Comparative Asset Allocation and Total Return: UK Foundations and Endowments
Our biannual report summarizes asset allocation and total investment performance for 28 of Cambridge Associates’ UK foundation and endowment clients.
Our biannual report summarizes asset allocation and total investment performance for 28 of Cambridge Associates’ UK foundation and endowment clients.
Our biannual report summarizes asset allocation for 134 of Cambridge Associates’ US-based private clients.
In 2020, 55% of active global managers underperformed the MSCI World Index (gross of fees), with the median manager underperforming by 150 basis points. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Slightly more than half of active emerging markets equity managers underperformed the MSCI Emerging Markets Index (gross of fees) in 2020—the fourth time the median manager has underperformed the benchmark out of the last five years. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
The 2020 Europe ex UK 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. It also analyzes the historic economic declines and sharp asset price movements that resulted from the COVID-19 pandemic in 2020.
In 2020, 62.9% of active global ex US managers outperformed the MSCI EAFE Index, gross of fees, with the median manager outperforming by 334 basis points, the highest margin in a decade. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
While colleges and universities have faced several financial fissures due to the disruptions of COVID-19, their endowments have been a source of financial stability. Four key financial indicators tell this story: operating margins were compressed, tuition discounts grew, institutions borrowed more debt, and endowment spending was consistent. In this note, we review these financial pressures and the endowment implications that emerged in Cambridge Associates’ second annual Endowment Radar Study of private college and university finances.
The 2020 UK 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. It also analyzes the historic economic declines and sharp asset price movements that resulted from the COVID-19 pandemic in 2020.
In private investing, it appears that way, but a deeper look suggests there could be a method to the valuation madness.
For the seventh straight year, the majority of active mid- to large-cap managers underperformed in 2020, with 63.9% lagging the benchmark (gross of fees). This chart book is our annual summary of the absolute and relative performance of managers that report to our database.