Growth equity has matured and evolved into a distinct asset class with different characteristics from both venture capital and private equity, and may represent an attractive alternative for certain investors. For those old enough to remember the commercials, U.S. growth equity could perhaps be called the Reese’s Peanut Butter Cup of the private investment world….
A mid-year update on our views, focusing on the macroeconomic factors that impact short-term market moves and the valuations that influence long-run results.
Despite the recent sell-off, Japanese equities are up considerably since last October given the promise of Abenomics; however, we remain tactically neutral given valuations and significant structural headwinds.
This paper describes our approach to developing input assumptions for use in mean-variance analysis. Appendices cover the weaknesses of other approaches, as well as taxable considerations.
This survey-based report provides information on the general characteristics of clients’ outstanding debt, including tax status, interest rate type, sources used for debt service, credit enhancements, and plans for refinancing or new issuance.
After assessing the current environment of extremely low interest rates and its implications for defined benefit plans, we articulate our view on how to develop a flexible de-risking framework that takes into account today’s low yields. We contrast this to the more formulaic and mechanical “glide path” concept advocated by many pension industry participants. Defined…
In this issue Portfolio insights investors can gain from our Risk Allocation Framework New resources in the energy sector that are creating potential investment opportunities Two common avenues that families often take for meeting their philanthropic goals Client profile: Woods Hole Oceanographic Institution
For 2013, Australian equities look vulnerable in the near term, but still appear attractive relative to fixed income. While we are more cautious than the consensus, we suggest investors maintain neutral allocations to risk assets and keep the ship “steady as she goes.”
A closer look at the mounting cash on corporate balance sheets reveals more questions than answers as to how it may benefit shareholders.
The most recent step in the evolution of portfolio construction practices has been a shift from an asset allocation-centered process to a more comprehensive risk allocation-based process. In this paper, published February 2013, we share our views on why asset allocation has developed into risk allocation and provide an introduction to the Risk Allocation Framework.