For the sixth straight year, the majority of active mid- to large-cap managers underperformed in 2019, with 62.0% lagging the benchmark (gross of fees). This chart book is our annual summary of the absolute and relative performance of managers that report to our database.
Insights into key metrics for private US real estate managers and how they have evolved over time.
No, we doubt the equity market’s heightened tech concentration will trigger an imminent correction. Rather, tech stocks’ outsized weighting reflects their superior growth and free cash flow this cycle. Amid a lackluster macroeconomic backdrop, historically low discount rates have boosted the appeal of the most profitable and liquid segment of the global equity universe, namely…
This study is based on a survey that Cambridge Associates (CA) administers annually to our college and university clients. The report that follows summarizes returns, asset allocation, and other investment-related data for 164 institutions for the fiscal year ended June 30, 2019. Included in this year’s report are commentary and exhibits spread across six separate sections.
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.
Yes, in the near term, but longer term we expect trade, tech, and possibly finances to decouple further.
The start of a new year and a new decade is an opportune time to reflect on megatrends that will be consequential over the next ten years. In this edition of VantagePoint, we focus on three such trends and their investment implications: disruption, demographics, and decoupling.
Our quarterly report summarizes asset allocation and total investment performance for 373 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.
This analysis includes our observations and more than 30 charts on key metrics including purchase price multiples, leverage multiples, revenue growth, earnings (EBITDA) growth, and earnings (EBITDA) margins.
We see opportunities to deploy capital in some niche areas of the investment landscape and reshape (or at least re-evaluate) some areas of the portfolio.