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September 2020
Reshaping Industry Audio Series: The Endowment Model

In this segment, Margaret shares her thoughts on the endowment model given the COVID-19 crisis and whether she believes it’s possible for an institution to achieve a 5% real return in the current market environment. She discusses investing in industry “disruptors,” the importance of diversification, and the debate around growth vs. value.
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Research Note September 2020
Reshaping Industry Audio Series: Hospital Liquidity

In this segment, Jeff speaks about the importance of liquidity for healthcare systems in the wake of the COVID-19 pandemic and how he guided clients during the market downturn in March and April. He goes on to discuss the present state of the industry and what he believes will be the long-term implications of the crisis.
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Research Note September 2020
Reshaping Industry Audio Series: Racial Equity Investing

In the first episode of our Reshaping Industry audio series, we tackle the evolving landscape of racial equity investing, particularly in the wake of George Floyd’s death, and talk key steps that institutional investors can take to achieve racial equity goals within their portfolios.
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VantagePoint September 2020
VantagePoint: Investment Opportunities Six Months Into the Pandemic

Economic, market, and healthcare circumstances have been extraordinary over the last six months. However, attractive opportunities exist in some pockets of tech, relatively cheap public equities, and even in credit less supported by central bank activity. Additionally, the importance of investing in social equity has been brought into sharp relief by this crisis.
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CA Institute July 2020
Endowment Radar: Plotting the Role of the Endowment

There are many facets of higher education finance, and it is often challenging to describe how the endowment fits into an institution’s financial picture. Endowment Radar is a visual tool that plots the endowment’s role in the college and university business model. It focuses on four key metrics to assess the endowment’s contributions to the…
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Private Client Series July 2020
Racial Equity Investing: The Time Is Now

In 2018, we reviewed the state of social equity investing, with a focus on racial equity investing. The themes we highlighted then are even more relevant today. In this paper, we discuss the renewed sense of urgency around racial equity investing and put forward three actions investors can take to address the inequities inherent in our society.
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Research Note June 2020
The Materiality of Sustainability for Investors

Sustainability trends—including climate change, multi–stakeholder driven society, resource degradation, demographic challenges, and technological revolution—have already impacted investment performance. Investors that incorporate these risks and opportunities into their decision-making frameworks are likely to be better prepared for the future than their peers.
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Research Note June 2020
Room to Run for Muni Bonds

In this paper, we aim to assess the potential upside and looming risks for munis in the aftermath of the pandemic-induced muni sell-off and subsequent policy-driven rally. Despite the recent volatility, in our view, munis continue to be an attractive alternative to both Treasuries and high-quality corporates for long-term taxable investors.
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Private Client Series June 2020
GRAT Expectations: Extra Opportunity in the Current Environment

Grantor retained annuity trusts (GRATs) have been a popular and effective wealth transfer strategy for US families in recent decades and are even more compelling now. Despite their advantages, GRATs cannot achieve their full potential without careful analysis of multiple factors, including structuring and investment considerations.
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