In March 2009 a group of U.S. colleges and universities were invited to participate in a brief survey on spending policy as an update to a similar survey that was conducted in 2008. The survey asked about the policies in place, as well changes that were being implemented or were under consideration for future implementation….
An update to our October 2008 web publication, this paper revisits strategic questions and advises investors to think carefully about the economic and political dimensions of investment decisions.
Highlighting the differing views on the commodities supercycle, this commentary focuses on the historical context of commodities’ supply and demand factors, specifically their effect on investments; examines energy equity valuations; and provides our advice on building or adding to positions in real assets.
While current yields and spreads over government bonds make euro-denominated investment-grade credit a potentially viable option, investors should also recognize that this market may be less attractive than others, such as the US$-denominated corporate sector, which offers higher absolute yields and presents fewer uncertainties.
The current environment provides institutional investors a unique opportunity to bring their alternative asset fund manager relationships into better alignment and this paper presents our perspective on what terms we consider to be reasonable for non-marketable alternative asset strategies and hedge fund strategies.
The macroeconomic outlook remains extremely challenging as the long overdue global rebalancing begins; investors need to make sure they are prepared for what may be a prolonged period of volatility and the possibility of new lows in asset markets.
While recent declines have undoubtedly restored some value to REIT prices, we still believe a cautious stance is warranted due to the deteriorating economic environment and the sector’s huge refinancing needs.
While hedge fund managers did a better job of preserving capital than traditional asset managers in 2008, it was a disappointing year for hedge funds. Despite this, we strongly believe that the current shakeout in the industry is a net positive for long-term hedge fund investors, although significant near-term challenges for managers remain. In the…
Short-term borrowing spreads, corporate issuance, and implied volatility have improved, but remain at stressed levels.
The year 2009 will reveal whether Asia’s growth over the past few years reflected real structural changes rather than debt-fueled U.S. consumption.