A compilation of survey responses from the April 2005 Investment Policy and Benchmarking Survey sent to endowed clients with assets over $100 million as of March 31, 2005. The survey queried institutions on their practices for (1) benchmarking their portfolios and investments across asset classes, (2) performance attribution, and (3) risk evaluation.
Benchmarks are used to measure a portfolio’s performance relative to some relevant yardstick. This report is an in-depth discussion of benchmarking objectives, compositions, and managers. It also includes a lengthy discussion of benchmarking within the different asset classes.
Valuations remain compressed, making identification of relatively attractive opportunities hard to find.
While Asia’s equity markets remain susceptible to contagion from any U.S. maladies, their economies continue to develop immunities.
European credit trades as if defaults are an historical relic to be found only in museums and musty, dust-filled libraries.
A detailed report on the emergence of unconventional asset allocation (UAA) products in the markets. This report discusses the philosophy, common characteristics, advantages, and disadvantages of UAA. It also looks at the different methods of applying UAA and the roles it can fill in a portfolio.
In July 2006, the American Institute of Certified Public Accountants issued a “Practice Aid” to guide the auditors of institutions with investments in alternative assets. This report is a review of the implications of the Practice Aid based on discussions with major auditing firms, careful examination of the Practice Aid, and Cambridge Associates` familiarity of…
In order to be bullish, investors must make some heroic assumptions.
While returns have been strong across European markets, the financials sector remains in the driver’s seat.
This report analyzes how quantitative investment practices enhance the investment process and in which types of portfolios they usually flourish.