US Manager Universe Statistics: Third Quarter 2015
This chart book presents representative marketable and hedge fund manager performance for third quarter 2015.
This chart book presents representative marketable and hedge fund manager performance for third quarter 2015.
Our biannual report summarizes asset allocation for 89 of Cambridge Associates’ US-based private clients.
In this edition of C|A Answers, two members of our Capital Markets Research team provide different viewpoints on the Fed’s recent decision not to raise rates.
US private equity and venture capital earned solid returns during first quarter 2015, outpacing the S&P 500 but trailing the Russell 2000® small-cap index. First quarter’s 2.6% return for the Cambridge Associates LLC US Private Equity Index® was an improvement over its 0.8% performance in the previous quarter while the 3.8% return for the Cambridge Associates LLC US Venture Capital Index® was a 6.1 ppt drop from results in the prior quarter.
With a ready supply of technical talent and entrepreneurial opportunities, Los Angeles is emerging as an interesting venture capital opportunity.
Fundamentals and share prices have come under pressure for natural resources equities this year, but we continue to believe they offer strong long-term return prospects.
This chart book presents representative marketable and hedge fund manager performance for second quarter 2015.
Funds in the Cambridge Associates LLC benchmark indexes for US private equity and venture capital earned double-digit returns in 2014, but neither index performed as well as it did in 2013.
We are not unconditional advocates for or against active management; investors have different circumstances. However, while there are many logical rationales for favoring index over active investing, the recent performance struggle of the average active manager is not among them.
Investors should become more enthusiastic about US small-cap stocks when valuations become more compelling. Small-cap valuations today are unusually rich. Our preferred composite P/E ratio indicates the Russell 2000® trades at 33.7 times normalized earnings, about 60% above fair value and in the top 2% of all historical occurrences. Short-term metrics are little more compelling;…