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CA Answers November 2018
Should Investors Consider Co-Investing?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Yes. At a minimum, investors should consciously consider it. The co-investment “craze” isn’t going away anytime soon—we estimate co-investing currently accounts for nearly one-third of all private investment activity—and there are structural reasons why it will…
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Research Report November 2018
Mission Critical: Maximizing the Impact of Hospital Investments

The past few decades have been generally favorable for hospitals; inexpensive debt, solid revenue growth, and consolidation have fueled the accumulation of sizable capital pools. Historically, many hospitals have treated these pools as protective reserves, investing more conservatively than endowments and foundations that rely on their portfolios for operational support. However, as pressures mount in…
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CA Answers November 2018
What Drove October’s Market Sell-Off—Deteriorating Corporate Fundamentals or Economic Challenges?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Last month’s sell-off was mainly a reaction to macroeconomic headwinds that have been building this year; recent and expected corporate earnings growth has not weakened much. A handful of earnings disappointments by highly valued and high-profile tech firms…
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November 2018
Protecting Pension Plans’ Hard-Won Gains: Could Hedge Funds Play a Role?

In the November 2018 issue of Benefits Magazine, covering pension plan issues affecting multiemployer, single employer and public plan representatives, Investment Managing Director in Cambridge Associates’ Pension Practice, Joe Marenda, contributed an article discussing how hedge funds may play a role in protecting pension plans’ funded status in the event of a recession or stock…
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CA Answers October 2018
Are US Quality Stocks Still Defensive?

Answers to our clients’ questions about market action and the market environment in a few paragraphs every two weeks. Yes, if you control for tech overweights. Quality has historically been quite defensive relative to the broad market. Today, it is sensible to question quality’s defensive characteristics, as the factor is concentrated in tech stocks and…
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VantagePoint October 2018
VantagePoint: Fourth Quarter 2018

Because the US economy has entered the late stage of the economic cycle, investors should consider the prospect of a bear market recession, even though one does not seem imminent. We have been evaluating the appeal of different asset classes through a late-cycle lens. In this edition of VantagePoint, we evaluate several potentially defensive equity strategies to see whether they are attractive today.
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October 2018
Latin American Private Equity Limited Partners Opinion Survey

Cambridge Associates partnered with The Association for Private Capital Investment in Latin America (LAVCA) to conduct an annual survey of global institutional investors about their views on Latin American markets. The survey report covers both domestic and international investors’ views of private equity opportunities and challenges in Latin America, based on responses from 100 Limited…
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Research Report October 2018
Alternative Risk Premia Funds: An Attractive Diversifier? (Sterling Edition)

Elevated equity market valuations and potentially rising bond yields suggest the return environment for traditional risk assets could be difficult. Faced with this challenge, institutional investors are seeking alternative sources of return. Alternative risk premia (ARP) strategies – which harvest well-established risk premia and market anomalies across asset classes – may fit the bill. ARP…
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