Market Matters: March 2020
Global risk assets suffered major drawdowns comparable to the global financial crisis in first quarter.
Equities
The Complex Relationship Between Inflation and Asset Prices
As we write in March 2020, COVID-19 is spreading across much of the world, undercutting economic activity. While we are unsure of how this situation will unfold, we have long believed that the best way to guard against future uncertainty is to have a well-constructed portfolio. One key component in that is understanding the relationship between asset prices and inflation.
Emerging Markets Equity Manager Performance
Of active emerging markets equity managers, 64% outperformed the MSCI Emerging Markets Index gross of fees in 2019 after three consecutive years of underperformance. This is a companion piece to the US, Global, and Global ex US charts books already published.
Global ex US Equity Manager Performance
In 2019, 63% of active global ex US managers outperformed the MSCI EAFE Index gross of fees, with the median manager outperforming by 183 basis points. This is a companion piece to the US and Global chart books already published.
Global Equity Manager Performance: 2019
In 2019, 54% of active global managers underperformed the MSCI World Index (gross of fees), with the median manager underperforming by 44 basis points. This a companion piece to the US chart book already published.
Market Matters: February 2020
Global risk assets suffered significant drawdowns in February as concerns over COVID-19’s impact on global economic activity grew.
US Mid- to Large-Cap Equity Manager Performance
For the sixth straight year, the majority of active mid- to large-cap managers underperformed in 2019, with 62.0% lagging the benchmark (gross of fees). This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Are You Expecting Another “Tech Wreck” Like 20 Years Ago?
No, we doubt the equity market’s heightened tech concentration will trigger an imminent correction. Rather, tech stocks’ outsized weighting reflects their superior growth and free cash flow this cycle. Amid a lackluster macroeconomic backdrop, historically low discount rates have boosted the appeal of the most profitable and liquid segment of the global equity universe, namely…
US Manager Universe Statistics: Fourth Quarter 2019
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
Review of Market Performance: Calendar Year 2019
The gradual abatement of geopolitical risks, and a renewed accommodative stance from global central banks, led to a strong rebound in risk sentiment in 2019. Equities led the way higher, while interest rate cuts ensured fixed income markets participated in what was a robust year for asset classes across the board. This chart book explores global asset returns and the factors influencing performance last year.