Many pensions avoid private investments out of fear that long-term capital lockups could elevate liquidity risk. This paper aims to help pension executives better understand how data can enable their effective use of private investments and discusses how new investment policy approaches may help to take advantage of market opportunities.
Yes, we believe that the euro area’s economy bottomed either in fourth quarter 2023 or first quarter 2024.
The 2023 US edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds.
Higher costs and higher rates of endowment spending are the major story lines of the 2023 Endowment Radar Study. Over the past year, the endowment provided a stable source of funding to for the growing costs of private college and university business model.
No. While recent developments may be a sign that bitcoin is gaining credibility, it remains a highly speculative investment that offers no cash flows.
Today’s defined contribution plan participants desire—and deserve—institutional-quality investment management, including the diverse selection, robust due diligence, and potential returns that this classification implies.
No, we anticipate performance will broaden out beyond mega-cap tech stocks, which have driven US equity performance in recent years.
Today many US states are concurrently holding primaries, which are critical for presidential hopefuls to secure delegates.
Fiscal year 2023 was an atypical year performance-wise compared to recent history. Public equity markets produced returns that were much higher than what was reported in private investments. As a result, smaller portfolios, which tend to have the highest allocations to public equities, outperformed larger and more diversified portfolios by significant margins. Our annual survey summarizes returns, asset allocation, and other investment-related data for 322 endowed institutions for the fiscal year ended June 30, 2023.
Our outlook for New Zealand is mixed in 2024. We expect economic growth and equity market to remain muted. In contrast, we remain positive on New Zealand government bonds.