Comparative Asset Allocation and Total Return: UK Foundations and Endowments
Our biannual report summarizes asset allocation and total investment performance for 25 of Cambridge Associates’ UK foundation and endowment clients.
Research Publications Archive
US Policy Changes Highlight Need for Portfolio Diversification
After a prolonged period of US outperformance, many investment portfolios have become heavily concentrated in US equities, but recent policy shifts now challenge US economic and financial hegemony. Investors should carefully evaluate these exposures to determine if greater diversification is warranted.
Should Investors Add to High-Yielding Credit Allocations, Given the Recent Rise in Spreads?
No. We believe it is too early to add exposure to US high-yield bonds and broadly syndicated loans, as spreads for most assets are merely back to around their historical medians and could move higher from here if economic growth deteriorates.
Private Markets Bracing for Tariff Impacts
We advocate maintaining private market allocations. Investors should assess their exposures by manager, strategy, company stage, sector, and geography, and prepare to make adjustments to benefit their portfolios.
Will the Fed Cut Rates to Rescue Financial Markets?
No, we do not think the Federal Reserve will cut rates in the near term to rescue financial markets. However, if tariffs begin to significantly impact the real economy, the Fed will eventually act.
Tariff Standoff Intensifies Near-Term Risks in Asia
Global equities tumbled nearly last week following the announcement of US tariffs on April 2, with the rout continuing into Monday, April 7.
US Tariffs Increase Market Risks
Yesterday (April 2), US President Donald Trump announced sweeping new tariffs targeting nearly all US trading partners.
Endowment Radar Study 2024: Why Colleges and Universities Have Endowments
Endowment spending is a dependable source of revenue that pays for teaching and research and reduces reliance on student fees and annual fundraising appeals. In 2025, this sustainable business model faces intense headwinds that threaten to destabilize the financial equation.
Will German-led Fiscal Reforms be Transformative for Europe?
Yes, in response to weak growth and a changing defence landscape, taking off the fiscal straitjacket should catalyse a more growth-supportive economic environment within Europe.
How Much Return Do We Need? Aligning the Investment Strategy with the Mission for Healthcare Systems
As the healthcare industry and capital markets continue to evolve, it will become increasingly critical for healthcare systems to clearly identify what role they want their investable reserves to play in supporting the enterprise.