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.
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) margin.
This chart book presents representative long-only and hedge fund manager performance for fourth quarter 2018. The median US Core Bonds manager posted the highest median return for fourth quarter 2018, returning 1.4%. The median Cash Management manager posted the best returns for the one-year period ending December 31, 2018, with a return of 2.0%. The median US Small-Cap Growth Equity manager posted the lowest median return for fourth quarter 2018 (-20.4%). The median Global ex US Small-Cap manager suffered the worst performance (-19.1%) for the one-year period.
Our quarterly report summarizes asset allocation and total investment performance for 387 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.
For the first half of 2018, returns for US private equity and venture capital were strong, with only 1 percentage point separating the performance of the two asset classes, as indicated by the Cambridge Associates LLC benchmark indexes.