Insights
2008 | 2007 | 2006 | 2005 | 2004 | Archive
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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