Recent Publications
Last Week at a Glance
Global equity and fixed income markets declined last week.
Specialty Finance Investing: A Versatile Tool for Private Credit Investors
Specialty finance investing can effectively complement a broad private credit allocation. It enhances portfolio diversification while preserving capital and offers to create stability through a variety of underlying asset types and potential return targets.
College and University Flash Statistics Report: Fiscal Year 2024
A first look at our annual survey provides analysis of responses from 159 colleges and universities on investment pool returns and asset allocations, highlighting variations in performance and asset management strategies.
Endowment Oversight Flash Statistics: Fiscal Year 2024
The Endowment Oversight Flash Statistics Report offers an initial glimpse into survey findings from 143 endowment and foundation participants.
2025 Outlook
The Cambridge Associates 2025 Outlook features our investment outlook for 2025, separated into eight key investment themes.
2025 Outlook: Cross Asset
We expect global equities to outperform bonds, as near trend economic growth should support continued corporate earnings growth and healthy risk appetite. Stock/bond correlations should be lower than the 2023–24 peak levels, even as protectionist US policy may drive global economic uncertainty higher.
2025 Outlook: Interest Rates
We expect most major central banks to continue cutting policy rates, which should allow bonds to outperform cash. With breakeven inflation rates likely to be range bound, returns of inflation-linked and nominal bonds should be similar.
2025 Outlook: Public Equities
We expect developed markets value and small-cap equities to outperform, given our economic views and their steep valuation discounts. Regionally, we believe US equity performance will not match the level set in 2024, allowing European, Japanese, and emerging markets equities to perform more in line with broader developed markets. Within emerging markets, strong Indian equity gains should moderate, while we doubt Chinese equities will collapse. At the same time, we expect long/short equity strategies will perform better than typical.
2025 Outlook: Private Equity & Venture Capital
We expect private investment performance to improve, as the impact from overinvestment in 2021–22 recedes. The asset class’s long-term performance should continue to attract individual investors and managers are creating pathways for them to more easily access opportunities. While M&A and IPO exit opportunities may improve, we believe the importance of continuation vehicles as an exit path will grow. In Asia, we expect Japanese buyout and Chinese venture capital transaction activity to increase.
2025 Outlook: Diverse Manager & Impact Investing
We expect California Carbon Allowances (CCAs) to recover from 2024 losses as clarity on supply reductions emerges. Meanwhile, impact private investment flows will favor strategies with faster distributions and commercial validation. Additionally, headwinds for private diverse manager allocations should ease, but the overhang of emerging funds may lead to consolidation or shutdowns, challenging managers.
Monthly Publications
Tactical CA House Views
Highlights our latest portfolio advice and reviews notable data for over 50 asset classes/sub-strategies, with key charts and views from our asset class specialists. Read a short introduction →
Market Matters: December 31, 2024
Monthly review of market action with the key charts for the month and a snapshot of index performance in major currencies
Quarterly Publications
VantagePoint: Deconstructing US Debt Dynamics
CA’s house view and advice, written by our Chief Investment Strategist, Celia Dallas
Endowments Quarterly: Third Quarter 2024
Summarizes asset allocation and total investment performance for over 400 of Cambridge Associates’ endowment and foundation clients
Hedge Fund Update: Fourth Quarter 2022
Insights from the leaders of our hedge fund research on what drove performance in the quarter
US Manager Universe Statistics: Third Quarter 2024
Presents quarterly representative long-only and hedge fund manager performance.
Benchmark Commentary
Analysis of the performance shown in our private investment benchmarks