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.
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 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.
This report presents an analysis of manager responses submitted via Cambridge Associates’ operational due diligence questionnaire.
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.
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.
Global economic growth hovered near trend in 2025. The dollar weakened sharply, while global equities and commodities posted strong gains. Bond returns improved as rates and credit spreads eased.
In 2026, a disciplined, diversified approach across hedge funds, real assets, and California Carbon Allowances can help investors navigate market uncertainty and capture emerging growth.
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.
This report provides a comparative overview of management fees and discretionary expenses across five hedge fund strategies in Cambridge Associates’ manager universe—long/short equity, credit opportunities, multi-strategy, global macro, and fund of hedge funds—for the years 2022 through 2024.