This report provides an in-depth overview of energy master limited partnerships. This evolving asset class has a number of unique features, including market niche and favorable tax treatment for taxable investors. We review the development of the asset class, investment characteristics from the perspective of both taxable and nonprofit investors, current valuations, and industry growth.
Equity investors are right to be focused on corporate earnings, given that a lackluster recovery and slowing global growth may weigh on sales. However, profit margins may be of lesser concern, due to index mechanics and the limited correlation between margins and returns. S&P 500 companies have enjoyed a stunning rebound in profits since the…
While recent efforts by European authorities to expand rescue packages for peripheral countries are a step in the right direction, market volatility is likely to remain elevated until more comprehensive solutions are put on the table.
This short piece communicates our position on the investment implications of the standoff on the US debt ceiling.
Summary highlights for various asset classes for the fiscal year ended June 30, 2011.
This primer discusses the basics of investing in the global mining sector and identifies the key drivers of value and the potential risks associated with investing in the sector.
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.
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.
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.
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…