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.
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.
The strong headwinds facing the commodity sector limit our conviction that current prices will translate into reasonable total returns.
MLPs have had a volatile few months and yields have skyrocketed; investors with a long-term time horizon should find the sector appealing.
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.
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.
Considering climate factors is an economic risk management and opportunity capitalization issue core to prudent investing for the long term.
This chart book presents representative marketable and hedge fund manager performance for third quarter 2015.
Unit prices have sold off in sympathy with energy-related assets, but higher yields and reasonable fundamentals should translate into strong returns in the long term.
October’s publication summarizes four articles discussing commodity price outlooks and implementation. The first two highlight a bullish case for commodity prices that is supportive to global economic growth, the third suggests that any rebound in commodity prices is unlikely to occur until late next year at the earliest, and the fourth argues investors are more likely to benefit from long-short commodity strategies vs. long-only commodity strategies.