Private Property Trends: Analysis of Operating Metrics for US Real Estate Properties
Insights into key metrics for private US real estate managers and how they have evolved over time.
Research Publications Archive
Private Company Operating Metrics: Global Analysis
For the first time, this update to our annual report includes comparisons of private equity globally (roughly 8,500 companies in total) with public peers, as well as regional comparisons for approximately 4,000 US-based companies, more than 2,000 European companies, and more than 1,200 Asian companies acquired by PE firms from 2000 through 2018.
Are You Expecting Another “Tech Wreck” Like 20 Years Ago?
No, we doubt the equity market’s heightened tech concentration will trigger an imminent correction. Rather, tech stocks’ outsized weighting reflects their superior growth and free cash flow this cycle. Amid a lackluster macroeconomic backdrop, historically low discount rates have boosted the appeal of the most profitable and liquid segment of the global equity universe, namely…
College and University Investment Pool Returns: Fiscal Year 2019
This study is based on a survey that Cambridge Associates (CA) administers annually to our college and university clients. The report that follows summarizes returns, asset allocation, and other investment-related data for 164 institutions for the fiscal year ended June 30, 2019. Included in this year’s report are commentary and exhibits spread across six separate sections.
Coronavirus Outbreak: Initial Thoughts and Implications
Investors should stay calm. While the Wuhan coronavirus is still spreading, the virus remains less deadly and more contained than the SARS outbreak of 2002–03. Looking at other epidemics, history suggests that after an initial sharp hit, economies and markets typically recover quickly.
Will the “Phase One” Trade Deal Bring More Stable Relations Between the United States and China?
Yes, in the near term, but longer term we expect trade, tech, and possibly finances to decouple further.
Review of Market Performance: Calendar Year 2019
The gradual abatement of geopolitical risks, and a renewed accommodative stance from global central banks, led to a strong rebound in risk sentiment in 2019. Equities led the way higher, while interest rate cuts ensured fixed income markets participated in what was a robust year for asset classes across the board. This chart book explores global asset returns and the factors influencing performance last year.
Friend or Foe: Hedge Funds Versus Alternative Risk Premia (Euro Edition)
It has been a challenging time for hedge funds in recent years. Loose monetary policy has driven equity markets upwards and hurt short books. The growth of quantitatively traded funds has eroded some of the inefficiencies commonly exploited by hedge funds. This fact, coupled with the shift toward low-fee passive and alternative risk premia (ARP) products, has raised questions about the merits of hedge funds in investor portfolios. In this paper, we focus on comparing ARP versus hedge funds and investigate whether hedge funds and ARP funds are complementary or whether ARP funds are actually a viable replacement for hedge funds.
Venture Capital Positively Disrupts Intergenerational Investing
Families of wealth face three key questions about intergenerational wealth planning: how best to invest to sustain future generations; how best to engage the next generation; and how best to ensure family unity endures. Often each question is addressed independently. We find that a conversation across generations about the impact of a meaningful venture capital allocation can help address all three questions in an integrated manner.
Under the Microscope: Private vs Public Company Operating Metrics for US Companies
This analysis includes our observations and more than 30 charts on key metrics including purchase price multiples, leverage multiples, revenue growth, earnings (EBITDA) growth, and earnings (EBITDA) margins.