Research Publications Archive

September 30, 2021

Triage Tax Planning in the US: Adapting to an Uncertain Tax Bill

The Build Back Better Act recently introduced in the US House of Representatives includes many tax provisions that would significantly impact US taxpayers. However, any major bill’s road from introduction to enactment is typically long, winding, and unpredictable. This note summarizes four tax planning–related questions we view as prime candidates for consideration by US families with substantial wealth, notwithstanding that uncertainty.

September 29, 2021

Crypto Considerations

Currency, US | Download

The polarizing and often misunderstood cryptoasset landscape has grown exponentially in recent years. This paper reviews some of the space’s pressing issues, considers cryptoassets in a portfolio setting, and offers some considerations of different implementation options.

September 22, 2021

Contagion Risk From China Evergrande Likely Low

Asia/Pacific

Fears that a default by China Evergrande Group could trigger a financial crisis has led to some weakness in global equities in recent days, with the MSCI All Country World Index falling 3.5% from its peak. While Evergrande is likely to default and require a major restructuring, we view fears of a broader financial crisis as overblown.

September 21, 2021

Are Secondaries Experiencing a Growth Spurt?

Private Equity/Venture Capital | Private Investment Series

Yes. Secondaries, the “yang” to the “yin” of primaries and an investment strategy nearly as old, are growing, particularly GP-led secondaries, which have grown 43% annually over the last nine years.

September 10, 2021

Catch My Drift? Active Managers’ Style Tends to Change Over Time

Equities, Investment Planning | Download

The style bias of actively managed growth and value equity portfolios is not typically static. In this paper, we highlight how the strength of active managers’ style signatures have moved between value and growth and propose a simple fundamental rationale for why this happens.

August 24, 2021

Does the ECB Strategy Review Represent an Overhaul of Euro Area Monetary Policy?

Europe

No. The results of the strategy review were more about clarifying and making explicit how European Central Bank (ECB) policy is currently run, rather than signalling a radical departure for monetary policy in the single currency bloc.

August 10, 2021

Can Value Stocks Continue to Outperform the Broad Market?

Equities, Investment Planning

Yes, we believe value stocks can resume their leadership relative to the broad market over the next six to 12 months, provided we are correct in our assessment that the economic impact of COVID-19 Delta variant will be limited in major developed markets and China.

August 9, 2021

US Employment, Inflation, and the New Federal Reserve Framework

US | Download

In this paper, we review the Federal Reserve’s new monetary policy framework, consider how current inflation and employment data match up with its goals, and assess what’s implied by the Fed and market outlook.

August 6, 2021

ESG Challenges and Opportunities in Chinese Equities

Asia/Pacific, Equities, Sustainable & Impact Investing | Download

Investor interest in China has grown over the years as China’s economy expanded and the market opened up to foreign capital. However, environmental, social and governance (ESG) issues remain a key concern for many investors.

August 6, 2021

Building Winning Portfolios Through Private Investments

Private Equity/Venture Capital | Private Client Series | Download

Building a portfolio that incorporates both private equity and venture capital investments is not straightforward. It requires skill and discipline. In this paper, we review recent private investment performance, discuss how these investments have benefited institutional portfolios, and provide some high-level tips on how to build winning portfolios.