On January 10, the US Securities and Exchange Commission (SEC) approved the trading of spot bitcoin ETFs, roughly ten years after the first application. The approval follows last year’s decision by a US Appeals Court that limited the SEC’s discretion in denying applications. While we doubt this decision will meaningfully impact sophisticated investors in the […]
January 2024
The Cambridge Associates 2024 Outlook features our investment outlook for 2024, separated into eight key investment themes.
December 2023
We expect global equity performance will be below its long-term median level, but we believe investors should hold equity allocations in line with policy targets. Within equities, we see opportunities in developed value, developed small caps, and China. We doubt European and emerging markets ex China equities will outperform, and we believe the share of […]
December 2023
We expect that most major central banks will cut policy rates modestly due to our view that inflation rates will continue to decline. The modest cuts will shift policy rates from restrictive levels closer to neutral levels, which are neither restrictive nor accommodative. Given this view and our view that economic activity will weaken, we […]
December 2023
We expect US venture capital down rounds will increase, even as artificial intelligence continues to serve as a major catalyst within the market. We believe flows to European turnaround and value strategies will increase and flows to China private investments will remain muted. We expect secondary transaction volume will increase to a record level. Down […]
December 2023
We expect direct lending and European opportunistic private credit funds will outperform their long-term averages because of high asset yields and the pull back in credit availability among traditional lenders. We like structured credits, particularly high-quality collateralized loan obligation debt, and we expect high-yield bonds will outperform leveraged loans. But we remain neutral on high […]
December 2023
We expect equity long/short strategies will outperform their long-term average, due partly to the considerable rise in short rebates. This expectation is also linked to our view that global equity volatility will increase due to our economic expectation and ongoing geopolitical crises. Equity Long/Short Performance Should Be Above Average in 2024 Joe Marenda, Head of […]
December 2023
We expect REIT and public infrastructure performances will improve, given undemanding valuations and our view on interest rates. We believe private infrastructure funds will perform well, and we think nuclear energy will emerge as a small but important opportunity. US REIT Performance Should Rebound in 2024 Sehr Dsani, Investment Director, Capital Markets Research, and Marc […]
December 2023