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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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Chart Book September 2018
Mission-Related Investing: Insights and Perspectives

Investor approaches to mission-related investing (MRI) are as varied as the social and environmental outcomes they seek to achieve. Based on responses from 148 clients—54 of which are engaged in mission-related investing—this chart book explores trends in the structure, implementation, and governance of MRI programs; investor motivations and perceived challenges; and expectations for future growth…
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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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