Are the Strong Recent US Venture Capital Returns Bankable?
No, not yet, as just over 10% of last year’s performance was realized.
Research Publications Archive
Defining the OCIO Benefit: What Value Can It Provide to Plan Sponsors?
In just the last five years, total US institutional assets under management by Outsourced Chief Investment Officers has continued to grow steadily, and is projected to reach nearly $2 trillion in 2021.
Investing for a Net-Zero World: A Guide for Investors
Investors are increasingly pursuing climate change–related agendas for both better investment outcomes and alignment with their stakeholders’ beliefs. This paper provides a high-level overview of the net-zero investing topic and considers practical implementation options for investors.
Spending Policy Practices: Fiscal Year 2020
Annual distributions from the endowment are a source of supplemental operating revenue for most endowed institutions. An institution’s endowment spending policy provides a basis for the calculation of the annual distribution, serving as a bridge that links the long-term investment portfolio and the enterprise. The data and analysis in this report review the various spending rule types used among our endowed clients. Also included are analysis on the endowment’s support of operations and effective spending rate.
Will Talk of the Fed Tapering Cause Another Bond Tantrum?
No. While the Federal Reserve’s discussion of tapering asset purchases signals a shift toward tighter monetary policy, both the Fed and markets learned valuable lessons from the 2013 Taper Tantrum; the impact on bond yields should be limited.
Foundation Annual Flash Statistics Report: Calendar Year 2020
The Foundation Annual Flash Statistics Report provides a first look at the results of our 2020 Foundation Annual Investment Pool Returns survey. Included in the analysis are a summary of investment pool returns, asset allocation, and returns after spending for 112 foundations. Additionally, the report provides detailed data by institution on asset allocation. Look for our full annual analysis in the upcoming Foundation Annual Investment Pool Returns report.
Do Prospects Remain Bright for Investors in Japanese Small-Cap Stocks?
Yes. We believe the underperformance of Japanese small-cap stocks in recent years will reverse, boosted by attractive relative valuations, stronger balance sheets, and growing pressure from shareholders and regulators.
Implementing Sustainable and Impact Investing in Investment Portfolios
Implementing sustainability and impact investing (SII) themes in investment portfolios can seem complex, leaving many investors new to SII wondering how to begin. This paper provides insight into building resilient portfolios that will contribute to and thrive in a more sustainable and equitable future.
Portfolio Protection: Challenges with Equity Put Options
We advise extreme caution in using derivatives to protect portfolios from sharp equity drawdowns. We recommend that investors look to asset allocation to defend against equity risk before buying puts. For those investors who must pursue a tail-risk hedge, we provide a list of potential pitfalls and solutions, in the form of a case study.
Should Clients Consider Diversity When Making Investment Decisions?
Yes, investors should consider diversity in the investment decision-making process, as we expect a diversity of thought and talent will lead to better investment outcomes than a process that ignores this important issue.