What Can Investors Expect for 2017?
The surest call to make for 2017 is that higher growth expectations will be paired with the distinct possibility of negative outcomes, putting a premium on diversification and liquidity management.
Research Publications Archive
Outlook 2017: A Break in the Clouds
Change is in the air and the prospect for a bit of sunshine to break through the overhang of slow growth and lower-for-longer yields is palpable. Of course, the sun doesn’t shine forever, and overall our views are little changed. The things we have been worried about for some time—high valuations for certain risk assets, record-low interest rates, slow economic growth—have not gone away. The surest call to make for 2017 is that higher growth expectations will be paired with the distinct possibility of negative outcomes, putting a premium on diversification and liquidity management.
Eyes Wide Open for Municipal Bondholders as Pension Deficits Widen
Please see Sean McLaughlin, “Long Muni Bonds: Unloved, Orphaned, and Perhaps Safer Than You Think,” Cambridge Associates US Market Commentary, March 2011. Some muni bondholders in 2011 were terrified by a sky-is-falling prediction when Meredith Whitney, who made her name with a prescient call on bank shares during the lead up to the financial crisis,…
Are Private Equity Returns Doomed?
No. You just need to know where to look. The informed alternative investor is focused on identifying managers with the potential to outperform. Where to find these managers? The lower end of the private equity arena.
Mission-Related Investing: Current Practices and Views of Non-Profit Investors
Investor approaches to mission-related investing (MRI) are as varied as the social and environmental outcomes they seek to achieve. This survey report explores trends in the structure and implementation of MRI programs, investor motivations and perceived challenges, and expectations for future growth in MRI investment activity, based on responses from 159 non-profit clients, 50 of which are actively making mission-related investments.
Is the Bond Bull Market Over?
For now, bond yields and interest rates have probably hit their lows for this cycle, assuming fiscal stimulus across the developed world becomes a reality in 2017.
Brace for Volatility
In light of markets’ initial reaction to the victory of Donald Trump in the US presidential election, we wanted to remind clients of our approach to portfolio management by providing thoughts from our Chief Investment Strategist, Celia Dallas.
Finding the Proper Perspective for Peer Comparisons
Institutions understandably have an interest in the investment results of peers, but a hyper-focus on peer comparisons can be distracting, if not destructive, to effective governance. In this report, we review what can be learned from peer data, where the pitfalls lie, and some examples of how to approach analyzing peer data.
Should Investors Be Concerned About Rising Geopolitical Tensions?
Yes, but positioning for such risks is challenging as timing and specific circumstances are uncertain. Investors should rely on their usual lines of defense: portfolio diversification and liquidity provisioning.
Practical Considerations for ETF Investing
ETFs offer convenient and, in many cases, economical exposure to a variety of asset classes and investment strategies. However, in some cases investors unaccustomed to ETFs have been negatively surprised by the trading missteps that are possible when transacting these products. In this report, we seek to help investors understand some of the key differences between ETFs and traditional mutual funds by reviewing their mechanics, highlighting sources of tracking error, outlining fee and tax considerations, clarifying market impact, offering a set of key decision points for choosing between an ETF and a mutual fund, and discussing best practices for trading ETFs.