New Taxes on Endowments and Foundations? Four Steps to Take Now

New tax provisions in legislation recently passed by the US House of Representatives (the House Bill) would impose millions of dollars of new costs on many colleges, universities, and private foundations, if enacted. We recommend four steps nonprofit organizations can consider right now, without being too hasty, to ensure they are well-prepared and responsive should […]

June 2025

Portfolio Construction: A Blueprint for Private Families

Private investors and wealthy families face distinct portfolio management complexities. Our latest paper details how we build and manage portfolios to meet each private client’s long-term goals.

June 2025

Are California Carbon Allowances an Attractive Investment?

Yes, California Carbon Allowances (CCAs) are an attractive investment opportunity, though they come with political tail risk. California’s Cap-and-Trade Program requires companies in regulated industries to purchase CCAs to offset a portion of their carbon emissions. The CCA supply is mandated to decline over time to support higher carbon prices and discourage emissions. After peaking […]

May 2025

EM Equity Performance Reflects Initial Tariff Risks

Emerging markets (EM) economies were among the hardest hit as part of US President Donald Trump’s sweeping reciprocal tariff announcement. This was because EM countries tend to run trade surpluses with the United States and the administration’s tariff methodology ostensibly focused on bilateral trade deficits. While trade negotiations may ultimately result in a less draconian […]

May 2025

Is Gold’s Rally Sustainable?

No, we don’t think so. Gold has benefited from concerns about economic growth, inflation, and waning confidence in the US dollar, creating a perfect storm for bullish sentiment. While these factors could continue to support gold in the short term, the current momentum appears unsustainable. Gold’s recent climb to an all-time inflation-adjusted high increases the […]

April 2025

US Policy Changes Highlight Need for Portfolio Diversification

After a prolonged period of US outperformance, many investment portfolios have become heavily concentrated in US equities, particularly tech stocks. They are also significantly exposed to the US dollar across public, private, and alternative assets. Recent policy shifts now challenge US economic and financial hegemony, increasing the risk to equity and currency outperformance. Investors should […]

April 2025

Should Investors Add to High-Yielding Credit Allocations, Given the Recent Rise in Spreads?

No. Following President Donald Trump’s announcement about reciprocal tariffs on April 2, credit spreads have widened for US high-yield (HY) bonds and broadly syndicated loans, prompting some investors to ask whether it’s an opportune time to add exposure to these assets. We believe it is too early. Spreads for most assets are merely back to […]

April 2025

Private Markets Bracing for Tariff Impacts

With events unfolding daily (even moment to moment), it is not yet clear how the nearly $2 trillion of assets in the private equity and venture capital market will be impacted. However, given the diversity and breadth of industries across the private markets, it is clear that the impact won’t be uniform. Private company valuations […]

April 2025