Foundation Annual Investment Pool Returns: Calendar Year 2018
Summarizes returns, asset allocation, and other investment-related data for 109 foundations for the year ended December 31, 2018.
Research Publications Archive
Currency Views and Valuations: June 30, 2019
This chart book presents commentary and analysis of historical currency momentum, valuation, and fundamentals in nine base currencies: Australian dollar, British pound, Canadian dollar, euro, Japanese yen, New Zealand dollar, Singapore dollar, Swiss franc, and US dollar.
Whistling Past the Covenant-Lite Graveyard: A Sanity Check in Practical and Philosophical Terms
The recent shift in common wisdom with respect to covenant-lite loans hearkens the warning to be careful of changing opinions in the face of unchanging facts and steadfast opinions. This note summarizes the pro–covenant lite positions articulated to us and points out their weaknesses.
Pathways to Sustainable Investing: Insights from Families and Peers
Every day, CREO and Cambridge Associates encounter wealth owners, families, and family office professionals who are starting down the path of sustainability investing. This paper details the typical path these investors take, the questions many of them face, and the way that many of them successfully develop a winning strategy that generates both returns and impact.
Profit Margins for US Companies Are Very Strong; Are They Sustainable?
No. While US companies have some defensible profitability advantages, today’s elevated margin levels may be poised for a reversal of fortune.
Healthcare Systems Describe Mounting Pressures & Investment Remedies: 2019 Survey Results
Due to mounting pressures in the healthcare industry, many hospitals will likely rely on spending from investment pools to support operations and capital plans. While investments will be a source of funding, our survey of healthcare clients indicates that for many, investment strategy will balance spending needs and growth goals.
What to Expect From Your Direct Lenders When the Cycle Turns
Direct lending, or senior debt, funds have come to dominate the private credit asset class, capturing significant portfolio allocations and outpacing fundraising of other private credit strategies. However, over the past 18 months, Cambridge Associates has felt enthusiasm for senior debt allocations cool as discussions turn to senior debt funds’ performance through the credit cycle.
Review of Market Performance: Fiscal Year 2019
Fixed income assets and gold advanced, as escalating trade tensions cast uncertainty regarding the global growth outlook and global central banks sounded a more dovish tone; equities and other real assets were more mixed. This chart book presents returns and other market metrics for fiscal year 2019.
US PE/VC Benchmark Commentary: Second Half 2018
In contrast to the public markets, and despite a weak fourth quarter, the Cambridge Associates US private equity and venture capital indexes both produced double-digit positive returns for calendar year 2018.
Could the Equity and Bond Markets Both be Right About the Macro Outlook?
Yes. While equity and bond markets don’t often rise in tandem like they have lately, history suggests that both recent moves could be warranted if central bank stimulus successfully extends the cycle. But that is a big “if”; several moving parts cloud the macro outlook, and markets are assuming that central banks can reverse the recent economic slowdown.