Digging In: Assessing the Private Infrastructure Opportunity Today
New private infrastructure fund investors can find value in carefully evaluated managers and strategies, but they should ratchet down return expectations relative to years past.
Research Publications Archive
Maintaining Strategic Direction through Peaks and Valleys
An extended bull market can tempt even the savviest investors into abandoning their long-term discipline. Resisting the impulse to switch horses in the middle of the race is hard, but necessary—the most important trait of successful investors is their ability to maintain discipline in sticking to a long-term strategy during good times and bad. Diversified portfolios—structured to earn returns comparable to their rate of spending at tolerable levels of risk—have benefitted long-term investors and grown their purchasing power for decades, and we have no reason to expect a different outcome when today’s bull market inevitably corrects.
Does US Corporate Tax Reform Endanger Private Debt Strategies?
No. If the interest expense deduction is eliminated, debt issuance may drop slightly, but the demand for senior and mezzanine debt will be little changed, and the risk/reward proposition is still attractive for investors.
High Growth and High Expectations: Can Returns for Indian Assets Keep Up?
India’s robust growth and aggressive reform agenda offer opportunities to those investors who are careful not to overpay for assets.
Comparative Asset Allocation and Total Return: UK Foundations and Endowments
Our biannual report summarizes asset allocation and total investment performance for 29 of Cambridge Associates’ UK foundation and endowment clients.
Comparative Asset Allocation: Private Clients
Our biannual report summarizes asset allocation for 108 of Cambridge Associates’ US-based private clients.
What’s Next for the US Dollar?
We still expect a rising US dollar over the coming year or so; however, the currency is entering the final phase of the strong-dollar cycle and investors should be aware that valuations and historical cycles suggest USD weakness over the coming decade.
A Supportive Argument for Structured Credit
Asset-backed securities enjoy favorable fundamentals and are positioned to outperform high-yield bonds and leveraged loans in 2017, but investors should be selective—valuations are stretched in parts of the market and some sectors face regulatory headwinds.
Annual Analysis of Cultural and Environmental Institution Investment Pool Returns: Fiscal Year 2016
This report reviews portfolio returns, asset allocation, investment manager structures, and net flow data for 54 cultural and environmental institutions. Analysis and exhibits include asset class returns, performance attribution, risk analytics, policy portfolio benchmarking, the impact of private investment programs on portfolio liquidity, the use of external managers by asset class, and net flow rates.
Emerging Markets Equity Manager Performance: 2016
Calendar year 2016 marked the first time since 2009 that emerging markets managers underperformed the MSCI Emerging Markets Index gross of fees. This chart book is our annual summary of the absolute and relative performance of managers that report to our database. New exhibits this year examine managers’ sector and geographic allocations relative to the index and assess the presence/absence of factors that can create a more favorable environment for active management.