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Can Annual Returns Be Used to Unlock the Sources of Top Endowment Performance?

A Sneak Peek of MPI’s Endowment Study. Fall has brought with it excitement and some surprise in a much-watched annual contest. No, we’re not talking about the World Series but rather endowment-reporting season. Fiscal year (FY) 2015 returns[1] are now in from many of the top college endowments. Bowdoin, with almost $1.4B AUM, has taken […]

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Examining the Core: Intermediate-Term Bond Funds in August

The month of August was almost universally tough for financial markets. Equity, Commodity and Fixed income markets fell, dragging most managers with them. Intermediate-Term Bond Funds, one of Morningstar’s largest categories, were not immune to this turmoil, with 221 of 235 funds posting losses. The median loss for the category was -0.25%, with the Barclays US. Aggregate Bond […]

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Down Commodities Benefits CTA Funds

The past year has been a painful one for some macro hedge funds that focus on commodities. Recent news of the departure of the co-founders from Carlyle’s suffering commodities hedge fund manager Vermillion Asset Management, and commodities fund closures by Black River Asset Management and Armajaro Asset Management paint a grim picture of the ability […]

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Remembrance of Things Past: Carmignac Patrimoine’s Resurgence

Carmignac Gestion’s flagship fund, Carmignac Patrimoine, which grew in size and stature amongst the European investment management community due to sage risk management during the Financial Crisis and stellar long-term performance, faced a difficult 2013 and early 2014. Performing near the bottom of its peers in this window of time, investors questioned whether Patrimoine and […]

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A Peril of Hedge Fund Allocation: Investing Too Little

Following the news of CalPERS’ termination of its ARS program and at the request of Risk Magazine, we looked at the relationship between scale, selection and impact on total portfolio returns that hedge fund allocations can possibly have at large pensions. To perform this study, we base our hypothetical pension portfolio off of CalPERS’ portfolio. […]

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