Last Week at a Glance
Global equities appreciated through Thursday, supported by trade negotiations and weaker-than-expected US inflation.
Recent Publications
Last Week at a Glance
Global equities appreciated through Thursday, supported by trade negotiations and weaker-than-expected US inflation.
New Taxes on Endowments and Foundations? Four Steps to Take Now
New tax provisions in legislation recently passed by the US House of Representatives would impose millions of dollars of new costs on many colleges, universities, and private foundations, if enacted. We recommend four steps nonprofit organizations can consider right now to ensure they are well-prepared and responsive should the proposals become law
Portfolio Construction: A Blueprint for Private Families
This paper explores the influencing factors and special considerations that are key to successful portfolio construction for private investors and wealthy families, and that are fundamental to the work that we undertake for our clients.
Spending Policies and Practices: Fiscal Year 2024
This report reviews the various spending rule types used among our endowment clients, and also includes analyses on the endowment’s support of operations and effective spending rate.
Do Fiscal Concerns Undermine the Role of US Treasury Securities as Core Portfolio Diversifiers?
No. US Treasury securities are likely to remain among the most effective diversifiers during periods of equity market stress.
Are California Carbon Allowances an Attractive Investment?
Yes, California Carbon Allowances are an attractive investment opportunity, though they come with political tail risk.
EM Equity Performance Reflects Initial Tariff Risks
Overall, we think investors should hold EM allocations in line with policy targets. But periods of volatility and equity market dislocations often present opportunities for investors to add value through tactical portfolio tilts.
Asia Insights: Managing Risk Through Diversification
Asian and global market volatility surged in early 2025 as US tariffs triggered global growth fears. Given the export-oriented nature of most Asian economies and their sensitivity to global growth and demand, the region may bear the brunt of US tariffs. As such, Asia market volatility is likely to persist in the near term, particularly since US trade policy can shift abruptly.
Is Gold’s Rally Sustainable?
No, we don’t think so. For most investors, this is more likely a time to take profits on gold rather than initiate new allocations.
Comparative Asset Allocation and Total Return: UK Foundations and Endowments
Our biannual report summarizes asset allocation and total investment performance for 25 of Cambridge Associates’ UK foundation and endowment clients.
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: May 31, 2025
Monthly review of market action with the key charts for the month and a snapshot of index performance in major currencies
Quarterly Publications
VantagePoint: Strategic Portfolio Construction in a Changing World
CA’s house view and advice, written by our Chief Investment Strategist, Celia Dallas
Endowments Quarterly: Fourth 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: First Quarter 2025
Presents quarterly representative long-only and hedge fund manager performance.
Benchmark Commentary
Analysis of the performance shown in our private investment benchmarks