Comparative Asset Allocation and Total Return: UK Foundations and Endowments
Our biannual report summarizes asset allocation and total investment performance for 24 of Cambridge Associates’ UK foundation and endowment clients.
Research Publications Archive
Building Resilient Portfolios: Liquid Diversifiers for Today’s Institutional Challenges
Liquid diversifiers represent a modern approach to portfolio construction, offering the potential for uncorrelated returns, improved liquidity, and enhanced risk management.
2024 Hedge Fund Discretionary Expense Summary
This report provides a comparative overview of management fees and discretionary expenses across five hedge fund strategies in Cambridge Associates’ manager universe—long/short equity, credit opportunities, multi-strategy, global macro, and fund of hedge funds—for the years 2022 through 2024.
Weathering the Latest US Government Shutdown
Historically, shutdowns have been short-lived and have had negligible economic and market impact. As such, well-diversified investors need not take specific portfolio action in response.
Should Investors Increase Core Real Estate Allocations Now That the Fed Has Resumed Easing?
No. Despite last week’s rate cut, we do not recommend that most investors increase their core real estate exposure.
Is the Projected Path of Fed Easing Too Aggressive?
Yes. Current market expectations for the Federal Reserve to lower its policy rate by roughly 150 basis points by the end of next year are overly optimistic.
India: In the Geopolitical Crosshairs
Once perceived as a US ally, India has recently been thrust into geopolitical crosshairs. Given the increased macro uncertainty, we would not overweight India at this time, particularly as equity valuations remain elevated despite the recent underperformance. Trade policies remain in flux, and there are measures that India can take to counter the near-term impact of tariffs. However, investors should monitor negotiations around India’s Russian oil imports, as these could have wider implications for the economy and market, especially the rupee.
Is the Outperformance of DM ex US Small Caps a Lasting Trend?
Yes. In our view, developed markets ex US small-cap stocks are well positioned to continue outpacing their larger-cap counterparts due to three key factors: reduced sensitivity to global tariff changes, attractive relative valuations, and improving international economic fundamentals.
Heightened Inflation Risks Favor Building More Resilient Portfolios
Description: In today’s environment, building resilient portfolios is essential. Inflation risks are elevated and macroeconomic uncertainty is high. Allocating capital to hedge macro risks may reduce returns, so investors should carefully consider risk tolerance, objectives, and spending needs when assessing their allocations.
Does Trend-Following’s Recent Struggle Signal That the Strategy Is Structurally Broken?
No. Although recent underperformance has led some investors to question whether trend-following is facing deeper structural issues, the strategy is inherently cyclical.