Private Property Trends: Analysis of Operating Metrics for US Real Estate Properties
Insights into key metrics for private US real estate managers and how they have evolved over time.
Research Publications Archive
Should Investors Be Worried About the Private Real Assets Fundraising Frenzy?
Investors navigating the robust fundraising environment should be selective when making commitments in 2019.
Decades of Data: 1900–2018
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 and subsequent returns for equities and bonds. Given the stage of the economic cycle and a shifting paradigm in central bank policy, we incorporate a current market environment section this year. The appendix to this report shows year-by-year, cumulative, and average annual compound returns for as much as 119 years of market data for Australia, Japan, the UK, and the US. Emerging markets equity returns are also included in the appendix—with 30 years of history—in USD and local currency terms.
Global ex US Equity Manager Performance: 2018
In 2018, 62.1% of active global ex US managers underperformed the MSCI EAFE Index gross of fees, with the median manager underperforming by 123 basis points. Since 2000, the median manager has now underperformed the index in just three calendar years, and 2018 marks the first year of underperformance since 2004. This is a companion piece to the US manager performance chart book already published.
US Mid- to Large-Cap Equity Manager Performance: 2018
For the fifth straight year, the majority of active mid- to large-cap managers underperformed in 2018, with 61.1% underperforming (gross of fees) in 2018. The median manager underperformed the Russell 1000® Index by 136 basis points for the year. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Should Investors Fret About Declining Earnings Estimates?
Geopolitical tensions and growth concerns loom large over the global economy, but we don’t think investors should fixate on the recent slowdown in near-term earnings expectations.
Private Company Operating Metrics: Global Analysis
This report compares operating metrics and trends across Asia, Europe, and the United States, and takes a closer look at comparisons between private and public companies in Europe and Asia.
Under the Microscope: Private vs Public Company Operating Metrics
This analysis includes our observations and more than 30 charts on key metrics including purchase price multiples, leverage multiples, revenue growth, earnings (EBITDA) growth, and earnings (EBITDA) margin.
Will Venture Capital Repeat the Post-TMT Bubble Experience?
We do not expect a rerun of the 2000s for tech and venture capital. The similarities between the late 1990s and today are concerning, but the differences are even more sweeping.
Private Credit Benchmarks: A User’s Guide
In response to the proliferation of new private credit strategies and managers, Cambridge Associates has developed a set of benchmarks that will help limited partners assess the performance of new and existing fund manager (general partners).