Have Public Market Returns Permanently Eclipsed Private Market Returns?
No, while the public market’s outperformance may seem like a total eclipse, this one, like all eclipses, will be temporary.
Research Publications Archive
Role Models: Pensions Can Use Data to Optimize PI Allocations
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.
Has the Euro Area’s Economy Bottomed?
Yes, we believe that the euro area’s economy bottomed either in fourth quarter 2023 or first quarter 2024.
Decades of Data: United States 1900–2023
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.
Endowment Radar Study 2023: Endowment Dependence Grows with Higher Costs
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.
Should Investors Chase the Bitcoin and Gold Rallies?
No. While recent developments may be a sign that bitcoin is gaining credibility, it remains a highly speculative investment that offers no cash flows.
Better Alternative(s): Private Investments May Improve Outcomes for Defined Contribution Plan Participants
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.
Can US Equity Dominance Be Sustained?
No, we anticipate performance will broaden out beyond mega-cap tech stocks, which have driven US equity performance in recent years.
Super Tuesday Kicks 2024 US Election Cycle into Full Swing
Today many US states are concurrently holding primaries, which are critical for presidential hopefuls to secure delegates.
Annual Review of Endowments: Fiscal Year 2023
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.