Client Type: Endowments & Foundations

Research Note November 2016
The Value of ESG Data: Early Evidence for Emerging Markets Equities

Our examination of incorporation of environmental, social, and governance factors into the stock selection process for two major MSCI indexes finds evidence that ESG factors added value in emerging markets equities but not developed markets equities. Given our findings, investors evaluating managers would do well to focus on understanding if and how the manager incorporates ESG factors, for what reason and how consistently, and whether ESG-based stock selection has added value to their funds.
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Research Note October 2016
Don’t Forget the Credit Spread!

While corporate plan sponsors are keenly aware of interest rate risk within their defined benefit plans, few fully appreciate the complex and significant risk posed by credit spreads.
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Research Note August 2016
Keeping Underwater Endowments Afloat (and the Programs They Support)

When endowment funds slip “underwater” (below the historic dollar value of the original gift), institutions face a tradeoff between distributing anticipated budget support and restoring the endowment to its original value. Ultimately, the choice of underwater policy depends on the situation and needs of each institution in balancing endowment preservation with program support.
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Research Report July 2016
The 15 Percent Frontier

With virtually limitless choices along the asset allocation spectrum, an allocation to private investments greater than 15% has served many investors well. Are you on the right track?
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Research Brief April 2016
Pondering the Consequences of “Brexit”

As the cacophony surrounding the 23 June “Brexit” referendum grows, just how much the United Kingdom stands to lose or gain from leaving remains unclear, and investors with substantial exposures to British assets would do well to pay attention to sentiment.
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Research Note December 2015
Are Your Reserves Long-Term Capital?

Determining the appropriate size of near-term reserves and how to invest any remaining reserves is more art than science and requires careful consideration of a number of factors.
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Research Report December 2015
Risks and Opportunities From the Changing Climate: Playbook for the Truly Long-Term Investor

Considering climate factors is an economic risk management and opportunity capitalization issue core to prudent investing for the long term. In this paper, we discuss the potential risks that climate change can inflict upon certain sectors and asset classes, outline corresponding strategies to defend against those risks, and review the thematic areas across public and private asset classes to proactively capitalize on the evolving opportunity set within the “resource efficiency” sector.
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