Has the British Pound Bottomed?
We expect further weakness in the British pound as uncertainty over the economic impact of “Brexit” drives the currency toward GBP/USD 1.15, and an even larger decline cannot be ruled out.
Europe
Hedge Fund-ing the Pension Deficit: The Case for UK Schemes
Select hedge funds have provided attractive long-term returns with reduced equity beta and can be integral to pension investment strategies.
UK Property: Finding Opportunity Amid Heightened Political Risk
We remain cautious on UK property, but bold investors may find opportunities in the post-‘Brexit’ environment.
Comparative Asset Allocation and Total Return: UK Foundations and Endowments
Our biannual report summarizes asset allocation and total investment performance for 27 of Cambridge Associates’ UK foundation and endowment clients.
Eurozone Equities: Dialing Down Expectations
Though valuations for Eurozone equities remain attractive, waning earnings growth and the difficult macro picture keep us neutral for now, but continuing to watch closely as US valuations push ever higher.
Opportunities Arising From Banking Sector Stress in Europe
The vacuum being created by banks withdrawing from previous activities is opening up opportunities for strategies like non-performing loan funds focused on the region.
Is a Crisis Likely in the UK Commercial Property Sector?
No, but we do expect UK commercial property prices to re-rate to a lower level as investors grapple with the consequences of the Brexit vote.
Has the GBP Bottomed? Not Likely
History implies there is more downside for the pound; we expect the currency to remain volatile and range bound as the long road to Brexit is just starting.
Should Investors Reposition Portfolios in Light of the UK Referendum to Leave the European Union?
No, assuming investors have heeded our advice to keep diversifying assets defensive.
Comparative Asset Allocation and Total Return: UK Foundations and Endowments
Our biannual report summarizes asset allocation and total investment performance for 29 of Cambridge Associates’ UK foundation and endowment clients.