Scandal, Recession, and Impeachment, Yet Brazilian Stocks Are Flying
Brazil’s equity valuations, though by no means rich, are out of sync with its political uncertainty and economic distress.
Research Publications Archive
US REITs: Building the Case
US REIT valuations are elevated, but the fundamental and technical picture does not support the underweights that many investors likely, though unintentionally, have.
Real Asset Dynamics: June 2016
This new publication will discuss trends in real assets, with a primary focus on private strategies (agriculture, energy, infrastructure, metals & mining, property, and timber) using Cambridge Associates’ unique dataset. Each edition will bring you insights from the leaders of our real assets research on what they think about an aspect of this market today. This first edition shares our views on the amount of capital raised by private equity funds to take advantage of the oil market dislocation.
Hedge Fund-ing the Pension Deficit
Select hedge funds have provided attractive long-term returns with reduced equity beta and can be integral to pension investment strategies.
What’s the Outlook for US Equities Given the Earnings Recession?
Risks to US equities remain firmly skewed to the downside, but as long as the Fed remains on hold and the twin earnings headwinds of weak oil/strong dollar continue to fade, US equities could continue to muddle along near recent levels.
The Foundation of Good Governance for Endowments and Investment Committees
Suboptimal governance can extend disappointing performance or perpetuate suboptimal past decisions. By contrast, good governance leads of its own design to necessary mid-course corrections. To create the conditions for good governance, endowments should assess whether they have in place the appropriate model for portfolio oversight and management, are upholding their fiduciary responsibilities, and are learning about peer best practices in structure, process, policies, and role of the portfolio.
What’s Behind the Recent Rally in Emerging Markets and Does it Have Further to Run?
In this edition of CA Answers, two members of our Global Investment Research team discuss the recent sharp rally in emerging markets. Aaron Costello addresses the factors behind the rally and their sustainability, while Sean McLaughlin reviews the valuation case and return potential for emerging markets equities. Aaron Costello: In my view, the rebounds in…
Japanese Equities: Is Abenomics Becoming a Liability?
We retain our overweight to Japanese stocks, but are watching closely to ensure economic or political events do not undermine the promising case for company fundamentals.
Will Value Stocks Continue to Outperform?
Prospects are tenuous for sustained outperformance of value stocks on the whole. We recommend owning value stocks, but would not broadly overweight just yet.
A Holistic Approach to Liquidity Management
In this paper we share trends in liquidity creation at institutions and look at what’s behind them. We outline three building blocks to optimize liquidity management across an enterprise, providing several approaches to assessing liquidity needs holistically. We offer specific examples from US colleges and universities given the availability and breadth of data, though we believe that the lessons learned are broadly applicable. Finally, we discuss approaches to cash management in the current environment.