US PE/VC Benchmark Commentary: Calendar Year 2023
In 2023, US private equity performed better than venture capital, but returns for both asset classes trailed those of the public markets, which rebounded strongly from a tough 2022.
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US Manager Universe Statistics: First Quarter 2024
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.
VantagePoint: Building Resilient Public Equity Portfolios
Building outperforming portfolios in long-only equities is hard work but worth the effort. Engaging in deep research to identify firms with a repeatable competitive edge and strong organization that can stand the test of time is far more relevant than analyzing short-term performance. Selecting the right managers is only the first step. Constructing portfolios requires careful consideration of manager and market dynamics to adjust for shifting factor exposures and avoid unintended bets for which investors are unlikely to be compensated.
Are US Small Caps Poised to Outperform?
Yes. We believe higher-quality US small-cap companies trade at a significant discount to large-cap peers, and their balance sheets have held up better than headlines suggest.
Should Investors Consider Allocating to US Commercial Real Estate Debt?
Yes. A record of roughly $925 billion of US commercial real estate (CRE) debt is maturing in 2024 and refinancing needs in future years are also significant.
Decades of Data: United States 1900–2023
The 2023 US edition of our annual report on the history of financial markets provides context for the range of returns investors can expect from equities, bonds, and cash; reveals the importance of various components of equity returns; examines the evidence for equity mean reversion; and reviews the relationship between initial valuations and subsequent returns for equities and bonds.
Can US Equity Dominance Be Sustained?
No, we anticipate performance will broaden out beyond mega-cap tech stocks, which have driven US equity performance in recent years.
Super Tuesday Kicks 2024 US Election Cycle into Full Swing
Today many US states are concurrently holding primaries, which are critical for presidential hopefuls to secure delegates.
VantagePoint: Can US Equity Dominance Be Sustained?
In this edition of VantagePoint, we review the drivers of US outperformance in the context of historical expansions, consider what markets are pricing in, and if stronger fundamentals for US equities justify higher valuations.
US Manager Universe Statistics: Fourth Quarter 2023
This publication presents manager performance for 37 asset classes and substrategies, showing the median, mean, and key percentiles of return. Relevant indexes for each asset class are also included to provide market context.