Transition Management
This extensive report examines the cost components of moving assets between managers, the relative merits of five methods for moving those assets, and selection criteria for choosing a transition manager.
Research Publications Archive
Private Equity Fund-of-Funds
This report examines the current market environment for private equity fund-of-funds (FOFs), the role of FOFs in a portfolio, strategies employed by FOF managers, performance measurement issues, and partnership terms and conditions.
Why Has Value so Consistently Outperformed Growth?
Benchmark construction idiosyncrasies, as well as the limited acceptance of diversification through style investing, has contributed to value’s persistent outperformance of growth in Europe.
Bear Market Rallies
Given the explosiveness of past bear market rallies, investors should rebalance instead of sitting in cash or assuming a prospective rally represents the start of a prolonged recovery.
Chinese Venture Capital
This report examines the political, social, and economic backdrops for venture capital investing in China, assessing both impediments to investment and keys to success. Exhibits cover private equity investment (annual, new, and by stage); initial public offerings; mergers & acquisitions; and contact information for venture capital funds active in China.
U.K. Pension Fund Asset Allocation
Despite the convergence of gilt yields with the equity market yield and the implications this has for pension funds seeking to match assets and liabilities, investors should resist the temptation to shift wholesale into bonds.
Japanese Equities: Discounting Armageddon
Despite Japan’s gloomy macroeconomic backdrop, investors should stay invested in equities, implementing through managers with coherent bottom-up, stock-selecting strategies.
Commodities: Balancing the Economic Possibilities
Commodities could provide valuable portfolio protection in the event that central banks, focused on using liquidity to fend off deflation, incite a bout of unexpected inflation.
Earnings Growth in Europe: Is This The Year For A Turnaround?
European equity valuations still reflect inflated earnings growth expectations, suggesting that investors have yet to fully recognize the implications of macroeconomic estimates of sluggish growth and continued headwinds.
Reversal of Fortune: The Effect of the Market Decline on the Budgets of Endowed Institutions
This paper describes the circumstances surrounding the accelerated rise of expenses at many institutions with large endowments during the unprecedented market rise of the 1990s, and the budgetary implications of the three-year decline in the equity markets, not seen since 1941. A section entitled “What to Do?” offers suggestions for dealing with the budgetary consequences…