Research Publications Archive

Decades of Data: United Kingdom 1900–2020

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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.

US Mid- to Large-Cap Equity Manager Performance: 2020

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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.

Decades of Data: United States 1900–2020

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The 2020 US 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.

Annual Review of Endowments: Fiscal Year 2020

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This report summarizes returns, investment policy, asset allocation, and related trends for 312 endowed institutions. Included are exhibits on asset class returns, performance attribution, risk analytics, policy portfolio benchmarking, and uncalled capital commitments. The analysis is broken down by size of assets under management and by institution type. The report also contains sections on investment manager structures, payout from the long-term investment portfolio, and investment office staffing and governance.

Brexit Update

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The historic milestone reached when the white smoke emerged from Brussels and London on 24 December 2020 represents the end of the beginning in the establishment of the new relationship between the UK and EU, rather than an end in itself. Nonetheless, with the lingering threat of a tumultuous no-deal exit now removed, the headwind that this represented to the performance of UK assets has now subsided.

College and University Investment Pool Returns: Fiscal Year 2020

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This report summarizes the results of our fiscal year college and university survey. Included are commentary and analysis of investment performance, asset allocation, and related trends for 159 colleges and universities. The report also summarizes peer data on topics such as investment policy, portfolio manager structures, spending, and investment office staffing and governance.