Member Educational Materials 2019

2020  2019    2018   2017   2014-2016


The New Seed Age: First Institutional Financing and the Disruption of Venture Capital

2019
Valor Ventures

Wouldn’t it make sense that there would be more startups getting to a first equity financing than ever? Consider, there’s more venture capital available than ever. There are over 10,000 accelerators or incubators providing. Co-working has made getting and maintaining an early-stage office a snap. I

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China equities The outlook in 100, 200 and 400 words.

3rd Quarter 2019
UBS Asset Management

China equities have had a strong start to 2019 and Bin Shi, Head of China Equities, and his team give their outlook on what to expect in the rest of 2019.

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An ACE approach to China equities

3rd Quarter 2019
UBS Asset Management

Global investors are shifting to China When overseas investors ploughed a net RMB 125.4 bn (USD 18.7 bn) into China’s onshore markets via Stock Connect in Q1 20191, something unprecedented was going on.

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Forces shaping the investment landscape

Mid-Year 2019
UBS Asset Management

In this edition of Panorama, our senior asset class and allocation experts assess the potential challenges and opportunities investors may face for the remainder of the year. The following pages bring you distinct viewpoints and investment insights across our global capabilities, to help meet your investment challenges.

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China equities 10 questions on strategy

April 2019
UBS Asset Management

We sat down with Bin Shi and the China equities team and asked them 10 questions about their strategy and how they see the market currently.

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U.S. SMALL Cap Equity

3rd Quarter 2019
Summit Global Investment

The equity markets followed strong year-to-date returns through the first half with continued positive, albeit more modest performance during the 3rd quarter. The major equity indices posted mixed results. The SGI US Small Cap equity strategy significant outperformed its benchmark, the Russell 2000 Index, by 5.05% on a gross basis while taking significantly lower overall portfolio risk.

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U.S. Large Cap Equity

3rd Quarter 2019
Summit Global Investment

The equity markets followed strong year-to-date returns through the first half with continued positive, albeit more modest performance during the 3 rd quarter. The major equity indices posted mixed results. The SGI US Large Cap equity strategy significant outperformed its benchmark, the S&P 500 Index, by 2.46% on a gross basis while taking significantly lower overall portfolio risk.

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2019 ESG Report

2019
Summit Global Investment

SGI was founded in 2010 in order to bring institutional quality investment management to the masses. A core goal of our portfolios is to produce a lower risk experience, as defined by volatility, while upholding a high standard for the companies that we own. It is one of our core beliefs that companies that are ESG violators will be punished in the marketplace through high volatility.

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A View from the Summit. Market Commentary

September 2019
Summit Global Investment

Third quarter of 2019 was a good period of performance for the firm. All three of the equity strategies posted positive returns and excess returns over their respective benchmarks.

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3rd Quarter 2019 Review Global Equity

2019
Summit Global Investment

The equity markets followed strong year-to-date returns through the first half with continued positive, albeit moremodest performance during the 3rd quarter. The major equity indices posted mixed results. The SGI Global equity strategy significant outperformed its benchmark, the MSCI All Cap World Index, by 1.92% on a gross basis while taking significantly lower overall portfolio risk

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Emerging Market Debt

October 2019
LM Capital Group

The first two parts of the three-part Emerging Market Debt (EMD) investing series published earlier focused on a thematic opportunity in Latin America and how LM Capital’s investment philosophy is built to take advantage of these opportunities. In part three, we compare LM Capital’s EMD strategy versus its peers and make a case for a low risk approach to EMD investing. We make these comparisons across performance and portfolio characteristics:

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Inside ETFs Conference

October 2019
3EDGE Asset Management

Use of AI Techniques in Investing
Al has been a disruptive technology in the investment space. Eric Biegeleisen, CFA, Managing Director, Research of SEDGE Asset Management discusses the dos and don’ts of using Al and the principles 3EDGE follows in utilizing artificial intelligence.

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Views from the LPAC

July 2019
Barings

Over our 25+ years investing across private markets, Barings has had the opportunity to hold hundreds of Limited Partner Advisory Committee (LPAC) seats—helping mitigate conflicts of interest, and making suggestions to General Partners (GPs) and Limited Partners (LPs) on best practices. As the landscape has evolved, we’ve had the ability to identify several trends throughout the space—and it is from this vantage point that we offer the following insights.

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Where Is the Illiquidity Premium in Private Real Estate?

June 2019
Cohen & Steers

Executive Summary Investors allocate to private equity with the expectation of achieving superior returns relative to public-market investments. This approach has generally paid off in corporate private equity with return premiums that have compensated investors for the risk of illiquidity. However, the same cannot be said for real estate private equity.

