Last Week at a Glance
Global equities and bonds both finished the week broadly flat as major central banks tightened monetary policy in response to persistent inflation pressures.
Real Assets
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.
Has Gold Found a Bottom?
No. Gold has fallen roughly 25% from its recent peak to around $4,000 per troy ounce, but we still see further downside.
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.
Circular Economy Models Can Improve Supply Chain Resilience
The circular economy is becoming an increasingly mission-critical business strategy in a more volatile world.
The Importance of Water Reliability Is Growing, as Is the Investment Opportunity
In many geographies, the availability of water is shifting from a ubiquitous input to a strategic economic resource, and markets may be underpricing the speed of that transition.