Equities

Taking Chips off the Table

Posted by Michael Strauss, Chief Investment Strategist and Chief Economist | Ryan Driscoll, CFA, Director on Feb 22, 2017

Topic: Equities Fixed Income Market Commentary

The question we are often asked is…when should investors begin to take chips off the table? The S&P 500 Index has delivered a 16+ percentage point relative gain compared to the Bloomberg Barclays Aggregate Bond Index since the start of this fiscal year. Near term, we may see a return to a choppy market where stocks still best bonds but with a smaller differential.

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Active vs. passive: There is no debate

Posted by Mark J.P. Anson, Chief Investment Officer, Commonfund on Jan 31, 2017

Topic: Asset Allocation Equities Fixed Income Investment Strategy Risk Management

Like King Kong vs. Godzilla, the investment debate of active vs. passive continues. I really enjoyed those cheesy old movies from Japan that pitted the two big monsters of science fiction. But as I recall, there was never a clear winner: Sometimes King Kong won the battle, sometimes Godzilla.

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A False Sense of Diversification?

Posted by David Scarozza on Nov 29, 2016

Topic: Asset Allocation Equities Investment Strategy

As we have undergone the process of re-underwriting all of Commonfund’s equity managers and funds over the last 6 months, we have tackled anew the age old question of how many funds does one multi-manager equity portfolio require to offer appropriate levels of diversification? While there is no single universally appropriate answer, our research has indicated that, upon closer inspection, many multi-manager equity portfolios may not be quite as diversified as intended from a potential excess return perspective.

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It’s Not Easy Being Active

Posted by Mark Bennett, Managing Director, Commonfund on Aug 30, 2016

Topic: Equities Investment Strategy

It's not easy being an active equity manager these days. We’ve had the great financial crisis of 2007-2008, a technology/internet bubble in 1998-1999 culminating with a sharp and prolonged bear market from 2000-2002, and most recently the European crisis in 2011. What made 2016 worse than those prior periods? There is not one easy answer to that question, but a series of shifts in the investment landscape that deserve mentioning.

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Commonfund Roundup
07-29-16

Posted by Commonfund on Jul 29, 2016

Topic: Equities Industry Knowledge Investment Strategy Market Commentary Responsible Investing

Commonfund's July Roundup features the Commonfund Study of Responsible Investing: Foundations Survey and Press Release; a webcast on the FY2016 Equity Performance Review, hosted by Mark Anson, Chief Investment Officer, Kris Kwait, Head of Investments, and Keith Luke, President, Commonfund Securities, Inc.; along with the latest weekly economic podcasts by Chief Economist, Michael Strauss.

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Equity Performance Review: Fiscal Year 2016

Posted by Keith Luke | Mark J.P. Anson, Chief Investment Officer, Commonfund | Kristofer Kwait, Managing Director, Head of Hedge Fund Strategies on Jul 21, 2016

Topic: Asset Allocation Equities Investment Strategy

Our latest webcast reviews equity performance for fiscal year 2016 and the positioning for the portfolio going forward.

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Is Value Investing Dead?

Posted by AJO Partners on May 20, 2016

Topic: Equities Investment Strategy Market Commentary

AJO Partners' Jocelin Reed explores the current debate about value investing in a thoughtful manner, uncovering sector biases that exist with style investing. Is Value Investing Dead? We think not, but it might seem so. In fact, we observe a bizarrely large influence of sectors (versus stocks) in the latest value/growth regime.

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Multi-Asset Quarterly Investment Performance Review & Outlook | Q1 2016

Posted by Mark J.P. Anson, Chief Investment Officer, Commonfund | Steve Snyder, Managing Director, Head of Multi-Asset Program, Commonfund | Jeff Long | Alec Rapaport, Managing Director, Head of Fixed Income Strategies | Michael Strauss, Chief Investment Strategist and Chief Economist on May 4, 2016

Topic: Asset Allocation Equities Fixed Income Market Commentary

Multi-Asset Quarterly Investment Performance Review and Outlook

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Xchange Webcast: Risk, Return and Volatility

Posted by Mark J.P. Anson, Chief Investment Officer, Commonfund | Brett Lane, Managing Director on Mar 22, 2016

Topic: Asset Allocation Equities Fixed Income Investment Strategy Market Commentary Risk Management

Xchange Webcast: Risk, Return and Volatility with Chief Investment Officer Mark Anson

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On Narrow Markets and Smart Beta

Posted by Mark Bennett, Managing Director, Commonfund on Feb 28, 2016

Topic: Equities Investment Strategy Market Commentary

We’ve all heard a manager complain about narrow markets. We are guilty of it ourselves. What is a narrow market and how do we view it in the context of recent equity performance?

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Multi-Asset Quarterly Investment Performance Review & Outlook | Q4 2015

Posted by Mark J.P. Anson, Chief Investment Officer, Commonfund | Steve Snyder, Managing Director, Head of Multi-Asset Program, Commonfund | Nick De Monico, Former interim CIO, Commonfund | Jeff Long | Alec Rapaport, Managing Director, Head of Fixed Income Strategies | Michael Strauss, Chief Investment Strategist and Chief Economist on Jan 25, 2016

Topic: Asset Allocation Equities Fixed Income Market Commentary

Multi-Asset Quarterly Investment Performance Review and Outlook

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Global Economic & Investment Outlook:
2016 – A Year of Transition

Posted by Commonfund on Jan 4, 2016

Topic: Asset Allocation Equities Fixed Income Hedge Funds Market Commentary Private Capital

Our 2016 Global Economic and Investment Outlook provides a detailed look at our expectations and portfolio positioning going forward.