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Quantifying Fee Alpha Using Performance Fees

June 2019
Westwood Group

Performance-based fee fund models are garnering more interest in the marketplace as active managers attempt to improve alignment and trust with investors. As the dominance in passive products has risen, the relationship between asset owners and investment managers has tipped staunchly to the benefit of investors, driving existing active fees lower. While this progression has lowered beta costs for investors, the fee compression trend has done very little to direct investors to the best managers who can achieve their alpha objectives over the long term.

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Changing the probability of winning for active investor

March 2019
Westwood Group

As a high-performing equity market environment lifted most stocks over the last decade, the value proposition for active management in efficient asset classes such as U.S. Large Cap has been scrutinized by both institutional and retail investors alike.

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Digital Asset Index

May 2019
Morgan Creek Digital Assets

The Morgan Creek Bitwise Digital Asset Index (“Digital Asset Index”) was developed to provide institutional investors with a clear, rules-based, and transparent way to track the value of the largest, most liquid cryptoassets. The index is designed specifically as an investable benchmark, with rules around liquidity, custody, and other investability factors built in from the start, as well as screens designed to exclude coins with high degrees of centralized ownership.

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Global Equity Long/Short Institutional Fund

April 2019
Morgan Creek Capital Management

The Morgan Creek Global Equity Long/Short Institutional Fund seeks to generate attractive long-term investment returns with a lower degree of volatility and correlation relative to traditional equity benchmarks. The Fund utilizes a “Hybrid Model” of investing, allocating to investment firms drawn from Morgan Creek Capital Management’s extensive network of relationships and to direct investments in equity securities via “Morgan Creek Direct”. The Fund expresses Morgan Creek’s top investment themes, which include: 1)Wealth Transfer to Developing Markets, 2) Growth of the Asian Consumer, 3) Energy & Natural Resources, 4) L/S Technology, 5) Value. (Secondary Theme: Demographics & Healthcare).

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AsanaGlobal Select Fund

April 2019
Asana Global

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New China Fund Update

March 2019
Morgan Creek Digital Assets

Focused on healthcare and technology, Investments in venture and early growth companies, Allocate 75% Fund Investments and 25% Co-Investments alongside our GPs, Target 10 managers and 10 co-investment

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The Case for Dedicated China Exposure

Jan 2019
Cambridge Associates

China remains top of mind for investors in 2019. Amid the toxic combi-nation of an intensifying trade war with the United States, slowing domestic economic growth, and a weakening currency, China had one of the worst-performing stock markets in 2018.

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Vantagepoint

Q2 2019
Cambridge Associates

We find attractive investments in private and public equity markets. Private investments (especially venture investments in healthcare) and long-only public equities offer the most appeal today. All-China and A-share mandates are both attractive, with All-China offering active managers a bigger canvas, at the expense of more complexity. A handful of dedicated China long/short hedge funds are appealing and have credible track records, however shorting limitations in the A-share market may boost the relative appeal of regional hedge funds.

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Econ 101 investment memo Grubb Properties

2019
Grubb Properties

Although it may seem like developers are building lots of apartments, we are still seeing development at a rate that is less than half of peak production, and the biggest drag on housing supply continues to be a lack of single-family construction. According to the U.S. Census Bureau, the country started more than 1.8 million single-family homes in 2006.’ A decade later, single-family housing is still seeing about 300,000 fewer starts than the long-term average” — and during that time period, the U.S. population has continued to grow considerably.

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Volatility scaling’s impact on the sharpe Ration

2019
Man

We study the econometric properties of dynamic risk parity, which volatility scales to equalise risk through time using the precision process, the inverse of the time-varying volatility. We give necessary and sufficient conditions that volatility scaling improves the Sharpe ratio of an investment. We approximate the Sharpe improvement using the sum of two terms: one determined by the convexity of the precision and the other the covariance of the precision and conditional mean. We show that empirically this approximation is very accurate and we document the relative importance of the two terms.

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Strategic Rebalancing

February 2019<brMan

Many investors don’t realize that a mechanical rebalancing strategy, such as a monthly or quarterly reallocation towards fixed portfolio weights, is an active strategy. Winning asset classes are sold and losers are bought. During crises, when markets are often trending, this could lead to larger drawdowns than a buy-and-hold strategy. We show that these drawdowns induced by naive rebalancing could be mitigated, taking the popular 60-40 stock-bond portfolio as our use case.

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Asset Owners & Allocators-Checklist

2019
Solovis

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Institutional Investing Transformed

2019
Solovis

Ready for technology that’s uniquely designed for the limited partners community? Endownments, foundation, pensions, OCIOs and family offices leverage Solovis to transform how they collect and aggregate investment data, analyze portfolio performance, model and predict future outcomes and share meaningful portfolio insights with key stakeholders.

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Member Educational Materials

 

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