Recent Publications
College and University Flash Statistics Report: Fiscal Year 2023
The College and University Flash Statistics Report provides a first look at the results of our 2023 College and University Investment Pool Returns survey. Included in the report are investment pool returns and asset allocation for 160 colleges and universities. Look for our full annual analysis in the upcoming College and University Investment Pool Returns report to be published later this winter.
Is All Growth Investing “Growth Equity”?
No. In recent years, many private investment fund managers have painted themselves with a growth equity brush. Limited partners need to be increasingly diligent to determine if they are accessing the truly differentiated and attractive investment profile offered by actual growth equity.
Last Week at a Glance
Global equities rallied again last week.
Do Shifting US-China Geopolitics Create Investment Opportunities Elsewhere in Asia?
Yes, US-China geopolitical realities are already having an impact on trade and investment flows within Asia. China will remain an important destination for investor capital, but the shift in capital flows, alongside positive domestic structural developments in other parts of Asia, create investment opportunities beyond China that deserve a closer look.
Pool Hopping: ERISA-Regulated Defined Benefit Plans May Have More Private Investing Flexibility Than They Realize
Many defined benefit (DB) plan sponsors have concerns that the longer-term lockups required for private investments (PI) preclude them from taking advantage of this asset class. However, an exemption exists that allows ERISA-governed DB plans to transfer their PI programs to a separate investment pool if they need to—without liquidating them or sacrificing returns.
Comparative Asset Allocation and Total Return: UK Foundations and Endowments
Our biannual report summarizes asset allocation and total investment performance for 19 of Cambridge Associates’ UK foundation and endowment clients.
Shelter from the Storms: Diversification and Opportunity for Pensions in Insurance-Linked Securities
We believe insurance-linked securities can be a good fit for many pension funds looking to diversify their portfolios. This paper shares insights on how pensions can confidently underwrite and implement this asset class.
Israel-Hamas War Highlights the Importance of Diversification
The devastating loss of life resulting from Hamas’s surprise attack on Israel is at the forefront of our concerns. Risk of a prolonged conflict in the region has grown, creating a new layer of uncertainty on many fronts, including the global economy and markets.
Should Taxable Investors Still Rely on Municipal Bonds to Boost After-Tax Returns?
Yes. Municipal (muni) bonds have recently outperformed taxable equivalents before taxes and the tax advantage of high-quality munis has grown as interest rates have gone up. We recommend a neutral allocation to high-quality munis in taxable portfolios.
No Surprises: Managing Risk in Family Portfolios
Creating portfolios customized to a family’s unique investment goals and risk tolerance requires ingenuity and flexible thinking. However, the execution of risk management should be more systematic, and families and their advisors should consider four components: strategic risk, implementation risk, portfolio monitoring, and communication.
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: November 30, 2023
Monthly review of market action with the key charts for the month and a snapshot of index performance in major currencies
Quarterly Publications
VantagePoint: Asia Opportunities Amid Shifting Geopolitics – Part II
CA’s house view and advice, written by our Chief Investment Strategist, Celia Dallas
Endowments Quarterly: Second Quarter 2023
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: Second Quarter 2023
Presents quarterly representative long-only and hedge fund manager performance.
Benchmark Commentary
Analysis of the performance shown in our private investment benchmarks