This presentation was orignially delivered at the 2010 Global Family Forum. It features insights regarding investment past performance and investor outlook on risk in the wake of the global financial crisisas well as a view on risk-taking and the future role of hedge funds in private investment portfolios.
This white paper describes what CLOs are and how they fit into the broader basket of financial structured products. Keeping in mind that the arena of structured credit has changed much over the past couple of years, this paper refers to a 2006 CLO structure to describe the essentials of CLO structures. Bank loans are briefly described, followed by a section on how CLOs are managed. A brief history of CLOs is introduced with a section on the changing investor profile over the past few years, dovetailing into the role of rating agencies in the CLO market.
While oil prices are likely to be range-bound across the next few years, natural gas prices are establishing new, higher support levels after experiencing multi-year lows. Natural gas prices are likely to get a boost from politics as well as the weather and speculation.
BlackRock's latest quarterly guide includes the price tickers, index tickers, annual total expense ratios, dividend policy, fund structure, assets under management and websites for index providers and exchanges around the globe, enabling investors to compare the various exchange-traded funds available.
While the merits of investing in convertible securities have been exhibited over time, the market is particularly compelling today. Convertibles offer much better risk/reward characteristics than equities, with stronger appreciation over the intermediate and long term but at meaningfully lower levels of risk and volatility.
Deutsche Bank researchers address four questions in this study of responsible investments: How are these investments different from more conventional forms of investment? What products are available? Do sustainable investments offer lower returns? How will the market for sustainable investments evolve?
More than 90 percent of respondents to a survey on private equity mergers and acquisitions expect financial due diligence to directly influence the terms and conditions of M&A transactions during the next 12 months. This survey report from mergermarket and Houlihan Lokey considers the impact of increased due diligence and examines other factors that are likely to influence M&A deal flow.
The search for investments that are not highly correlated to search for options to more traditional alternatives, such as private equity. Many of these investments can be volatile and highly speculative. This white paper from Appellate Funding explores the funding of legal appeals as a low-risk, high-return alternative.
Private market investing offers financial opportunities but requires consistency and patience. CTC Consulting's guide to private market portfolio management explains the cash-flow characteristics of private market funds, discusses why maintaining a target allocation is an ongoing, long-term process, and demonstrates the importance of committing capital consistently over time to build a well-diversified portfolio.
Just released in the end of May 2010 by the CFA Institute, this is the first attempt by the CFA Institute to set forth thoughts on what should be included and comprises an investment policy statement. I had the opportunity to provide input when meeting with co-author Bob Dannhauser at the CFA Institute as part of the drafting process, and the final product is perhaps the best piece of its kind being distributed on a broad platform. --Charlie