Leveraged Credit: Losing Upside Potential
Given lower yields, returns on high-yield bonds and leveraged loans are likely to taper off, but in a muddle-through or bear market environment their returns should compare favorably with those of equities.
Research Publications Archive
U.K. Property: Time to Top Up on Prime?
U.K. property remains bifurcated, with a large spread between prices and investor interest in prime and non-prime assets. While prime prices are assuredly not cheap, we would view a further softening in capital values as a signal for long-sighted investors to top up allocations.
Single-Family Homes – Time for Investors to Trot Out the Welcome Mat?
Fallout from the credit crisis has meant that investors can now invest in single-family homes on an institutional basis, but those choosing to do so should screen managers carefully and be mindful of the inherent risks.
Fiscal Year 2012 in Review
The risk-on/risk-off environment continued in 2012. Equities fell across the board, with U.S. markets holding up best, while “safe havens” such as sovereign bonds and gold posted solid gains.
Uncertainty Reigns
Mid-year update on the challenging macroeconomic environment and our portfolio advice.
Long-Short Hedge Funds – Bottoms Up?
After a difficult few years—capped off by the annus horribilis of 2011—are long/short hedge funds a buy … or sell?
What To Do About Higher Rates?
Investors worried about rising interest rates have several options; unfortunately, none comes without opportunity costs and implementation challenges.
Commodities: Sitting Out the Next Round
Rich spot prices, combined with unhelpful collateral and roll yields, are a recipe for disappointing commodity returns; natural resources equities are more attractive.
Defensive Equity Strategies – Scanning the Field
We believe a defensive approach within equity allocations makes sense today given continued unresolved macroeconomic concerns. While there are several viable strategies, approaches can vary significantly across indices and managers, making implementation a critical consideration.
Considerations in Selecting an Investment Vehicle: A Guide for U.S. Tax-Exempt Investors
The choice of investment vehicle can have unexpected but meaningful implications for the business of managing a portfolio, affecting audit and accounting processes, financing decisions, taxes, liquidity, and even investment performance. This report provides an overview of the basic U.S. laws and regulations governing investment advisers and investment funds, discusses investment vehicles available to U.S….