Review of Market Performance: Calendar Year 2023
Risk assets enjoyed mostly positive returns in CY 2023. Developed markets equities led as fears over the severity of a possible recession moderated and inflation declined.
Research Publications Archive
The Transformative Public University Endowment
In today’s dynamic funding and operating environment, a lot is at stake for public colleges and universities and their endowments. The endowment is more than a static funding source; it plays a strategic and expanding role in the public university business model, and with strong stewardship, a growing endowment can transform a university’s financial equation.
Private Company Operating Metrics: Global Analysis
Delve into our global private equity operating metrics analysis that not only illuminates the fundamental levers and value drivers in private equity, but also explores a risk and return comparison between private equity and public equity.
A Changed Investment Landscape Is Providing Greater Opportunity for US Corporate Pensions
Plan sponsors are strategizing for growth and managing risk in a significantly different investment environment. To accomplish their goals, it is imperative that these changes be taken into consideration. By taking a fresh look at their investment strategies and plan management, organizations have an opportunity to adapt, evolve, and reap significant benefits.
Under the Microscope: Private vs Public Company Operating Metrics for US Companies
Delve into our private equity operating metrics analysis that not only illuminates the fundamental levers and value drivers in private equity, but also explores a risk and return comparison between private equity and public equity.
SEC Approves Spot Bitcoin ETFs
Yesterday, the US Securities and Exchange Commission (SEC) approved the trading of spot bitcoin ETFs, roughly ten years after the first application.
2024 Outlook
The Cambridge Associates 2024 Outlook features our investment outlook for 2024, separated into eight key investment themes.
2024 Outlook: Public Equities
We expect global equity performance will be below its long-term median level, but we believe investors should hold equity allocations in line with policy targets. Within equities, we see opportunities in developed value, developed small caps, and China. We doubt European and emerging markets ex China equities will outperform, and we believe the share of active strategies that outperform will increase.
2024 Outlook: Interest Rates
We expect that most major central banks will cut policy rates modestly due to our view that inflation rates will continue to decline. The modest cuts will shift policy rates from restrictive levels closer to neutral levels, which are neither restrictive nor accommodative. Given this view and our view that economic activity will weaken, we see opportunity in US long Treasury securities.
2024 Outlook: Private Equity & Venture Capital
We expect US venture capital down rounds will increase, even as artificial intelligence continues to serve as a major catalyst within the market. We believe flows to European turnaround and value strategies will increase and flows to China private investments will remain muted. We expect secondary transaction volume will increase to a record level.