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.
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.
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.
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.
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.
Despite Japan’s gloomy macroeconomic backdrop, investors should stay invested in equities, implementing through managers with coherent bottom-up, stock-selecting strategies.
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.
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.
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…
The foremost areas of concern for global investors and their implications for asset allocation strategies.