Is a Crisis Likely in the UK Commercial Property Sector?
No, but we do expect UK commercial property prices to re-rate to a lower level as investors grapple with the consequences of the Brexit vote.
Real Assets
US REITs: Building the Case
US REIT valuations are elevated, but the fundamental and technical picture does not support the underweights that many investors likely, though unintentionally, have.
Real Asset Dynamics: June 2016
This new publication will discuss trends in real assets, with a primary focus on private strategies (agriculture, energy, infrastructure, metals & mining, property, and timber) using Cambridge Associates’ unique dataset. Each edition will bring you insights from the leaders of our real assets research on what they think about an aspect of this market today. This first edition shares our views on the amount of capital raised by private equity funds to take advantage of the oil market dislocation.
US Manager Universe Statistics: First Quarter 2016
This chart book presents representative marketable and hedge fund manager performance for first quarter 2016.
Investment Publications Highlights: April 2016
April’s publication summarizes three articles focused on oil markets. The first reviews different approaches to developing oil price expectations, arguing that each has faults; the second suggests oil prices may have hit a bottom in February; and the third highlights “good”, “bad,” and “ugly” aspects affecting oil prices today.
What’s Driving the Recent Rebound in Oil Prices?
Oil prices have benefited from a number of developments in recent weeks, including fresh data indicating declining production and healthy consumption, weakness in the US dollar, and news of supply-cap discussions between select OPEC members and Russia.
Commodity Futures: Still Plenty of Risks
The strong headwinds facing the commodity sector limit our conviction that current prices will translate into reasonable total returns.
Energy MLPs: Opportunities in the Pipeline?
MLPs have had a volatile few months and yields have skyrocketed; investors with a long-term time horizon should find the sector appealing.
US Manager Universe Statistics: Fourth Quarter and Calendar Year 2015
This chart book presents representative marketable and hedge fund manager performance for fourth quarter 2015. The median US REIT manager again posted the highest median quarterly return, 7.7% for fourth quarter 2015. The lowest median returns for the quarter (-1.4%) were posted by the median High-Yield Bonds manager and the median Credit Opportunities manager.
What Does US FIRPTA Reform Mean for Global Investors?
While it is too soon to know the full impact of reform, recent legislative changes are likely to increase global investors’ interest in US REITs and real property, with potential implications for valuations, fund flows, and transactions in 2016 and beyond.