Investors navigating the marketplace in 2015 faced numerous challenges, including US$ strength, commodity market stresses, and global growth concerns. To a large extent, asset class returns were either unexceptional or downright difficult. This brief chart book reviews returns and other metrics for the calendar year.
While it is too soon to know the full impact of reform, recent legislative changes are likely to increase global investors’ interest in US REITs and real property, with potential implications for valuations, fund flows, and transactions in 2016 and beyond.
Heading into 2016, we remain constructive on Japanese equities versus US equivalents and are broadening our recommendation to include Japanese small- and mid-cap stocks.
2015 looks likely to go down as a year to forget for many investors, and 2016 may bring only slight improvement.
Venture capital offers compelling returns for the stalwart long-term investor. The most relevant question for investors in any stage of venture is the potential impact of prevailing market conditions on ultimate returns. In this brief, we look at valuation data today and also use our proprietary data set of funds to review historical returns during periods when valuations reset.
Determining the appropriate size of near-term reserves and how to invest any remaining reserves is more art than science and requires careful consideration of a number of factors.
Every year, we take a fresh look at the themes and drivers likely to influence capital markets and, along with our valuation analysis, inform our asset allocation recommendations. Heading into 2015, we identified five trends that influenced our advice: US dollar strength, weakening commodity prices, elevated US equity valuations, extremely low sovereign bond yields, and…
Despite seemingly high yields, today is not a particularly attractive time to buy emerging markets debt, whether hard currency or local currency.
Considering climate factors is an economic risk management and opportunity capitalization issue core to prudent investing for the long term.
Ongoing growth headwinds, an earnings recession, and still-elevated valuations make us skeptics that US equities’ four-year bull market can continue much longer.