Last Week at a Glance
Global equities fell last week, with Korea and Taiwan leading the decline as investors backed away from crowded AI momentum trades.
Real Assets
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.
Physical Climate Risk Is Creating Opportunities in Adaptation and Resilience
Adaptation and resilience are becoming increasingly economic imperatives. The near-term warming trajectory is already largely set, and the consequences are arriving through higher insurance costs, supply chain disruption, agricultural volatility, and repeated infrastructure damage.
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.
Last Month at a Glance
Global equities rose in May, boosted by artificial intelligence (AI) earnings momentum and hopes for an extension of the US-Iran ceasefire.
VantagePoint: The Rearview Mirror Problem
The conditions that rewarded concentrated exposure to US growth and technology stocks for much of the past decade are becoming less dependable. With valuations stretched and macro and geopolitical risks less benign, investors may be better served by reducing crowded exposures and rebuilding diversification across a broader set of opportunities.