Insights
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Performance Challenges for International Small Cap Managers in 2009
March 2010
The universe of active, long only international small cap equity managers delivered disappointing relative performance versus the MSCI EAFE Small Cap Index in 2009, in marked contrast to the longer term historical record of active managers in this market sector. We review the performance challenges during this period that acted as significant headwinds to this universe of managers.
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Extending Bond Duration in Today’s Environment: Is Now the Time?
February 2010
Liability Drive Investing (LDI) is one of the highest priorities on corporate plan sponsors’ to-do-list. Although the process of determining the appropriate long bond allocation and optimal portfolio structure is complex, we evaluate the most common question asked by plan sponsors in reference to LDI: Is today the right time to extend the duration in my fixed income portfolio?
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Revisiting Stable Value
June 2009
Defined contribution plans have long used stable value funds as a capital preservation option among the investment choices offered to participants. We review the basics of stable value funds, current market environment, wrap contract issues, and the results of a Rocaton survey of stable value funds.
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Rebalancing Revisited: Is it Time to Trade?
March 2009
Rebalancing Revisited: Is it Time to Trade?
Rebalancing continues to be an important topic on the minds of many investors. We address the questions investors might ask when considering if they should rebalance now.
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Emerging Markets Equities: Revisiting the Rationale
December 2008
Investors have historically invested in emerging markets equities primarily based on the secular growth prospects for the asset class. Since the inception of the asset class, emerging markets have delivered strong risk-adjusted returns. However, in 2008, emerging markets equities have significantly underperformed developed markets equities. We revisit the rationale for investing strategically in the emerging markets, review the relationship between the 2008 decline and past crises, and highlight the fundamental case for growth within the emerging markets today.
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A Perspective On Active Equity Management
November 2008
Global equity markets have experienced significant declines in 2008. We review performance of global equity markets and active managers who invest in these markets and provde some observations.
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Can Hedge Funds Redeem Themselves?
October 2008
There has been much press coverage regarding looming redemptions from hedge funds at the end of 2008. We examine how much evidence there is to support the media coverage of such redmeptions and what that means for the near-term and long-term future of hedge funds.
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Have Bricks, Need Mortar: Opportunities in Real Estate Lending
February 2008
A decline in lending to real estate investors from conventional financing sources, a decline in real estate transaction velocity, and a slowing economy all
have contributed to an increased demand for custom financing in the real estate markets. We discuss real estate debt investment opportunities as well as the accompanying risks.
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Liability Driven Investing: Liabilities are the Ultimate Benchmark
August 2007
Volatility in the funded status of many pension plans, changes in accounting and funding rules, and development of the the derivatives markets have shifted focus from total return investing
to liablity driven investing. We examine the key issues associated with liability driven investing.
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Measuring Market Exposure in Hedge Funds
April 2007
Absoulte return strategies offer one means for investors to diversify their portfolio risk. We examine the effects of reducing the typically large portion of
expected risk derived from equity market exposure by investing in hedge funds.
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Infrastructure
October 2006
The sale of infrastructure assets to the private sector promises many benefits for communities and presents a significant
investment opportunity for long-term investors. We examine the unique characteristics that infrastructure assets offer as attractive benefits to investment portfolios.
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Active Management - Is it Still Worth It?
October 2006
When we look at the long-term performance of active managers, we are pleased with their results on both an absolute and relative return basis.
Short term results, particularly among equity managers, are mixed. We review three of the major headwinds that active managers have faced in the last three years
and how they have impacted active management performance.
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The Case for Convertibles
August 2006
The convertibles market has exhibited attractive risk and return characteristics relative to the equity and debt markets.
We review the performance of the market and the attributes of convertible securities.
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What's on the Menu for Investors? The Only "Free Lunch"
July 2006
Despite being one of the most accepted theories among investors, diversification has been an underutilized tool.
We discuss why a diversified asset allocation policy, including allocations to non-core asset classes, will separate
successful investors from all others in the years to come.
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Loosening the Long-Only Ties of the Benchmark
March 2006
We examine how managers attempt to increase their ability to add value by relaxing their "long-only constraint" while maintaing market exposure. Often referred to as 120/20, 130/30, Flex or Plus, these products are some of the innovative approaches managers and investors are taking to add alpha.
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Introducing the S&P/Citigroup U.S. Style Indices
December 2005
We examine why the S&P/Citigroup indices may merit consideration by investors.
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The Case for Distressed Debt
September 2005
We provide an overview of the distressed debt market and the opportunity it may offer to institutional investors.
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Switching to Capped High Yield Benchmarks
May 2005
Most of the fixed income market anticipates rating agency downgrades for Ford and GM to below investment grade. This means that these downgraded issuers will be eligible for all high yield indexes. We examine the impact of the downgrades on the most popular high yield indexes.
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Hedge Fund Flash: Turbulent Times
May 2005
Hedge Funds are again the talk of the market and the media. We shed some light on both the current environment for absolute return investing and hedge fund performance.
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An Introduction to Bank Loans
February 2005
Bank loans, or leveraged loans, have been an increasingly viable option for institutional investors. We define the main features of bank loans and review issues to consider when investing.
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Crude Awakening
February 2005
Oil prices soared, the Fed raised rates five times, the U.S. dollar continued to weaken, significant assets flowed into hedge fund strategies, and worldwide economic growth accelerated in 2004. We provide a review of how the markets performed in 2004.
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Preparing for Inflation: An Asset Allocation Decision
December 2004
Following a long decline in inflation, there has been much discussion and concern about the prospects for higher inflation in the U.S. and abroad. We address several key points regarding the development of an inflation protected portfolio.
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Longing For Opportunity
October 2004
There may be a new trend developing in the investment management industry. Hedge fund managers have started launching long-only products. We discuss the rationale behind this trend.
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2004 Mid Year Hedge Fund Update: Absolutely Poor
September 2004
2004 has thus far proven to be a disappointing period for most hedge fund investors. We try to explain why and what the future may hold.
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Port Your Alpha and Eat it Too
July 2004
We discuss the growth of absolute return strategies and its growing impact on the separation of investment skill from capital market exposure.
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Positively Surprised
February 2004
We witnessed worldwide economic growth, increased volatility in fixed income markets, weakness in the U.S. Dollar, rebound in the equity markets, and significant asset flows into hedge funds in 2003. We provide a review of how the markets performed in 2003.
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Hedge Funds 2003: An Unexpected Bounty
February 2004
Though some investors may be disappointed by the absolute level of returns delivered by hedge funds in 2003, we saw 2003 differently. We review the strategies that worked and those that did not.
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Long Term Return Assumption for the Capital Markets
January 2004
We describe our methodology for developing and maintaining our long-term risk, return, and correlation expectations.
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Evaluation of Emerging Market Debt Benchmarks
January 2004
Emerging Market debt as part of an investment program can enhance long-term total portfolio returns. We review the importance of selecting the correct benchmark.
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