Investment Philosophy

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In this section

Our Leaders On Stage

The Endowment Model

Long Term vs Short Term Investing

No Market Timing

Case for Multi-Asset Class Portfolios

Active vs Passive Management

Assessing Manager Performance

DNA of Great Investors

Sustainable Investing

Fees and Costs of Investing

Article

Apples and Oranges: The Power of Equity-Like Risk Measurement

There is a common saying when comparing unlike things – that comparing them is like “apples and oranges”. Nevertheless, those…

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Podcast

Private Capital Podcast with Joe Reilly: Stan Miranda – Bain Meets the Yale Model at Partners Capital

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Podcast

Alternative Fund Insight: Alex Band on building client portfolios

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Our Leaders On Stage

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Capital Allocators Podcast with Ted Seides: Stan Miranda - Modern Endowment Model at Partners Capital

Our Chairman and Founder, Stan Miranda, speaks to Ted Seides about the founding of Partners Capital, our investment philosophy and the evolution of our investment model from the “endowment model”. Listen on Capital Allocators Listen on Apple Podcasts Listen on Spotify

CEO Arjun Raghavan shares his investment philosophy and personal insights with Money Maze Podcast

Partners Capital Chief Executive Officer Arjun Raghavan is featured on The Money Maze Podcast with Simon Brewer. Arjun shares his journey to becoming CEO of Partners Capital, which currently manages over $45 billion in assets across North America, Europe and Asia. Topics Arjun discusses include: The Money Maze Podcast is hosted by Simon Brewer, a

The Endowment Model

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Alternative Fund Insight: Alex Band on building client portfolios

Listen to the Full Podcast here: Alternative Fund Insight Listen on Spotify Listen on Apple Podcasts

Apples and Oranges: The Power of Equity-Like Risk Measurement

There is a common saying when comparing unlike things – that comparing them is like “apples and oranges”. Nevertheless, those fruits are usually sold the same way, by weight or by count. Similarly, in this post, we explore how to compare securities across asset classes through the lens of equity-like risk. Risk is complex. Threats

Private Capital Podcast with Joe Reilly: Stan Miranda - Bain Meets the Yale Model at Partners Capital

Listen on Spotify Listen on Apple Podcasts

The Future of Private Equity Investing is all about Post-Acquisition Operational Value Add (PAOVA)

Over the past decade, Private Equity (PE) sponsors have been able to generate outsized returns. Falling interest rates have boosted returns in most asset classes, including buyouts that benefit from high leverage and low borrowing costs, as well as venture capital and growth equity that benefit from low discount rates inflating back-ended cash flows. With

PRMEA

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A 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

Case Study: Managing a $1 billion portfolio for a prestigious US healthcare system

In 2021, Partners Capital were hired as Outsourced Chief Investment Office (OCIO) for a world-renowned, not-for-profit medical organization. Prior to working with us, the client had a relatively traditional 60% equity / 40% bond-style liquid portfolio, with no exposure to alternative investments, including private markets. The client’s Investment Committee was comprised of sophisticated and seasoned

Partners Capital Approach to Risk Management

Most investors think of risk management as a process of minimizing or eliminating risk while achieving the target returns. 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

Partners Capital Risk-Managed Endowment Approach

The Endowment Model of investing was conceived in the 1990’s at the Yale Investment Office by David Swensen. He subsequently enshrined the principles of the model in his seminal book Pioneering Portfolio Management, published in 2000. Over the last two decades, there have been seismic shifts in the investment landscape with substantial capital flowing into

Investing 101

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The Most Basic Lessons of Investing

This note describes the most important learning about investing including some very basic principles and some useful tools. Many of these are rooted in fundamental academic research, and generally accepted. A few are only supported by what we believe to be compelling common sense. We would expect that the most sophisticated and successful institutional investors

Long Term vs Short Term Investing

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No Market Timing

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Case for Multi-Asset Class Portfolios

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Active vs Passive Management

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Technology’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

Assessing Manager Performance

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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

DNA of Great Investors

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Our Investment Philosophy

We manage multi-asset class investment portfolios and invest in every major asset class. We build each client’s portfolio from the ground up, customized to a client’s investment objectives, risk constraints, time horizon, liquidity needs and the like. We do not believe that ‘one size fits all’ offerings meet the needs of sophisticated clients, whether individuals

Sustainable Investing

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“COP 37 Will Be Very Interesting” – Stan Miranda on the C.O.B.T. Veriten Podcast

Partners Capital Co-Founder and Chairman Stan Miranda is featured on Veriten’s Close of Business Tuesday (C.O.B.T.) Podcast, hosted by Maynard Holt, Jeff Tillery and Mike Bradley. Stan provides a “state of the union” on the path to global energy transition and outlines Partners Capital’s investment approach. Topics discussed, include: Veriten was founded by Maynard Holt. Veriten is

ESG and Impact Investing: A Roadmap to an Evolving Frontier Webinar Executive Summary

Agenda Presenter Topic Arjun Raghavan Chief Executive Officer Introduction Stan Miranda Chairman and Founder Introduction to ESG and Impact Investing Sir Ronald Cohen Co-Founder Chair, Global Steering Group for Impact Investment Impact Investing: Risk, Return and Impact Euan Finlay Partner, Head of Responsible Investing Pitfalls of ESG and Impact Investing Stan Miranda Chairman and Founder

Partners Capital 2022 Sustainable Investing Report

Our Partners Capital Sustainable Investing Report 2022 summarises the progress we have made and the evolution in our thinking over the last twelve months. Prompted by the war in Ukraine, 2022 was a year when unresolved questions on ESG came to the fore. These questions include how countries trade-off energy security with transition, what it

Partners Capital and the Clean Air Task Force Workshop: Bringing the Energy Transition Down to Earth

On the 14th of September 2022, Partners Capital combined with the Clean Air Task Force (CATF, an energy transition think tank) hosted a workshop lunch entitled “Bringing the Energy Transition Down to Earth” at the National Science Museum in London. The idea for the workshop emerged from our desire to gain an ever deeper set

Partners Capital Energy Transition Investment Framework

The Partners Capital Energy Transition Investment Framework lays out our research into the energy transition megatrend and our investment framework. This is the full set of research that supports our sustainable investment theme. For us to accurately assess the capabilities of active investors in the energy transition, we first need to have in-house domain expertise

Stan Miranda discusses the Partners Capital Green Energy Transition Investment Framework on PEI’s Spotlight Podcast

Stan Miranda, Partners Capital Founder and Chairman, is featured on Private Equity International’s Spotlight Podcast with Toby Mitchenall discussing the unprecedented uncertainty of energy transition investing. Stan shares the Partners Capital Global Energy Transition Investment Framework, which breaks down the component parts of the transition and highlights where we see opportunity as well as uncertainty.

Summary of Key Outcomes from COP26

This note summarises the key outcomes of COP26 with our thoughts on investment implications. As brief background, the United Nations Framework Convention on Climate Change (UNFCCC) includes 197 countries, or “Parties”, and is the parent treaty of the 2015 Paris Climate Change Agreement. The Conference of the Parties (“COP”) takes place annually for 2 weeks during

Where are we in the transition from risk + return investing to risk + return + impact investing?

We are at dangerous cross-roads today with ESG and impact investing. The momentum from all corners — institutional asset owners, asset managers, and financial reporting regulators — has built to levels not anticipated, having been further boosted by the pandemic. This acute focus on the environment and social impact is a history-making socio-economic phenomenon. But

Fees and Costs of Investing

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Fair 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