Volatility has increased and it can be associated with a range of recent developments—for example, global trade tensions and political uncertainty in the Eurozone. But increased volatility also reflects the fact that we are late in the economic cycle—with the current period of U.S. expansion close to being the longest on record. Investment approaches, portfolio positioning and security selection must be appropriate for the higher levels of volatility typical of late cycle periods.
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The Evaluation of Tax Liabilities
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For private wealth clients, the consideration of tax liabilities adds another wrinkle to already complex investment decisions. It is vital for high-net-worth individuals and families to weigh the tax implications of any changes to their portfolio as taxes can erode gains, hindering their investments’ ability to meet their financial objectives. Although the burden of taxes creates a higher hurdle for private clients than most institutional investors, it is not insurmountable.
In this mid-summer session, Deutsche Bank’s Larry Adam shared his perspective and investment outlook for the remainder of the year. Given the prolonged strength of the U.S. economy and near record long financial market rallies, Larry reminded us of the lesson from Peter Pan that “Time is Chasing After All of Us” and analyzes whether or not these trends can continue.In this session, we examined:
For investors with private allocations, how one incorporates them into the policy benchmark will materially impact the portfolio’s relative performance, making the choice key to informed decision making.
The “Recession 2020” talk is omnipresent in the financial press, but productivity developments—which are no longer a manufacturing phenomenon—may extend the party. After years of stagnation, the stage is set for a cyclical upturn in productivity that would restrain labor costs, limit inflation, and allow profit margins to remain elevated.
Benchmarking is a critical component of a successful investment program; however, measuring private investment performance vexes even the most sophisticated investors.
Many of the wealthiest and most sophisticated families are reconnecting to their family roots in entrepreneurship and are investing in, and managing, direct investments using thoughtfully designed trusts and private trust companies.
While trade finance is among the oldest forms of institutionalized credit, it has only recently become an accessible market for most institutional investors. Providing high liquidity, good return premiums over cash, and a predictable risk profile, it can play a valuable role in portfolio strategy. However, as a fairly new option for most investors, its characteristics are not well-known. In this report, we explain the nuances of trade finance, including its evolution, basic mechanics, typical features, available strategies, and portfolio allocation implications.
Many institutional investors have long sought to promote social equity through grant making and other philanthropic endeavors. With the field of impact investing maturing, these institutions are now increasingly seeking investment solutions to accomplish the same goal. Yet this effort raises important questions: What is social equity investing? What does it look like in practice? And how do social equity investments fit in a portfolio?
The 2018 U.S. Trust Insights on Wealth and Worth® study asked nearly one thousand high-net-worth individuals about their approach to building wealth and the extent to which they are using it to achieve their goals and support the causes they care about most. The study found that while wealth provides the freedom to do more, it also brings increased obligations, expectations and demands.