Earnings Growth: Don’t Bank On It
The financial sector contributed 30%–40% of S&P 500 earnings in 2002–04, but odds are against this trend continuing.
Research Publications Archive
Relatively Optimistic on U.K. Equities
While U.K. equities look a sight better than U.S. equities, they appear somewhat stretched on an absolute basis.
Asian Markets Primer Part III
Asian equity markets are more concentrated than non-Asian markets, in terms of the market capitalization weightings of the largest economic sectors and the largest companies.
Revisiting Tactical Asset Allocation
This paper details the emergence and growth of global tactical asset allocation (GTAA) and makes a case for GTAA in the current market environment. Strategy implementation, sources of risk, and manager fees are also addressed. Exhibits include a history of tactical asset allocation, “beta” and “alpha” bets taken by GTAA managers, and contact information for…
Timberland Investing – Current Environment
While interest in timberland has grown in the past few years, skillful active management and significant due diligence are needed for investing in this asset class. This paper provides an analysis and outlook for timberland investing, including return expectations for U.S. timberland and the qualitative and quantitative considerations for investing in non-U.S. timberland. Exhibits cover…
History and the Latest Bear Market Rally
While the latest rally has been far more explosive than others since the onset of the bear market in 2000, from an historical perspective it is rather pedestrian.
Continental Small Caps Look Stretched
Europe ex U.K. small caps offer more risk than reward.
Asian Markets Primer Part II
A look at the diversification benefits offered by individual countries and regions in Asia.
US Pension Plans: Investment Considerations for Endowment Professionals
This paper provides a framework for assessing nonpublic defined benefit pension plans by examining the key characteristics of pension liabilities, various risks to consider during the asset allocation process, and risk immunization. Exhibits cover pension fund performance, liquidity constraints, liability duration, and a comparison of asset allocation differences between pensions and endowments.
An Introduction to Fixed Income Investing for Endowments
A discussion of the role of bonds in policy portfolios and the factors to consider (duration, sector allocation, management approach, benchmarking, etc.) when implementing a fixed income allocation.