History implies the US dollar has more to rise before this strong dollar cycle is over; however, much depends on the fiscal and trade policies enacted by politicians and the responses from global central banks. This chart book provides currency views and historical analysis of momentum, valuation, and fundamentals for five major currencies: USD, GBP, EUR, CHF, and JPY.
This report reviews portfolio returns, asset allocation, investment manager structures, and net flow data for 26 independent schools. Analysis and exhibits include 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.
While worries about tax reform and pension underfunding dog municipal bonds today, their relative appeal and fair value absolute valuations keep them a solid option for high-bracket taxable investors.
Some of the reflation trades that received a boost from the US election look to be merely taking a breather as investors square positions; however, the fundamental support for others—particularly the outperformance of US small-cap equities—is challenged.
This report reviews portfolio returns, asset allocation, investment manager structures, and net flow data for 161 colleges and universities. 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.
In a word, yes, albeit slowly and selectively.
For New Zealand and the global economy as a whole, 2017 may be as good as it gets, especially if fiscal stimulus and protectionism cause inflation to rise in 2018, forcing a more aggressive tightening in monetary policy.
Australia should benefit from a continuation of the reflation trade, but investors should not get too excited given risks to the outlook, particularly protectionism from the Trump administration.
Simple is not so sweet in the current environment. In a world of global uncertainty, investors should place a premium on diversification.
Investors navigating the marketplace in 2016 witnessed uneven advances in equity markets, record low yields in bond markets, and a recovery in commodity markets. This chart book reviews returns and other metrics for the calendar year.