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.
Research Publications Archive
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.
2024 New Zealand Outlook: A Slow Road Ahead
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.
Are Emerging Markets Equities Finally Set to Outperform, Given Expectations for Federal Reserve Rate Cuts This Year?
No. Although emerging markets stocks typically outperform after the onset of Federal Reserve easing, we suspect this episode will be different.
The United Kingdom and Japan Entered Technical Recessions in Q4
UK GDP fell by more than expected in fourth quarter 2023, which pushed the country into a technical recession. It joined fellow G7 economy, Japan, which had earlier undershot expectations and delivered a second consecutive quarter of negative growth.
Will There be a Second Wave of Inflation?
No, we expect Consumer Price Index (CPI) inflation will continue to moderate toward central bank target levels in 2024.
College and University Investment Pool Returns: 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-based report of 160 US colleges and universities includes commentary and analysis of investment performance, asset allocation, and related trends. We also review peer data on topics such as investment policy, portfolio manager structures, and spending.
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.
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.