Markets Price in Gridlock as Prospects for a Divided US Government Materialize
As many had expected, the US presidential election turned into more of a process than an event.
Research Publications Archive
Not All Liability Hedges Are Created Evenly: Guidance for US Plan Sponsors in Today’s Interest Rate Environment
In an era of historically low interest rates, heightened risk of yield curve steepening complicates pension risk management.
Endowment Spending to the Rescue?
The current health crisis is creating extraordinary financial disruptions for nonprofit enterprises. While institutional needs and resources are far from uniform, each must tread carefully and evaluate thoughtfully before making short-term spending decisions that will impact the institution forever.
Comparative Asset Allocation and Total Return: UK Foundations and Endowments
Our biannual report summarizes asset allocation and total investment performance for 31 of Cambridge Associates’ UK foundation and endowment clients.
Comparative Asset Allocation: Private Clients
Our biannual report summarizes asset allocation for 122 of Cambridge Associates’ US-based private clients.
Is Distressed Real Estate Actionable Today?
Yes, but the opportunity set is currently limited.
Planning for the US Presidential Election
This general election will be one of the most unusual in modern history. Investors should not tweak portfolios based on election prognostication.
Disruption, Liquidity Sources, and the Role of the Endowment
The global pandemic has created unprecedented challenges to the enterprises and financial circumstances of endowed institutions, requiring an extensive response. In June 2020, Cambridge Associates conducted a study focused on endowment spending and other sources of liquidity these institutions are turning to in order to manage the financial disruption.
Do Opportunities Remain for Investors After the Broad Market Recovery?
Yes, investors should consider making tactical changes because of valuation differentials exacerbated by the COVID-19 pandemic, but they should size them appropriately given elevated uncertainty.
Trump Administration Recommends Universities Divest from China
We provide context for the US government recommendation for endowments to divest from Chinese companies, highlight practical considerations if institutions elect to comply, and encourage institutions to reaffirm their approach to investing in Chinese equities.