Long Muni Bonds: Unloved, Orphaned and Perhaps Safer Than You Think
Lack of structural demand and the surprise expiration of the Build America Bonds subsidy create opportunity.
Research Publications Archive
U.S. Equity Style Performance – Reassessing Portfolio Tilts
Our U.S. equity recommendations over the past couple of years have shown mixed results, with large-cap and high-quality stocks lagging behind in the market rally, but growth maintaining a consistent edge over value. After a fresh assessment of current conditions, we conclude that these portfolio tilts still make sense today.
More Than a Passing Fad – EM Bond Funds Deserve Strategic Consideration
Allocations to emerging markets bond funds make sense from a strategic perspective, but the opportunity set offered by this evolving market is not static.
Reefing the Sails Even as the Storm Clouds Lift?
U.S. equity investors, corporations, and consumers continue to exercise restraint amid signs of economic stability.
Into the Unknown
The current investment environment is one in which the range of possible outcomes, both positive and negative, remains wide. Investors need to be prepared for another volatile macro-driven year, as markets grapple with divergent pressures on growth and inflation stemming from the unknown effects of unconventional monetary policy.
Pension Risk Management
Asset management and investment banking firms across the globe continue to develop a variety of liability driven investing (LDI)–focused products and solutions for the pension plan community; however, there remains broad confusion over the meaning of LDI. While most of these products and customized solutions attempt to hedge liability-related interest rate and inflation risks, such…
Asia ex Japan – Will It Continue to Lead?
While the long-term case for Asia ex Japan remains compelling and equity valuations are still reasonable, in the near term we continue to see greater risks on the downside. We view Japanese equities as inexpensive and Australian equities as reasonably priced, albeit more expensive than developed markets equities as a whole.
CA Operations Management Survey: A Statistical Summary
This report provides commentary and exhibits based on a survey of our U.S.-based endowment clients on aspects of operations management, with a focus on six categories: finance office staffing; liquidity; debt; financial reporting and accounting; performance reporting; and regulatory, tax, and legal matters.
Calendar Year 2011 in Review
Global equity markets generally posted sizable losses in 2011 – with the notable exception of the United States – as the deepening European debt crisis dragged returns down worldwide, while major developed bond markets (e.g., the United States, the United Kingdom, and Germany) posted blockbuster returns.
European Equities – Cautiously More Optimistic
European equity valuations are reasonable from a historical perspective—pessimism about sovereign finances and a slow recovery may be fully priced in.