Executive Summary Managed futures refers to a subset of investment strategies that actively trade global fixed income, currency, commodity, and equity markets via futures and forward contracts. Approximately 70% of the capital deployed within managed futures programs is attributable to trend following strategies. Trend following is synonymous with momentum investing and is based on the…
The trickle of banks leaving the commodity space has become a veritable flood. Over the past six months some of the biggest global banks have announced plans to either dramatically scale back operations or exit the physical trading business entirely, leaving the space increasingly in the hands of specialized merchant banks—e.g., Mercuria and Tudor Pickering—and…
Today’s estimated global overhang is $909 billion net of fees, with US private equity, European private equity, and real estate the primary contributors. With capital appearing to be deployed at a slower pace than historically, the overhang is larger than expected. Too much overhang and the pressure to put capital to work before it expires…
The options within public and private infrastructure investing have widened substantially over the last decade. This report provides an overview of infrastructure—including the characteristics of the asset class, the risks of investing, historical performance, current trends, and implementation considerations—and summarizes the attractions of and considerations for an investment in various infrastructure segments.
A look at the growth of the 2006 U.S. real estate and REIT markets. Report covers private real estate, public real estate securities, the various property sectors (office, apartment, retail, industrial, and hotel), as well as provides strategy suggestions for investors in the real estate market.
A substantive discussion on the recent negative roll yield of the Goldman Sachs Commodity Index and what it means for investors. This paper also touches on the GSCI Total Return Index, the Dow Jones-AIG Commodity Index, historical returns of commodity indices, and offers implementation options to commodities investors.
This report focuses on the listed Real Estate Investment Trust (REIT) markets in Asia, especially the larger such markets of Japan, Singapore, and Hong Kong. The discussion also expands to include the smaller markets in Malaysia, South Korea, Taiwan, and Thailand, and the larger Asia Pacific region which includes Australia’s LPT market.
This paper examines the potential risks and rewards of a timber investment, as well as vehicles, terms, and benchmarks.
This report examines the diversification benefits of oil and gas, entry/exit prices, risks (“dry-hole,” liability, and tax), implementation issues, and investment manager evaluation criteria.
While interest in timberland has grown in the past few years, skillful active management and significant due diligence are needed for investing in this asset class. This paper provides an analysis and outlook for timberland investing, including return expectations for U.S. timberland and the qualitative and quantitative considerations for investing in non-U.S. timberland. Exhibits cover…