This report reviews the various spending rule types used among our endowment clients in fiscal year 2025, and also includes analyses on the endowment’s support of operations and effective spending rate.
Kevin Warsh became chair of the Federal Reserve on May 15. His appointment is unlikely to drive a major near-term policy shift.
Large losses in last weekend’s local elections have increased pressure on Labour Party leader and Prime Minister Keir Starmer. Frustration was already building within the Labour Party over the lack of visible progress on key priorities, compounded by weak approval ratings.
No. Artificial intelligence has changed the shape of market concentration more than its substance.
Our biannual report summarizes asset allocation and total investment performance for 20 of Cambridge Associates’ UK foundation and endowment clients.
No. The Iran War does not alter our conviction that the broad equity rally that began in 2025 will continue.
Direct lending has attracted significant institutional capital over the past decade, but that environment is now changing. In a more challenging landscape, we expect performance dispersion to emerge more clearly between managers, reinforcing the importance of manager selection and taking a diversified approach across strategies, geographies, and borrower segments.
We believe US private families should continue to anchor the portion of the portfolio intended to diversify equity risk with munis, while being more selective about allocations to cash, Treasuries, and other taxable fixed income, given the shift in after-tax trade-offs.
No, we do not think so. While the European Central Bank and Bank of England have adopted a more hawkish tone in response to the Iran-driven energy shock, we believe markets are overpricing the amount of tightening that will ultimately be delivered.
Global equities declined in first quarter as early gains reversed sharply in March following the outbreak of the Iran War and the associated energy shock.