Research Publications Archive

A Summary of Climate Change Science for Investors

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Investors would be wise to consider climate science in their investment decision-making process. Climate risk is likely underestimated by financial markets, and there is a window of opportunity for investors to get ahead of the curve, given our expected future repricing of this risk. This paper provides a high-level overview of the current climate science and discusses a few economic implications. Put simply, we all need to think like scientists now.

Trends in European Credit

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European credit investors have enjoyed significant gains in 2019 as the combination of weak economic data and central bank easing has pushed yields lower. Investors will need to be nimble to find attractive risk-adjusted returns in the months ahead.

Alternative Risk Premia: A Diversifying Option for Investors (Euro Edition)

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Elevated equity market valuations and potentially rising bond yields suggest the return environment for traditional risk assets could be difficult. Faced with this challenge, institutional investors are seeking alternative sources of return. Alternative risk premia strategies—which harvest well-established risk premia and market anomalies across asset classes—may fit the bill.

Spending Policy Practices: 2019

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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 cover a variety of spending topics, including spending rule types, the endowment’s support of operations, and effective spending rates.