Quantifying The Relationship Between Employers And Employees

Human Capital Factor Large Cap Index

Bloomberg Ticker: HCFLCT

Tap into the investable correlation between behavioral factors and the market performance of public companies

The Human Capital Factor Large Cap Index represents a broadly diversified long-only large-cap strategy designed to provide exposure to companies identified as having strong corporate cultures. The Index is suitable as a diversified core holding for ESG-sensitive investors who wish to hold companies with strong employer-employee relationships, or as a pure tactical play for exposure to the ‘Human Capital Factor.’

This innovative quantitative investment strategy was developed together by CIBC Capital Markets and renowned behavioral economist Professor Dan Ariely, Ph.D., and Co-Founder, Irrational Capital.

03:24 - Read Transcript -

Human Capital Factor Large Cap Index

“Of all the investments companies make, developing a strong culture is one of the best ways to create value. This is why corporate culture is emerging as an important predictor of stock market performance.”

- Professor Dan Ariely, PhD, Behavioural Economist and Co-Founder, Irrational Capital

Dan Ariely is a professor of psychology and behavioral economics at Duke University and a founding member of the Center for Advanced Hindsight. He is the author of the bestsellers Predictably Irrational, The Upside of Irrationality, The Honest Truth About Dishonesty, Dollars and Sense and Amazing Decisions -- as well as the TED Book Payoff: The Hidden Logic that Shapes Our Motivations. He is also co-creator of the film documentary (Dis)Honesty: The Truth About Lies.

Through his research and experiments, he questions the forces that influence human behavior and the irrational ways in which we often all behave.

Important Notice

Please note that the CIBC Human Capital Index has been renamed to the “Human Capital Index”, and its ticker has changed to "HCFLCT", effective as of August 1, 2025. All references to the CIBC Human Capital Index or to CIBCHCT in relevant documents or other media on this website should be read to refer to the Human Capital Index or HCFLCT, respectively.

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