Will the Fed Cut Rates to Rescue Financial Markets?
No, we do not think the Federal Reserve will cut rates in the near term to rescue financial markets. However, if tariffs begin to significantly impact the real economy, the Fed will eventually act.
Research Publications Archive
Tariff Standoff Intensifies Near-Term Risks in Asia
Global equities tumbled nearly last week following the announcement of US tariffs on April 2, with the rout continuing into Monday, April 7.
US Tariffs Increase Market Risks
Yesterday (April 2), US President Donald Trump announced sweeping new tariffs targeting nearly all US trading partners.
Endowment Radar Study 2024: Why Colleges and Universities Have Endowments
Endowment spending is a dependable source of revenue that pays for teaching and research and reduces reliance on student fees and annual fundraising appeals. In 2025, this sustainable business model faces intense headwinds that threaten to destabilize the financial equation.
Will German-led Fiscal Reforms be Transformative for Europe?
Yes, in response to weak growth and a changing defence landscape, taking off the fiscal straitjacket should catalyse a more growth-supportive economic environment within Europe.
How Much Return Do We Need? Aligning the Investment Strategy with the Mission for Healthcare Systems
As the healthcare industry and capital markets continue to evolve, it will become increasingly critical for healthcare systems to clearly identify what role they want their investable reserves to play in supporting the enterprise.
Should Investors Underweight Equities in Light of Recent Market Volatility?
No, investors should hold equity allocations in line with their policy portfolio weights.
Are Indian Equities an Attractive Overweight After the Recent Sell-Off?
No, we do not think so. India’s economic growth is set to continue moderating, which may lead to further downgrades to stretched earnings growth expectations.
Annual Review of Endowments: Fiscal Year 2024
Our annual survey-based report summarizes returns, asset allocation, and other investment-related data for 323 endowed institutions for the fiscal year ended June 30, 2024.
Annual Review of Endowments: Investment Portfolio Returns
Fiscal year 2024 was the best-performing year for endowments since 2021, with most reporting double-digit returns. However, it was also the second straight year that the returns of diversified portfolios fell short of an investment option with heavier public allocations. As a result, the three-year return of the peer median underperformed a simple blended index weighted 70% global public equity and 30% fixed income. However, private investments continued to be a key return driver for the best-performing portfolios in the endowment universe over the long term. The Investment Portfolio Returns section highlights these contrasting performance themes for the short-term versus long-term periods.