Fiscal Year 2013 in Review
Equities surged ahead during the fiscal year, while commodity-related assets and high-quality bonds struggled.
Research Publications Archive
U.K. Historical Capital Market Returns: 1900-2012
An extensive examination of long-term trends and returns in U.K. equities, gilts, and Treasury bills.
Growth Equity Is All Grown Up
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….
Positioning for an Eventual Return to Temperance
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.
Japan: Still Awaiting Confirmation on Fundamentals
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.
Mean-Variance Assumptions: An Introduction
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.
Comparative Debt Issuance Practices
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.
Pension De-Risking in a Low-Rate Environment—A Better Solution
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…
CA Perspectives: Spring 2013
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
Australia: Steady as She Goes
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.”