Recent Publications
Private Investment Fund Terms: Fees and Distribution Waterfall
This inaugural private investment fund terms publication highlights terms such as management fee, transaction fee offset, distribution waterfall, and GP clawback based on activity from 2018–22, The proprietary data found in this publication will help to keep clients well-informed about marketplace commonalities regarding these terms.
Will Federal Reserve Rate Cuts Trigger Outperformance for Chinese Equities?
No, Federal Reserve rate cuts alone are unlikely to trigger sustained outperformance for Chinese equities.
Last Week at a Glance
Stock and bond markets appreciated last week amid light, late summer trading.
Do Emerging Markets Equities Deserve a Place in Public Equity Portfolios?
Yes. Emerging markets equities provide a fitting reminder that relative performance among asset classes varies over time, suggesting that investors maintain well-diversified portfolios to weather shifts in performance cycles.
Should Investors Alter Portfolios Considering the Equity Market Rout?
No, not right now. We continue to believe investors should: (1) keep equity allocations aligned with broad policy targets; (2) maintain modest overweights in less expensive areas within equities, such as developed markets value and small caps; and (3) maintain a modest overweight in long US Treasury securities within bond portfolios.
Review of Market Performance: Fiscal Year 2024
Most risk assets enjoyed strong returns in fiscal year ended June 2024. Developed markets equities led on better-than-expected economic data and the anticipation that central banks would begin easing monetary policies.
Foundation Annual Investment Pool Returns: Calendar Year 2023
Our annual survey-based report summarizes returns, asset allocation, and other investment-related data for 110 foundations for the calendar year ended December 31, 2023, across five sections: Investment Portfolio Returns, Investment Policy, Portfolio Asset Allocation, Investment Manager Structures, and Payout From the Long-Term Investment Portfolio.
A Liability Investors’ Guide to Reassessing Hedge Funds
Hedge funds offer a strategic opportunity for investors willing to navigate their complexities, with significant diversification and growth prospects that stand out from traditional asset classes. This paper discusses the primary risks associated with hedge funds and presents four actionable guidelines for effectively incorporating these strategies into portfolios.
Are Inflation-Linked Bonds Attractive?
Yes. Inflation-linked bonds, particularly US Treasury Inflation-Protected Securities (TIPS), have become an attractive investment option, given elevated real yields and their unique diversifying characteristics.
Is the French Election Another Existential Risk for the Eurozone?
No, we do not believe that the French election poses any immediate threat to the Eurozone, in contrast to several prior Italian parliamentary and French presidential elections.
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: August 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: As the Narratives Turn
CA’s house view and advice, written by our Chief Investment Strategist, Celia Dallas
Endowments Quarterly: First 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: Second Quarter 2024
Presents quarterly representative long-only and hedge fund manager performance.
Benchmark Commentary
Analysis of the performance shown in our private investment benchmarks