US

March 5, 2021

Decades of Data: United States 1900–2020

Credit/Fixed Income, Equities, Market Implications of COVID-19, US | Download

The 2020 US edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds. It also analyzes the historic economic declines and sharp asset price movements that resulted from the COVID-19 pandemic in 2020.

February 16, 2021

Are Hedge Funds at Risk from Retail-Driven Disorder in Equity Markets?

Hedge Funds, Market Implications of COVID-19, US

No, we do not believe that is generally the case. While the recent wild ride of a few companies’ share prices was novel in that it was coordinated by retail investors on the social media platform Reddit, the short coverings that contributed to the price spikes were all too familiar to long-time investors.

February 10, 2021

Should Investors Be Concerned About the Degree of Concentration in US Equity Markets?

Equities, Market Implications of COVID-19, US

Yes, because rising concentration reflects rising valuations for the largest stocks, which are likely to serve as a headwind to index returns. Further, the growing market share of these companies increases the potential for rising regulatory oversight.

February 5, 2021

College and University Investment Pool Returns: Fiscal Year 2020

Peer Data, US | Download

This report summarizes the results of our fiscal year college and university survey. Included are commentary and analysis of investment performance, asset allocation, and related trends for 159 colleges and universities. The report also summarizes peer data on topics such as investment policy, portfolio manager structures, spending, and investment office staffing and governance.

February 3, 2021

US Manager Universe Statistics: Fourth Quarter 2020

Credit/Fixed Income, Equities, Hedge Funds, Real Assets, US | US Manager Universe Statistics Series | Download

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.

January 19, 2021

Will the US Political Backdrop Be Supportive of Risk Assets in 2021?

Market Implications of COVID-19, US

Yes, we expect it will. Tomorrow, Joe Biden will be inaugurated as the 46th president of the United States, and while his party will only hold a slim majority in Congress, we believe his key policy initiatives will provide a supportive backdrop for risk assets in 2021.

January 15, 2021

US PE/VC Benchmark Commentary: First Half 2020

Private Equity/Venture Capital, US | PE/VC Benchmark Commentary Series | Download

First half 2020 was downright Dickensian (as in a “tale of two quarters”); first quarter returns were down as the COVID-19 pandemic began to close economies, while second quarter performance was strongly positive as public and private investments rebounded.

December 11, 2020

Under the Microscope: Private vs Public Company Operating Metrics for US Companies

Private Equity/Venture Capital, US

The 2020 Under the Microscope analysis highlights US PE industry trends leading into the COVID-19 crisis. The analyses indicate that 2019 was in many ways a continuation of the cycle of elevated acquisition and leverage multiples, with PE-backed companies showing sustained revenue and EBITDA growth.

December 11, 2020

Endowments Quarterly: Third Quarter 2020

Peer Data, US | Endowments Quarterly Series | Download

Our quarterly report summarizes asset allocation and total investment performance for 389 of Cambridge Associates’ US endowment and foundation clients. In addition, the report contains tables and charts that show returns and asset allocation by peer type and asset size.

November 25, 2020

College and University Flash Statistics Report: Fiscal Year 2020