Comparative Asset Allocation: Private Clients
Our biannual report summarizes asset allocation for over 160 of Cambridge Associates’ US-based private clients.
Research Publications Archive
Liability-Hedging Handbook: A Guide to Best Practices for US Pension Plans
For many pension plans, investment strategy is often structured with a liability-hedging portfolio and a growth portfolio, with the weight and composition of each determined by a strategic asset allocation or a de-risking glidepath. Within this overall structure, the construction and calibration of the liability-hedging portfolio is integral to effective pension asset management. This report focuses exclusively on the liability-hedging portfolio, delineating key considerations and best practices for single-employer defined benefit plans including those sponsored by corporations, health care institutions, non-profit organizations, and certain partnerships.
Are Inflationary Pressures in the United States Building?
Yes. Inflationary pressures in the United States appear to be building, as positively trending wages, expansionary fiscal policies, and protectionist trade barriers feed into a humming economy. Although we expect these pressures signal an increased risk of an inflation scare, we believe the most likely outcome in 2018 is for inflation to grind only modestly higher.
Emerging Markets Equity Manager Performance: 2017
Despite exceptional overall returns, more than 55% of active emerging markets equity managers underperformed the MSCI Emerging Markets Index gross of fees in 2017, marking the first time since 2009 that the majority have underperformed in back-to-back years. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Annual Review of Endowments: Fiscal Year 2017
This new report summarizes portfolio returns, asset allocation, and related trends for 289 endowed institutions. Included are exhibits on asset class returns, performance attribution, risk analytics, policy portfolio benchmarking, and uncalled capital commitments to private investments. The analysis is broken down by size of assets under management and by institution type. The report also contains…
Global Equity Manager Performance: 2017
In 2017, the median active global equity manager outperformed the MSCI World Index by 150 basis points (gross of fees), the seventh time in ten years that the median manager outperformed the index. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Should US Equity Investors Fret About Rising Yields?
Not in the near term. The current environment of rising, but low, interest rates accompanied by strong earnings growth expectations is supportive for equities.
Decades of Data: 1900–2017
In over 40 different analyses and 100 charts, our annual report on the history of global markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations…
Global ex US Equity Manager Performance: 2017
In 2017, 75.8% of active Global ex US managers outperformed the MSCI EAFE Index gross of fees, with the median manager outperforming by 260 basis points. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
US Mid- to Large-Cap Equity Manager Performance: 2017
Despite strong overall returns, active managers continued their now four-year streak of underperformance against the index, with 54.4% underperforming (gross of fees) in 2017. For the year, the median US mid- to large-cap manager underperformed the Russell 1000® Index by 70 basis points. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.