US

College and University Investment Pool Returns: Fiscal Year 2022

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Just one year after the best investment returns endowments had seen in decades, fiscal year 2022 brought about the most challenging market environment since the Global Financial Crisis of the late 2000s. Our annual survey-based report of 158 US colleges and universities includes commentary and analysis of investment performance, asset allocation, and related trends. We also review peer data on topics such as investment policy, portfolio manager structures, spending, and investment office staffing and governance.

Can the Strong US Dollar Environment Persist?

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Yes. The hawkish Federal Reserve and energy market challenges have contributed to a strengthening of the US dollar in recent quarters, and we expect that trends in both factors may continue to be supportive of the dollar in the short term. Nonetheless, on a longer horizon, historical precedents suggest that the dollar is approaching the end of a multiyear bull run.

Endowments Quarterly: Second Quarter 2022

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Most endowments and foundations are on pace for their lowest fiscal year (June 30) returns since 2009. The various methods for reporting private investments play a significant role in the range of returns we have seen across our preliminary universe thus far. Our quarterly report investigates this topic and summarizes preliminary June 30 asset allocation and total investment performance for 378 of Cambridge Associates’ US endowment and foundation clients.

Is the United States in a Recession? Labor Market Focus

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Currently, there is an active debate about whether the United States is in a recession. Two quarters of negative GDP fits one definition of a recession; however, the National Bureau of Economic Research looks at a greater expanse of data before making its assessment. In this note, we examine some of this data, dig into other line items in the national accounts, and look at historical trends in employment around recessions to further our understanding and put today’s labor market into context.