	O
</s>
<s>
This	O
positive	O
performance	O
gave	O
rise	O
to	O
the	O
further	O
growth	O
of	O
quantitative	B-Algorithm
funds	I-Algorithm
.	O
</s>
<s>
The	O
first	O
quantitative	B-Algorithm
funds	I-Algorithm
were	O
offered	O
as	O
hedge	O
funds	O
and	O
not	O
available	O
to	O
a	O
broad	O
public	O
.	O
</s>
<s>
The	O
following	O
firms	O
are	O
known	O
for	O
their	O
quantitative	B-Algorithm
funds	I-Algorithm
.	O
</s>
<s>
The	O
largest	O
asset	O
managers	O
such	O
as	O
'	O
big	O
three	O
 '	O
BlackRock	O
,	O
State	O
Street	O
,	O
and	O
Vanguard	O
also	O
offer	O
quantitative	B-Algorithm
funds	I-Algorithm
to	O
investors	O
.	O
</s>