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The Curious Case of Risk Exposures in Diversified, Multi-Asset Class Portfolios – A Deep Dive

Posted by Jess Gaspar, PhD, Managing Director, Head of Quantitative Research | Suresh Iyer, CFA, PhD, Director, Quantitative Research on Dec 30, 2015

Topic: Asset Allocation Equities Quant Strategies

Previous research at Commonfund has demonstrated that a traditional 70/30 stock/bond portfolio has north of 99 percent of its risk allocated to equities. Thus portfolio risk in the traditional portfolio is not broadly diversified across equities and fixed income, but rather, highly concentrated in one exposure: equities. Does a more diversified, multi-asset class portfolio do a better job of balancing risk?

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Japanese Equities:
Trading Rally or Lasting Change?

Posted by Mark Bennett, Managing Director, Commonfund on Nov 9, 2015

Topic: Equities Market Commentary

Financial Crises in early 2009, but more recently, another major economy has taken over the leadership of equity returns. Since the election of Prime Minister Abe to a second term in December, 2012, Japanese equities, in local currency terms, have far outpaced US, European and Emerging Markets, as

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Much Ado About Nothing

Posted by Michael Strauss, Chief Investment Strategist and Chief Economist on Nov 4, 2015

Topic: Equities Fixed Income Market Commentary

Market pundits are obsessing over the timing of the Fed move on interest rates with increasing divergence on “when” but not “if”. The reality is that this timing doesn’t really matter – whether it be December, March or somewhere in between.

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After the Waterfall: Contagion or Rebound?

Posted by Michael Strauss, Chief Investment Strategist and Chief Economist on Oct 7, 2015

Topic: Equities Market Commentary

A waterfall selloff in the equity market this summer has reignited fears that a recession is on the horizon.

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An August Correction

Posted by Nick De Monico, Former interim CIO, Commonfund on Aug 24, 2015

Topic: Equities Market Commentary

Today’s global equity market sell-off, combined with last week’s declines, has undoubtedly raised concerns among our investors who may question whether this marks the start of a prolonged downturn.

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Is the China Growth Story Still Real?

Posted by Michael Strauss, Chief Investment Strategist and Chief Economist on Aug 6, 2015

Topic: Equities Market Commentary

While returns are still up on a year-to-date basis, Chinese equity markets have plunged almost 30 percent this summer.

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Multi-Asset Quarterly Investment Performance Review & Outlook | Q2 2015

Posted by Steve Snyder, Managing Director, Head of Multi-Asset Program, Commonfund | Nick De Monico, Former interim CIO, Commonfund | Jeff Long | Alec Rapaport, Managing Director, Head of Fixed Income Strategies | Michael Strauss, Chief Investment Strategist and Chief Economist on Jul 22, 2015

Topic: Asset Allocation Equities Fixed Income Market Commentary

Multi- Asset Quarterly Investment Performance Review and Outlook

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Manager Spotlight | Glenview Capital Management

Posted by Larry Robbins, Founder and CEO, Glenview Capital Management on Nov 11, 2014

Topic: Equities Industry Knowledge

Manager Spotlight | Glenview Capital Management

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Private equity: perception and reality

Posted by Peter Burns, Managing Director | Mark Hoeing, Managing Director | Kent Scott, Managing Director, Commonfund | Dave Jensen, Associate Director, Commonfund Capital on Apr 12, 2014

Topic: Equities Private Capital

For a variety of reasons, some investors believe that private equity may have lost its edge as a key allocation for their portfolios. This perception may overlook reality. A closer examination reveals that the fundamentals are intact and there are attractive opportunities for skilled private equity managers. As always, investors should be discerning in their choice of managers, and continue to place access ahead of allocation. Here, a look at some widely held perceptions and the reality that may be overlooked or misunderstood.

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Subscribe & Manage Your Frequency to Insights Blog

Posted by Commonfund on Jan 5, 2014

Topic: Asset Allocation Equities Fixed Income Governance and Policy Hedge Funds Industry Knowledge Market Commentary Operating Assets Outsourced Investing Partners People Private Capital Quant Strategies Responsible Investing Risk Management

Subscribe to the Insights Blog from Commonfund to stay informed with the latest information for nonprofit investors and the public sector.

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Goldilocks Economy or a QE-Driven Mirage?

Posted by Michael Strauss, Chief Investment Strategist and Chief Economist on Nov 15, 2013

Topic: Equities Market Commentary

Whether at investment committee meetings, cocktail parties or on the sidelines at fall soccer or football games, no one in the investment community can escape questions about what happens after the Fed stops its latest round of quantitative easing.

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Déjà vu All Over Again (or Not?)

Posted by Michael Strauss, Chief Investment Strategist and Chief Economist on May 11, 2012

Topic: Equities Market Commentary

Does European political and macroeconomic concerns impact the U.S.

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Looking Beyond “In-Line” Results

Posted by Jeff Long | Michael Strauss, Chief Investment Strategist and Chief Economist on Feb 13, 2012

Topic: Asset Allocation Equities Market Commentary

A hidden story behind S&P 500 gains is continued improvement in U.S. economic data that provides further support to sustainable, moderate economic activity.

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