Endowment Investment Decision Making – RAIDs Analysis
Partners Capital Risk-Managed Endowment Approach (PRMEA)
Risk management is about knowing what you own. At the simplest level, Partners Capital’s risk management is achieved with our client portfolios through asset class and asset manager diversification and through a deep understanding of what each asset manager is doing. That is the essence of our risk management. Any insights we may have about…
Read MoreFair Fees and Alignment – Building Long-Term Partnerships with Best-In-Class Asset Managers
In 2014 we wrote our first whitepaper on “the war on fees”. At the time the proliferation of low-cost passive investment options was challenging the traditional high-fee model of active management. Alignment was poor, and many asset managers generated significant personal wealth regardless of whether they delivered excess returns for their investors. Over the last…
Read MorePartners Capital Annual Investor Workshop 2019
A Primer on Alternative Asset Classes
The earliest of financial investments, pre-dating traditional stocks and bonds, were investments in private companies, private property, privately negotiated debt (non-bank loans made to companies, individuals or governments) and commodities like gold, wheat and corn. These private investments came about in a widespread manner in the middle of the 19th century. In the last 100…
Read MoreView on Emerging Market Asset Allocation 2019
Recession Playbook
Our Recession Playbook is our strategy for managing your portfolio through the coming few years in the face of a potential global recession. Given that almost all past bear markets have coincided with global recessions, we make little distinction between a strategy for investing through recessions or protracted market downturns. We see them as one…
Read MoreA Radical New Approach to the Endowment Model
Is there a more attractive alternative to the Endowment Model of Investing? Today? No. But we raise this question as the universe of high returning strategies that have little correlation with traditional financial market returns continues to expand. Five years into our pursuit of so-called ‘Alternative-Alternative’ strategies, we are close to having sufficient options to build…
Read MoreEmerging Markets Public Equities Allocation Rationale
Partners Capital Annual Investor Workshop 2018
The Cyclicality of Manager Alpha
2016 represented a year by which active investors had crowded into virtually every corner of the investment world, exhausting any remaining pockets of inefficiency and saw more managers under-performing their benchmarks than we can recall in our 16 year history. As expected, we saw a capitulation by many capital owners who moved more of their…
Read MoreTechnology’s Impact on Active Investing
Big Data, or the growing universe of information traversing the web, that is available to systematic and fundamental active managers is changing the competitive landscape favouring those firms best able to find and process such data into powerful investment insights. We expect the greatest alpha generation in the future to come from those fundamental managers…
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