Recent Publications

Annual Review of Endowments: Fiscal Year 2023

Fiscal year 2023 was an atypical year performance-wise compared to recent history. Public equity markets produced returns that were much higher than what was reported in private investments. As a result, smaller portfolios, which tend to have the highest allocations to public equities, outperformed larger and more diversified portfolios by significant margins. Our annual survey summarizes returns, asset allocation, and other investment-related data for 322 endowed institutions for the fiscal year ended June 30, 2023.

College and University Investment Pool Returns: Fiscal Year 2023

Fiscal year 2023 was an atypical year performance-wise compared to recent history. Public equity markets produced returns that were much higher than what was reported in private investments. As a result, smaller portfolios, which tend to have the highest allocations to public equities, outperformed larger and more diversified portfolios by significant margins. Our annual survey-based report of 160 US colleges and universities includes commentary and analysis of investment performance, asset allocation, and related trends. We also review peer data on topics such as investment policy, portfolio manager structures, and spending.

The Transformative Public University Endowment

In today’s dynamic funding and operating environment, a lot is at stake for public colleges and universities and their endowments. The endowment is more than a static funding source; it plays a strategic and expanding role in the public university business model, and with strong stewardship, a growing endowment can transform a university’s financial equation.

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 →

View Individual Asset Class/Substrategy Views

Market Matters: January 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

CA’s house view and advice, written by our Chief Investment Strategist, Celia Dallas

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: Fourth Quarter 2023

Presents quarterly representative long-only and hedge fund manager performance.

Benchmark Commentary

Analysis of the performance shown in our private investment benchmarks