Time to Venture … into Venture?
The venture capital model is not broken – indeed, fundamentals look better than they have for many years – but returns will likely continue to be concentrated in top-performing funds.
US
Leveraged Credit: Losing Upside Potential
Given lower yields, returns on high-yield bonds and leveraged loans are likely to taper off, but in a muddle-through or bear market environment their returns should compare favorably with those of equities.
Single-Family Homes – Time for Investors to Trot Out the Welcome Mat?
Fallout from the credit crisis has meant that investors can now invest in single-family homes on an institutional basis, but those choosing to do so should screen managers carefully and be mindful of the inherent risks.
Fiscal Year 2012 in Review
The risk-on/risk-off environment continued in 2012. Equities fell across the board, with U.S. markets holding up best, while “safe havens” such as sovereign bonds and gold posted solid gains.
Long-Short Hedge Funds – Bottoms Up?
After a difficult few years—capped off by the annus horribilis of 2011—are long/short hedge funds a buy … or sell?
Harvesting Ripe Fruit From a Frost-Covered Tree
The U.S. economy is still on life support, but investors should not assume that equities and credit are dead money.
The Lowdown on Low Vol
While the theory behind low-volatility equity strategies is sound, funds seeking to provide equity-like returns with lowered volatility are neither new nor unique. Further, investors should tread cautiously given the mushrooming number of entrants in the field and the diversity of approaches.
Fiscal Year 2011 in Review
Summary highlights for various asset classes for the fiscal year ended June 30, 2011.
Still Nursing the U.S. Private Equity Overhang Hangover
Despite a meaningful reduction in the overhang for large private equity funds, it remains too large to be absorbed by anything other than a replay of the easy credit–powered 2005–08 exit environment; mid-market funds are still a more attractive option.
U.S. Equity Style Performance – Reassessing Portfolio Tilts
Our U.S. equity recommendations over the past couple of years have shown mixed results, with large-cap and high-quality stocks lagging behind in the market rally, but growth maintaining a consistent edge over value. After a fresh assessment of current conditions, we conclude that these portfolio tilts still make sense today.