Secondaries: An Introduction
This primer provides an overview of the secondary market and discusses the role of secondaries in a diversified investment portfolio.
Research Publications Archive
Distressed Corporate Credit From an After-Tax Perspective
High-yield bonds and loans are normally unattractive to taxable investors, but current conditions are more favorable than usual, and careful manager selection may tip the balance in investors’ favor.
S&P 500 Earnings: Gazing Across the Abyss
The collapse in S&P earnings over the past year and the range of future possible earnings estimates create high uncertainty around U.S. equity valuations.
U.K. Property: Patience Required
While prices are clearly more attractive than in the recent past, the massive debt overhang in the sector will not only hamper price recovery for some time, but could cause significantly more short-term pain.
Is the Case for Commodities Still Intact?
Implementation headwinds for commodity futures are substantial today.
Spending Policy Changes: Endowments
In April 2009 a group of U.S. colleges and universities, museums and libraries, independent schools, and other institutions 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…
Distressed Investing
The financial and economic crisis continues to create a broad and deep range of investment opportunities, many of which remain attractively valued, even after taking the recent rally into account. Given the risk that cheap assets will end up worthless, we emphasize the importance of careful manager selection across the board. Further, we caution that…
A Time for Secondaries?
Opportunities in the secondary market for non-marketable alternatives appear to have increased substantially, making it a propitious time to create or refine a private equity portfolio by adding/creating exposure to secondaries, especially for those with the scale and resources to buy exposure directly. For those utilizing funds, manager selection will be critical.
Investing in Latin American Hedge Funds
Provides investors with a background of hedge funds in the region as well as their current performance. A key question for investors considering an allocation to Latin America is whether hedge fund strategies constitute a better option than long only and/or offer a differentiated return stream. At this time, we consider Latin American hedge funds…
Can Municipal Bonds Get Up From the Canvas?
Muni bondholders were left in the cold in 2008 as liquidity premia soared and Treasury bonds became hot properties. Issuers are making their case in Washington for federal backing of their securities, but we believe defaults among upper-tier muni credits should remain low regardless.