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September 2018
Infrastructure Debt: Understanding the Opportunity

With underlying assets that provide essential services, infrastructure debt can play a key role in institutional investor portfolios. The asset class offers the possibility of delivering attractive returns, matching long-term liabilities, and diversifying traditional business cycle-sensitive investment holdings. Within infrastructure debt, private debt has been of particular institutional interest, as it offers increased return potential in…
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CA Answers August 2018
CA Answers: In Light of Ongoing “Brexit” Uncertainty, Should Investors Reduce Exposure to UK Equities?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. No, investors should consider staying the course. Though developments and headlines associated with the United Kingdom’s Article 50 negotiations with the European Union have been and likely will remain fitful, they reflect more the political nature of…
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Research Note August 2018
Time for a Reset? Rethinking Contributions Policy

It is well known that corporate plan sponsors have until mid-September to make deductible contributions under the more favorable 35% corporate tax rate. This is an attractive proposition and one that many corporations are looking to leverage, if they haven’t already. But, with the boost in funded status from these voluntary contributions, perhaps less obvious…
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CA Answers August 2018
CA Answers: Amid Rising Risks, Should Investors Maintain Credit Allocations?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Yes, but investors should be selective in allocating to credit markets at this point in the cycle, and understand that the overvaluation of many credit assets could make attractive returns hard to come by. There are…
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CA Answers July 2018
CA Answers: Are Emerging Markets Equities Vulnerable to a Rising US Dollar?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Solid fundamentals in most countries should limit the damage. The largest markets are not particularly exposed to the risk of a classic balance-of-payments crisis (like the ones occurring today in a handful of smaller markets, including…
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VantagePoint July 2018
VantagePoint: Third Quarter 2018

Climbing the wall of worries is getting tougher. There is room for markets to progress, but caution is required at this stage in the cycle. Markets must overcome four main forces: monetary policy tightening, US dollar strength, a China growth slowdown, and trade friction.
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CA Answers July 2018
CA Answers: Should Investors Boost Their Exposure to US Small Caps, in Light of Recent Economic Policy and Geopolitical Developments?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. We don’t believe so. US small caps have benefited from cyclical tailwinds this year, including strengthening US growth and their more domestic orientation (helpful as the dollar strengthens and trade frictions increase), with small-cap earnings estimated…
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Research Report July 2018
Social Equity Investing: Righting Institutional Wrongs

There is perhaps no better time for social equity investing. Many institutional investors have long sought to promote social equity through grant making and other philanthropic endeavors. With the field of impact investing maturing, these institutions are now increasingly seeking investment solutions to accomplish the same goal. In this paper we review the current state of social equity in the United States, highlight eight core social equity issue areas, and discuss the lessons we’ve learned in constructing portfolios with these investments. While investors need to be mindful of risks, we believe that investments can be made to promote a social equity impact agenda across the portfolio.
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CA Answers June 2018
CA Answers: Should You Avoid Commitment (Facilities)?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. In short, no—their use isn’t going away any time soon. Rather than avoid them, incorporate new elements to more clearly assess the manager’s true investment skill. Commitment facilities, also referred to as subscription line financing, are…
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