COVID-19 Resources

In the first months of 2020, COVID-19 spread across the globe, ultimately earning classification as a global pandemic by the World Health Organization. The virus has had wide-ranging financial ramifications, among them the emergence of a bear market. Amid this turbulent global environment, we remain committed to our clients and colleagues, and will continue to update this page with our latest insights on the effect of the coronavirus on the investment landscape.

CA Institute April 2021
Endowment Radar Study 2020: The Endowment as Ballast

While colleges and universities have faced several financial fissures due to the disruptions of COVID-19, their endowments have been a source of financial stability. Four key financial indicators tell this story: operating margins were compressed, tuition discounts grew, institutions borrowed more debt, and endowment spending was consistent. In this note, we review these financial pressures and the endowment implications that emerged in Cambridge Associates’ second annual Endowment Radar Study of private college and university finances.
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Research Note February 2021
Brexit Update

The historic milestone reached when the white smoke emerged from Brussels and London on 24 December 2020 represents the end of the beginning in the establishment of the new relationship between the UK and EU, rather than an end in itself. Nonetheless, with the lingering threat of a tumultuous no-deal exit now removed, the headwind that this represented to the performance of UK assets has now subsided.

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CA Answers February 2021
Are Hedge Funds at Risk from Retail-Driven Disorder in Equity Markets?

No, we do not believe that is generally the case. While the recent wild ride of a few companies’ share prices was novel in that it was coordinated by retail investors on the social media platform Reddit, the short coverings that contributed to the price spikes were all too familiar to long-time investors.
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January 2021
US PE/VC Benchmark Commentary: First Half 2020

First half 2020 was downright Dickensian (as in a “tale of two quarters”); first quarter returns were down as the COVID-19 pandemic began to close economies, while second quarter performance was strongly positive as public and private investments rebounded. For the six-month period, the Cambridge Associates LLC US Private Equity Index® returned 1.6% (-8.1% and…
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January 2021
Global ex US PE/VC Benchmark Commentary: First Half 2020

The Cambridge Associates LLC Developed Markets ex US Private Equity and Venture Capital (PE/VC) Index returned -1.5% in first half 2020 in USD terms after suffering significant losses (-10.8%) from the onset of COVID-19 in first quarter. The Cambridge Associates LLC Emerging Markets Private Equity and Venture Capital Index earned 4.7% due to a strong…
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Research Note December 2020
Outlook 2021: A Year of Healing

As 2020 comes to a close, we expect some key investment drivers to persist into next year. While our views speak to many different challenges confronting investors, including the poor bond yields on offer, the fate of US-China relations, and where to find growth, they are rooted in the belief that 2021 will be a year of healing for the global economy.
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Research Note November 2020
China’s Onshore Bond Market: An Update

Interest in China’s onshore bond market has been rising steadily since the market was thrown open to foreign investors. Yet foreign holdings remain relatively low. We think the market warrants further attention from global investors, given Chinese bonds continue to offer higher yields and lower correlations than those found in other major bond markets, with the potential to bring portfolio diversification benefits.
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