Yes. Since fixed income derivatives are more capital efficient and flexible than physical bonds, they can play a key role in liability hedging for many corporate and other single-employer pension plans.
This publication, based on our biennial Investment Office Organization and Governance survey of small, medium, and large endowments and foundations, offers a snapshot of responses in three key areas: investment office staffing, oversight costs, and governance.
Not in the United States. As short rates have increased and the yield curve has flattened, US T-bills offer more appeal than they have in some time.
For investors with private allocations, how one incorporates them into the policy benchmark will materially impact the portfolio’s relative performance, making the choice key to informed decision making. We review the various methodologies used and make a series of recommendations on best practices to follow. In considering the performance of private investments within the total portfolio, we anchor to a set of principles: keep it simple, don’t treat private investments differently, and make performance evaluation as meaningful as possible.
When assessing performance at the aggregate private portfolio and sub-component level, investors should take the long view. In this publication, we review how long funds take to settle into their ultimate quartile ranking and highlight our framework for benchmarking a portfolio of private investments.
Providing high liquidity, good return premiums over cash, and a predictable risk profile, trade finance can play a valuable role in portfolio strategy.
This chart book presents commentary and analysis of historical currency momentum, valuation, and fundamentals in five key base currencies.
Investors with thoughtfully diversified portfolios, which incorporate sufficient liquidity, should stay the course amid today’s trade tensions.
Japan’s long-term economic outlook looks brighter, and the positive structural and governance changes achieved under prime minister Shinzo Abe have improved the opportunity set for long-term institutional equity investors. This progress—paired with improving corporate fundamentals and reasonable valuations—boosts the appeal of Japanese equities. But, several ongoing internal and external risks to the reform agenda and economic outlook require monitoring.
Our biannual report summarizes asset allocation and total investment performance for 31 of Cambridge Associates’ UK foundation and endowment clients.