Pension Fund Deficits
Pension fund deficits, which remain heavily concentrated among a handful of firms, are just starting to impact the bottom line, while the longer-term implications for all investors may be a shift in asset allocation.
Research Publications Archive
Small-Cap Strength: Running Out of Fuel or Signaling for a Broader Pick-Up?
Small-cap stocks have been remarkably resilient over the last four and a half years, but the sector appears to be weakening.
Investing in China: Not Yet
Although China boasts vast investment potential, all but the most intrepid and well-informed investors should either focus on indirect investment or simply study the economy and markets to prepare for possible investment in the future.
Reality Earnings
Despite the steady stream of financial scandals and revelations of conflicts of interest on Wall Street, the game of beating analyst projections continues.
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.
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.