Insights

Should Investors Increase Core Real Estate Allocations Now That the Fed Has Resumed Easing?

No. Despite last week’s rate cut, we do not recommend that most investors increase their core real estate exposure. Although real estate assets should benefit from renewed Federal Reserve easing—which would lower debt costs and improve relative yields—valuations remain elevated and sector-specific challenges remain. While neutral on broad core real estate exposures at this time, […]

September 2025

Is the Projected Path of Fed Easing Too Aggressive?

Yes. Current market expectations for the Federal Reserve to lower its policy rate by roughly 150 basis points (bps) by the end of next year are overly optimistic. While we expect a 25-bp cut on September 17, we believe additional cuts through 2026 will be more gradual than markets anticipate, given persistent inflation and a […]

September 2025

Is the Outperformance of DM ex US Small Caps a Lasting Trend?

Yes. In our view, developed markets (DM) ex US small-cap stocks are well positioned to continue outpacing their larger-cap counterparts. We expect this trend to persist due to three key factors: reduced sensitivity to global tariff changes, attractive relative valuations, and improving international economic fundamentals—including supportive policy and currency trends. For investors seeking to capitalize […]

September 2025

Does Trend-Following’s Recent Struggle Signal That the Strategy Is Structurally Broken?

No. Although recent underperformance has led some investors to question whether trend-following is facing deeper structural issues, the strategy is inherently cyclical. Periods of unfavourable conditions are typically temporary, meaning drawdowns have often been followed by strong recoveries. Trend-following remains one of the few strategies with a proven track record of diversification and providing alpha […]

August 2025

Video: Endowment/Foundation Excise Taxes

Margaret Chen, Global Head of the Endowment and Foundation Practice, hosted a webinar in August to discuss endowment/foundation excise tax legislation and key takeaways from the legislative process. Margaret was joined by Tracy Filosa and Chris Houston, who shared insights on the legislation, answered questions, and examined what next steps investors can take, even if […]

August 2025

Executive Order Opens the Gates to Private Markets

US President Donald Trump signed an executive order on August 7 directing the Department of Labor and SEC to issue guidance on the inclusion of private market assets in 401(k) plans, marking a pivotal step toward unlocking a major new source of demand for private assets and substantially accelerating the democratization of the asset class. […]

August 2025

US PE/VC Benchmark Commentary: Calendar Year 2024

With a backdrop of strong, yet concentrated public markets, US private equity and venture capital posted mid to high single-digit returns in 2024, as venture capital bounced back from its two-year streak (2022–23) of negative returns. For 2024, the Cambridge Associates LLC US Private Equity Index® returned 8.1% and the Cambridge Associates LLC US Venture […]

August 2025

Advancing Healthcare Missions with Disciplined Spending

The new tax bill passed by Congress and signed into law in early July will have a financial impact on all healthcare systems and may require funds to be pulled from systems’ long-term investment pools (LTIPs). The recent federal Medicaid funding cuts will create financial challenges for healthcare systems, particularly those with high Medicaid exposure. […]

August 2025