Macroeconomic Alphabet Soup: V, W, L, U, or K?
While certain sectors of the economy have rebounded more quickly than expected, the trajectory of the recovery is still unclear.
Survey: ESG Incorporation Nearly Doubles in 5 Years; Those Considering It Jumps
A third of respondents not yet incorporating ESG were considering doing so, the highest in the survey’s history and nearly triple the level in 2019.
Skin in the Game: How New Risk-Retention Rules Affect the CMBS Market
Prior to the Global Financial Crisis, issuers of commercial mortgage-backed securities (CMBS) passed 100% of the risk to bondholders. After the GFC, the Dodd-Frank Act instituted new rules requiring that any institution securitizing a pool of commercial mortgages retain at least 5% of the bond…
Updated COVID-19 Survey: Most Managers’ Offices Closed, With Many Not Reopening Until 2021
Overall, managers were much less optimistic about the resumption of business as usual in September compared to our first survey in June.
How ESG-Minded Investors Can Help Address the Affordable Housing Crisis
Institutional investors with a focus on environmental, social, and governance (ESG) investing can help address the housing crisis through investment opportunities in both the public and private markets…
Beta First, Alpha Second
View Newsletter Emboldened by dramatic monetary and fiscal stimulus, global equities rebounded strongly in the second quarter on hopes of a V-shaped economic recovery. Despite lingering economic worries, the S&P 500’s 20.1% surge was the biggest quarterly gain since 1998, while MSCI Emerging Markets’ 18.1% jump was its largest since 2009. However, neither fully recovered […]
Breaking Bad: Better Call Hedge Funds?
In today’s uncertain environment, Callan examined how hedge funds are positioned to potentially help investors. We see four key opportunities…
Pandemic Has Muted Impact on Private Real Estate; REITs Underperform
All sectors of the NCREIF Property Index saw negative appreciation, but income remained positive except in the Hotel sector. REITs trailed equity benchmarks
The Stock Market Is Not the Economy
The word “unprecedented” to describe the current environment may seem overused, but the speed and depth of the economic disruption was indeed unprecedented.
Private Equity Metrics Fell, but the Dollars Kept Flowing
Fundraising and private M&A exits plunged by count—but dollar volumes held relatively steady as larger transactions were able to proceed