EU Crosses Rubicon With Recovery Fund Agreement
On Tuesday, EU leaders reached agreement on a €750B COVID-19 recovery fund, composed of grants and loans, and settled on a €1.074T budget for the next seven-year period.
Research Publications Archive
Will Virus-Linked Risks Overwhelm Small-Cap Equities?
No, we’re optimistic about this diverse collection of companies, and we think investors without dedicated allocations should establish toe-hold positions in developed markets (DM) small-cap equities funded from DM mid- to large-cap peers.
Improving Investment Returns: Manager Sizing With Active Risk
By considering the return profile of a manager along with its size in the portfolio, active risk provides additional insight to risk management decisions, helps build better portfolios, and contributes to better governance.
Racial Equity Investing: The Time Is Now
As we all grapple with the COVID-19 pandemic alongside widespread protests after the deaths of George Floyd and others, many asset owners are trying to determine how they can activate their investment portfolios to advance racial and social equity more broadly. We’ve identified three steps investors should take to help address racial inequities in an investment context.
Foundation Annual Flash Statistics Report: Calendar Year 2019
The Foundation Annual Flash Statistics Report provides a first look at the results of our 2019 Foundation Annual Investment Pool Returns survey. Included in the analysis are a summary of investment pool returns, asset allocation, and returns after spending for 115 foundations. Additionally, the report provides detailed data by institution on asset allocation. Look for…
Will the Increase in Remote Working Sink Office Real Estate?
No. While increased remote working will certainly be a headwind for office demand, the notion that it will result in the “death of the office,” as some reports have suggested, seems unlikely given a number of mitigating factors.
The Materiality of Sustainability for Investors
Sustainability trends—including climate change, multi–stakeholder driven society, resource degradation, demographic challenges, and technological revolution—have already impacted investment performance. Investors that incorporate these risks and opportunities into their decision-making frameworks are likely to be better prepared for the future than their peers.
Have Global Equities Bottomed?
Probably not, unless we experience a V-shaped economic recovery. The sudden stop in economic activity across the globe in response to COVID-19 has triggered an economic collapse and led to an extraordinary monetary and fiscal policy response.
GRAT Expectations: Extra Opportunity in the Current Environment
This paper summarizes the mechanics and treatment of GRATs, their heightened appeal right now, and the key tax, legal, and investment considerations to explore before implementing this strategy.
Room to Run for Muni Bonds
Despite the recent volatility, in our view, munis continue to be an attractive alternative to both Treasuries and high-quality corporates for long-term taxable investors. Even tax-exempt investors that typically don’t hold munis may want to consider them in the current environment given relative valuations and credit fundamentals.