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Latest Research
VantagePoint: Third Quarter 2019
In this edition of VantagePoint, we uncover four of the most common inaccuracies we hear about US equities.
Read More »
Whistling Past the Covenant-Lite Graveyard: A Sanity Check in Practical and Philosophical Terms
The recent shift in common wisdom with respect to covenant-lite loans hearkens the warning to be careful of changing opinions in the face of unchanging…
Read More »
Pathways to Sustainable Investing: Insights from Families and Peers
Every day, CREO and Cambridge Associates encounter wealth owners, families, and family office professionals who are starting down the path of sustainability investing. This paper details the typical path these investors take, the questions many of them face, and the way that many of them successfully develop a winning strategy that generates both returns and impact.
Read More »
Four Key Strategies for Managing Pension Risk
While overseeing pension plans is increasingly complex and there’s no silver bullet solution, employing these four strategies can do much to reduce risk. CFOs at…
Read More »
What to Expect From Your Direct Lenders When the Cycle Turns
Direct lending, or senior debt, funds have come to dominate the private credit asset class, capturing significant portfolio allocations and outpacing fundraising of other private credit strategies. However, over the past 18 months, Cambridge Associates has felt enthusiasm for senior debt allocations cool as discussions turn to senior debt funds’ performance through the credit cycle.
Read More »
Healthcare Systems Describe Mounting Pressures & Investment Remedies: 2019 Survey Results
Due to mounting pressures in the healthcare industry, many hospitals will likely rely on spending from investment pools to support operations and capital plans. While investments will be a source of funding, our survey of healthcare clients indicates that for many, investment strategy will balance spending needs and growth goals.
Read More »
Stress and Losses Among Middle-Market Senior and Unitranche Loans: Introducing Cambridge Associates’ New Database
As part of our ongoing commitment to alternative credit, Cambridge Associates (CA) began compiling a database of credit stress and losses in one of the largest strategies within private credit, senior debt (i.e., direct lending). Our initial outreach in the United States and Europe yielded data from 11 senior debt funds tracking material document modifications (which we use as a proxy for credit stress, greater detail below) and loss rates in bilateral and clubbed middle-market lending.
Read More »
VantagePoint: Second Quarter 2019
We recently argued that investors should take a systematic and comprehensive approach to investing in China, overweighting Chinese assets relative to their index weights. This edition of VantagePoint addresses five key questions regarding implementation decisions.
Read More »
Revving Pension Plans’ Funding Engines
Many corporate defined benefit plans experienced significant funded status gains in recent years. Recent capital markets volatility, however, has set many plans a few steps back, re-focusing plan sponsors on both protecting long-term funded status gains and closing the asset-liability deficit. Given increased volatility in global equity markets, relatively high valuations in many market segments, and the late stages of the economic and credit cycles, optimizing the plan’s growth engine is more critical, and challenging, than ever.
Read More »
VantagePoint: Third Quarter 2019
In this edition of VantagePoint, we uncover four of the most common inaccuracies we hear about US equities.
Read More »
Whistling Past the Covenant-Lite Graveyard: A Sanity Check in Practical and Philosophical Terms
The recent shift in common wisdom with respect to covenant-lite loans hearkens the warning to be careful of changing opinions in the face of unchanging…
Read More »
Pathways to Sustainable Investing: Insights from Families and Peers
Every day, CREO and Cambridge Associates encounter wealth owners, families, and family office professionals who are starting down the path of sustainability investing. This paper details the typical path these investors take, the questions many of them face, and the way that many of them successfully develop a winning strategy that generates both returns and impact.
Read More »
Four Key Strategies for Managing Pension Risk
While overseeing pension plans is increasingly complex and there’s no silver bullet solution, employing these four strategies can do much to reduce risk. CFOs at…
Read More »
What to Expect From Your Direct Lenders When the Cycle Turns
Direct lending, or senior debt, funds have come to dominate the private credit asset class, capturing significant portfolio allocations and outpacing fundraising of other private credit strategies. However, over the past 18 months, Cambridge Associates has felt enthusiasm for senior debt allocations cool as discussions turn to senior debt funds’ performance through the credit cycle.
Read More »
Healthcare Systems Describe Mounting Pressures & Investment Remedies: 2019 Survey Results
Due to mounting pressures in the healthcare industry, many hospitals will likely rely on spending from investment pools to support operations and capital plans. While investments will be a source of funding, our survey of healthcare clients indicates that for many, investment strategy will balance spending needs and growth goals.
Read More »
Stress and Losses Among Middle-Market Senior and Unitranche Loans: Introducing Cambridge Associates’ New Database
As part of our ongoing commitment to alternative credit, Cambridge Associates (CA) began compiling a database of credit stress and losses in one of the largest strategies within private credit, senior debt (i.e., direct lending). Our initial outreach in the United States and Europe yielded data from 11 senior debt funds tracking material document modifications (which we use as a proxy for credit stress, greater detail below) and loss rates in bilateral and clubbed middle-market lending.
Read More »
VantagePoint: Second Quarter 2019
We recently argued that investors should take a systematic and comprehensive approach to investing in China, overweighting Chinese assets relative to their index weights. This edition of VantagePoint addresses five key questions regarding implementation decisions.
Read More »
Revving Pension Plans’ Funding Engines
Many corporate defined benefit plans experienced significant funded status gains in recent years. Recent capital markets volatility, however, has set many plans a few steps back, re-focusing plan sponsors on both protecting long-term funded status gains and closing the asset-liability deficit. Given increased volatility in global equity markets, relatively high valuations in many market segments, and the late stages of the economic and credit cycles, optimizing the plan’s growth engine is more critical, and challenging, than ever.
Read More »