MENA Equities – Is There an Opportunity?
MENA markets do not offer compelling value today, but may prove attractive from a long-term growth and development perspective for investors that can withstand the volatility inherent to the region.
Research Publications Archive
Investing in Infrastructure
The options within public and private infrastructure investing have widened substantially over the last decade. This report provides an overview of infrastructure—including the characteristics of the asset class, the risks of investing, historical performance, current trends, and implementation considerations—and summarizes the attractions of and considerations for an investment in various infrastructure segments.
Still Nursing the U.S. Private Equity Overhang Hangover
Despite a meaningful reduction in the overhang for large private equity funds, it remains too large to be absorbed by anything other than a replay of the easy credit–powered 2005–08 exit environment; mid-market funds are still a more attractive option.
Investing Across the Institution – Managing Financial Resources Through an Internal Bank
By centralizing capital funding and operating assets in an internal bank, institutions can decrease required cash balances, increase expected investment returns, better manage debt capacity, and direct funds to institutional priorities. This report reviews in detail the operating and capital functions of an internal bank, the rationale for setting up each type of bank, and…
The Case for Diversified Emerging Markets Exposure
Many investors believe, as we do, that emerging markets offer a more compelling long-term growth story than do developed markets, and that portfolios should be tilted toward such regions to participate in this growth. However, before committing more funds to the area, investors should first re-evaluate how they allocate their exposure. While most allocations currently…
The Benefits of Selling Volatility
A fully collateralized option-selling program has historically provided strong returns with low volatility and high liquidity. Looking ahead, we expect this to be an attractive portfolio diversifier that seeks to capture the seemingly persistent gap between implied and realized volatility.
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.
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.