U.K. Historical Capital Market Returns: 1900-2012
An extensive examination of long-term trends and returns in U.K. equities, gilts, and Treasury bills.
Credit/Fixed Income
Fixed Income Investing When Interest Rates Rise
Many institutions are reviewing their fixed income exposure in light of concerns over the prospects for rising interest rates. While shortening duration to protect portfolios against higher rates ahead seems intuitively appealing, experience indicates it is ill-founded.
A Brief Guide to 130-30 Funds
“130/30” has become the most common shorthand for describing an investment strategy that relaxes the long-only constraint of traditional equity portfolios and incorporates both long and short equity positions, while maintaining a 100% net equity exposure to the market. The report analyzes what is behind the recent surge of 130/30 products and how to potentially…
US Treasury Inflation-Protected Securities (TIPS): An Introduction
An introduction to U.S. TIPS, their performance and correlations to other asset classes, as well as the pros and cons for a TIPS allocation and investing strategies.
An Introduction to Fixed Income Investing for Endowments
A discussion of the role of bonds in policy portfolios and the factors to consider (duration, sector allocation, management approach, benchmarking, etc.) when implementing a fixed income allocation.
Asia ex Japan Distressed Investing
This report examines the evolution of the Asian distressed markets, the opportunities and risks present in the asset class, and the specialized skills required of investors in Asia.
Emerging Markets Debt
An overview of emerging debt including correlations with other asset classes, risks (volatility, default, interest rate, currency), investment vehicles, and benchmarks. Exhibits cover market capitalization, credit quality, country debt ratios, Brady bond yields, benchmark returns, and fees and performance data on representative emerging debt managers.
Japanese Distressed Investing
An assessment of the investment opportunities resulting from a debilitating combination of successive recessions in Japan and the reluctance of government officials to enact and enforce financial sector reforms. Key topics include market risks, supply of distressed assets, strategies to capitalize on the opportunity, and investment vehicles and fund structures.
U.S. TIPS – Evolution, Valuation and Implementation
As the title suggests, this report examines changes in the TIPS market since their first issuance in 1997, as well as implementation issues for institutions seeking either the inflation- or deflation-hedging features of TIPS.
Fixed Income Investing for Endowments and Foundations – Policy and Practice
A discussion of the role of bonds in policy portfolios and issues related to the implementation of a fixed income allocation, including sector allocation, duration targets, active versus passive management, and selection of an appropriate benchmark. Exhibits cover data on returns for various bond sectors, correlations with other asset classes, and Treasury yield curve shifts…