This chart book presents representative marketable and hedge fund manager performance for fourth quarter 2015. The median US REIT manager again posted the highest median quarterly return, 7.7% for fourth quarter 2015. The lowest median returns for the quarter (-1.4%) were posted by the median High-Yield Bonds manager and the median Credit Opportunities manager.
Venture capital offers compelling returns for the stalwart long-term investor. The most relevant question for investors in any stage of venture is the potential impact of prevailing market conditions on ultimate returns. In this brief, we look at valuation data today and also use our proprietary data set of funds to review historical returns during periods when valuations reset.
US private equity and venture capital funds produced healthy results during second quarter 2015, outpacing the S&P 500, the Russell 2000® small-cap, and the Nasdaq Composite indexes. Second quarter’s 3.8% return for the Cambridge Associates LLC US Private Equity Index® marked the benchmark’s 12th straight positive quarter, while the 6.7% return for the Cambridge Associates LLC US Venture Capital Index® represented that benchmark’s 15th consecutive positive quarter.
Ongoing growth headwinds, an earnings recession, and still-elevated valuations make us skeptics that US equities’ four-year bull market can continue much longer.
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.