How much faith can investors put in the signs given by various “predictive” indicators? In this brief, we look at five indicators that have been in vogue in recent years, and review their track record.
This chart book presents representative long-only and hedge fund manager performance for first quarter 2017. The median Emerging and Frontier Markets Equity manager posted the highest return for the quarter (11.9%), while the median US Small-Cap Value manager posted the highest return for the trailing one-year period (23.7%). The median Cash Management manager posted the lowest return for the quarter (0.3%); for the trailing one year, the median manager in only one strategy, Global ex US Bonds, posted a negative return (-1.3%).
We remain negative on high-yield bonds and only slightly more positive on leveraged loans, preferring other credit assets and strategies to help diversify portfolios.
Our biannual report summarizes asset allocation for 108 of Cambridge Associates’ US-based private clients.
Our quarterly report summarizes asset allocation and total investment performance for over 400 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.
Third quarter 2016 returns for the Cambridge Associates LLC US Private Equity Index® and the Cambridge Associates LLC US Venture Capital Index® were 3.7% and 3.3%, respectively. The private equity index equaled its performance for the previous quarter, and the venture index produced its first positive quarter of the year, bringing its year-to-date return into positive territory as well.
While worries about tax reform and pension underfunding dog municipal bonds today, their relative appeal and fair value absolute valuations keep them a solid option for high-bracket taxable investors.
This chart book presents representative long-only and hedge fund manager performance for fourth quarter 2016. The median US Small-Cap Value manager posted the highest median return for fourth quarter 2016 (10.7%) and the year (24.2%). The median Global ex US Bonds manager posted the lowest median return for fourth quarter 2016 (-6.9%), while the Global Growth Equity ex US median return was lowest for the year (-1.1%).
Our quarterly report summarizes asset allocation and total investment performance for over 400 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.
Second quarter 2016 returns for the Cambridge Associates LLC US Private Equity Index® and the Cambridge Associates LLC US Venture Capital Index® were 4.0% and 0.7%, respectively. The benchmark indexes for both alternative asset classes rebounded after a poor first quarter, though US venture capital remains in negative territory for the year.