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.
The private equity market has evolved to become increasingly sophisticated and competitive, resulting in a profusion of specialized sub-strategies (for example, co-investing, direct investing, sector-focused strategies) and managers expanding into geographies, sectors, and/or asset classes that may be new to them and their investors. In this context, fund-level net to LP benchmarks, while still necessary, are not always sufficient to evaluate performance. This paper introduces Cambridge Associates’ Investment-Level Benchmarks and shares examples of the types of perspectives they can offer subscribers.
In this edition of Real Asset Dynamics, we analyze the returns of Cambridge Associates’ indexes of private real estate funds over various time horizons and offer our views on what investors can expect in private real estate going forward. Global private equity real estate continues to generate decent returns, earning 1.5% in second quarter 2016…