Last Week at a Glance
Equities declined last week, driven by a selloff in AI-related stocks.
Credit/Fixed Income
Last Quarter at a Glance
Q3 ended on a weak note as rising bond yields weighed on asset class returns in September.
Should Investors Act on the US Midterm Elections?
No. The November US midterm elections could affect regulatory, fiscal, foreign, and AI policy, but uncertain outcomes and market implications make election-driven trades a poor basis for investment decisions. In our view, investors are better served by maintaining resilient, diversified portfolios than by positioning for an anticipated election outcome.
2025 Hedge Fund Discretionary Expense Summary
This report provides a comparative overview of management fees and discretionary expenses across four hedge fund strategies in Cambridge Associates’ manager universe—long/short equity, credit opportunities, multi-strategy, and global macro—for the years 2022 through 2025.
Is a Sovereign Bond Market Riot Brewing?
No. Sovereign bond yields across developed markets are likely to stay higher for longer given the macro, monetary, and fiscal backdrop, but a sustained, disorderly rise in yields looks unlikely.
Last Month at a Glance
Global equities advanced in August, gaining 2.3% as resilient activity data and earnings outweighed higher bond yields.
US Manager Universe Statistics: Second Quarter 2026
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: Fiscal Year 2026
The commodity supply shock mildly slowed global growth, though the effects varied by region. Even so, global equities posted another strong fiscal year across a broad set of markets. The US dollar appreciated modestly, with the United States remaining relatively insulated from developments in the Middle East. Bond returns lagged as inflation pressures resurfaced, while real assets performed strongly as the supply shock intensified and demand tied to AI buildout continued to strengthen.
2025 Private Investment Operational DDQ Analysis
This report presents an analysis of manager responses submitted via Cambridge Associates’ operational due diligence questionnaire.
VantagePoint: Artificial Intelligence Investing After the First Wave
AI investing is moving into a more selective phase: capabilities and adoption continue to accelerate, fundamentals are starting to improve, and the obvious first-wave winners in hyperscalers and chips have already been widely recognized by markets. From here, the key investment questions are which bottlenecks will endure, whether revenue and earnings can outpace the capital intensity required to lead, and where lasting value can survive as AI becomes cheaper, more capable, and more ubiquitous.