Rational Exuberance
Despite the potential for short-term bumps in the road, the Asian growth story remains compelling.
Research Publications Archive
Fundamental Indexing
An examination of the rules-based quantitative strategy of weighting portfolios by fundamentals rather than by market capitalization. The report discusses the major players of fundamental indexing; differences between fundamental- and cap-weighted indices; the debate over whether fundamental indices should be considered true indices; and fees associated with fundamental index exposure.
Should ETFs be Part of Your Toolbox?
Utility of ETFs for institutional investors remains somewhat limited, but has increased.
Bullish on European Property
Recent strong returns may be just the beginning for this underappreciated sector.
Chinese Bank IPOs & Their Investment Implications
Investors in China-based indices should recognize their new exposure to the big Chinese banks in the aftermath of the banks’ IPOs—and the potential risks inherent in such exposure.
Cambridge Associates’ Benchmarking Survey: A Statistical Summary
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.
Benchmarking: An Introduction
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.
A Cross-Section of U.S. Equity Valuations
Valuations remain compressed, making identification of relatively attractive opportunities hard to find.
Decoupling?
While Asia’s equity markets remain susceptible to contagion from any U.S. maladies, their economies continue to develop immunities.
European Credit: An Accident Waiting to Happen?
European credit trades as if defaults are an historical relic to be found only in museums and musty, dust-filled libraries.