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Research Note April 2018
Thoughts on the “Retail Apocalypse”

Retail is changing and some companies face challenges, but this theme has probably been overhyped, and implications for investors are limited. The retailing industry is experiencing significant change and traditional business models have been disrupted. The growth of e-commerce has dovetailed with ongoing store closures by some high profile retailers, leading to press reports about…
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Pension Series April 2018
Liability-Hedging Handbook: A Guide to Best Practices for US Pension Plans

For many pension plans, investment strategy is often structured with a liability-hedging portfolio and a growth portfolio, with the weight and composition of each determined by a strategic asset allocation or a de-risking glidepath. Within this overall structure, the construction and calibration of the liability-hedging portfolio is integral to effective pension asset management. This report…
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CA Answers March 2018
CA Answers: Is it Time to Sell Energy MLPs?

We don’t think so. Investors with allocations to energy MLPs (master limited partnerships) may want to maintain existing allocations, despite their recent poor performance and the proposed regulatory changes impacting interstate pipelines.
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Research Report February 2018
Distressed Debt: A New Way to Categorize Managers

As the economic cycle progresses, the next recession draws inexorably closer, bringing with it the next downturn in the credit cycle. Recognizing this, institutional investors are increasingly considering allocations to distressed debt managers. While lumping all distressed managers into one group is tempting, different managers have meaningfully different approaches that are not captured by considerations…
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