Last Month at a Glance
Global equities advanced in August, gaining 2.3% as resilient activity data and earnings outweighed higher bond yields.
Credit/Fixed Income
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.
Last Week at a Glance
Global markets were relatively muted last week, as falling oil prices and positive AI-related earnings results boosted sentiment, although a hawkish speech by Fed Chairman Warsh weighed on markets on Friday.
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.
Last Quarter at a Glance
Global equities were flat in June but logged exceptional returns in 2Q—the best performance in more than six years.
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.
Starmer’s Resignation as UK PM Sees Focus Shift to Burnham’s Fiscal Stance
Keir Starmer’s resignation formalises a political transition that had already been widely anticipated after Labour’s poor local election results and months of pressure on his leadership.
US Manager Universe Statistics: First 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.
The Economy, Not Kevin Warsh, Will Drive Fed Policy
Kevin Warsh became chair of the Federal Reserve on May 15. His appointment is unlikely to drive a major near-term policy shift.