Yes. While equity and bond markets don’t often rise in tandem like they have lately, history suggests that both recent moves could be warranted if central bank stimulus successfully extends the cycle. But that is a big “if”; several moving parts cloud the macro outlook, and markets are assuming that central banks can reverse the recent economic slowdown.
As part of our ongoing commitment to alternative credit, Cambridge Associates (CA) began compiling a database of credit stress and losses in one of the largest strategies within private credit, senior debt (i.e., direct lending). Our initial outreach in the United States and Europe yielded data from 11 senior debt funds tracking material document modifications (which we use as a proxy for credit stress, greater detail below) and loss rates in bilateral and clubbed middle-market lending.
The Foundation Annual Flash Statistics Report provides a first look at the results of our 2018 Foundation Annual Investment Pool Returns survey. Included in the analysis are a summary of investment pool returns, asset allocation, and returns after spending for 109 foundations. Additionally, the report provides detailed data by institution on asset allocation. Look for our full annual analysis in the upcoming Foundation Annual Investment Pool Returns report.
Our quarterly report summarizes asset allocation and total investment performance for 376 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.
The median US Mid-Cap Growth Equity manager posted the highest median return for first quarter 2019, returning 19.3%. For the one-year period ending March 31, 2019, the median US Real Estate Investment Trust manager posted the best return (18.8%).
Although an inverted yield curve is not a sign we welcome, it also is not a clear indicator of an imminent equity market downturn. Instead of underweighting risky assets, we suggest investors take this opportunity to refresh plans to manage through the next bear market.
Our biannual report summarizes asset allocation for 95 of Cambridge Associates’ US-based private clients.
Our quarterly report summarizes asset allocation and total investment performance for 381 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.
Insights into key metrics for private US real estate managers and how they have evolved over time.
For the fifth straight year, the majority of active mid- to large-cap managers underperformed in 2018, with 61.1% underperforming (gross of fees) in 2018. The median manager underperformed the Russell 1000® Index by 136 basis points for the year. This chart book is our annual summary of the absolute and relative performance of managers that report to our database.