Insights

2024 Outlook: Currencies

We expect the US dollar and gold will more or less hold their values, given our economic expectation and the many geopolitical risks. We believe the yen will appreciate, and we expect the thawing crypto winter will fully transition to a spring. The US Dollar and Gold Should Hold Their Value in 2024 Sean Duffin, […]

December 2023

2024 Outlook: Sustainability & Impact

We expect more companies will set science-based targets to reduce their emissions and develop credible transition plans to meet their targets. We believe funds raised by natural capital strategies will hit a new record and that California carbon allowances will outperform global equities. 2024 Should Be the Year of the “Transition Plan” Simon Hallett, Head […]

December 2023

Is All Growth Investing “Growth Equity”?

No. In recent years, many private investment fund managers (GPs) have painted themselves with a growth equity brush. Limited partners (LPs) need to be increasingly diligent to determine if they are accessing the truly differentiated and attractive investment profile offered by actual growth equity. Back in 2013, we shared our definition of growth equity as […]

December 2023

Do Shifting US-China Geopolitics Create Investment Opportunities Elsewhere in Asia?

Yes, US-China geopolitical realities are already having an impact on trade and investment flows within Asia. China will remain an important destination for investor capital, but the shift in capital flows, alongside positive domestic structural developments in other parts of Asia, create investment opportunities beyond China that deserve a closer look. Trade and financial “decoupling” […]

November 2023

Pool Hopping: ERISA-Regulated Defined Benefit Plans May Have More Private Investing Flexibility Than They Realize

This paper discusses the qualified professional asset manager (QPAM) exemption, an established, ERISA-approved exemption related to private investing programs. The US Department of Labor (DOL) published its Final Amendment of the exemption on April 3, 2024 which will be effective as of June 17, 2024. Plans wishing to undertake a QPAM transaction should consult with […]

November 2023

VantagePoint: Asia Opportunities Amid Shifting Geopolitics – Part II

The shifting geopolitical realities between the United States and China have already impacted trade and investment flows. In this two-part series of VantagePoint, we review this reality and consider investment implications alongside those of other key factors—such as domestic structural developments, macroeconomic conditions, and valuations. In Part I, we focused on opportunities in China specifically. […]

October 2023

VantagePoint: Asia Opportunities Amid Shifting Geopolitics – Part I

The shifting geopolitical realities between the United States and China have already impacted trade and investment flows. In this two-part series of VantagePoint, we review this reality and consider investment implications alongside those of other key factors—such as domestic structural developments, macroeconomic conditions, and valuations. In Part I, we focus on opportunities in China specifically, […]

October 2023

Shelter from the Storms: Diversification and Opportunity for Pensions in Insurance-Linked Securities

The importance of portfolio diversification gained new currency following the down market of 2022, which showcased the frailties of the traditional 60/40 portfolio and left many investors scrambling for protection. For pension funds looking to meet this need, we believe insurance-linked securities (ILS) can be a good fit. While implementation and benchmarking are less straightforward […]

October 2023