A year ago, consensus calls were for looming recession and continued Fed cuts. Instead, economic progress has held steady, labor markets are in better balance, AI’s influence is seemingly everywhere, and inflation is edging bumpily toward the Fed’s target of 2%. As we enter the back half of the year how will markets, interest rates, and the economy perform? Are consumers tapped out? What potential repercussions might arise from divergent Global Central Bank polices? Does the 2024 political cycle hold significance for markets, rates, industrial policy?
Investment Strategies
Resource Search
Tax Advantaged Equity Over Time
Publish Date
This article explains how Tax Advantaged Equity (TAE) portfolios are traded over time and illustrates how value is achieved over the course of the portfolio’s life. For a TAE portfolio with an objective to harvest available losses and minimize gains while managing risk, there will generally be a few major phases through the life of the portfolio, including loss maximization, loss harvesting and gain minimization, and maturity.
The success of a private equity fund’s investment in a portfolio company largely hinges on the performance of the Chief Financial Officer (CFO). Initially chosen CFOs may be ideal for early goals, but market shifts might necessitate a change in CFO to adapt and succeed. Understanding the unique skills of different CFO archetypes is key for funds to make timely, effective leadership decisions.
The Divestment Question: Focus on Governance
Publish Date
Divestment is a complex decision, especially when passionate voices are actively seeking to influence change, take an ethical investing stance, and/or ensure that the capital of the institution they care about does not fund or profit from a cause or actions they oppose. This paper by Cambridge Associates offers considerations for how to manage calls for divestment and raises questions that need to be answered to respond clearly and effectively to divestment requests.
Private Credit Primer
Publish Date
The private credit asset class has developed and evolved significantly since the Global Financial Crisis. Accounting for $1.6 trillion across a wide range of risk and return profiles, it is cementing its importance and value in investor portfolios. This paper by Cambridge Associates describes why private credit can be attractive in any market, outlines the various sub-asset classes, and discusses the construction of a private credit portfolio and its implementation into a portfolio.
Welcome Nate Hamilton, Vice Chair, FOX Peter Moustakerski, CEO, FOX Nick Rhoads, Board Member, FOX David Toth, President, Membership, FOX
Investing Globally Across Asset Classes: Trends, Challenges, and Opportunities | 2024 FOX Global Investment Forum
Publish Date
Rick Rieder, CIO of the largest asset manager in the world joins us to share his perspectives across asset classes and global markets. We will cover key topics such as the US & global economic outlook and opportunities across public and private investment strategies, including sectors expected to outperform and an overview of the key macro and geopolitical risks we should be monitoring. We will leave time for questions so please come prepared to engage. Rick Rieder, CIO, BlackRock
Real Vision Group CEO, Raoul Pal, will examine how the last 100 years of fiscal and monetary policy are converging with exponential technologies to create one of the most unique and unpredictable investment landscapes since WWII. The discussion will cover the global macro investing backdrop and the outlook on growth vs. value, as well as the investment themes within frontier technology and how to express those in a portfolio. Raoul Pal, Co-Founder & CEO, Global Macro Investor & Real Vision
Outside of the core operating business, real estate remains the largest holding of family offices and continues to be the sector in which they remain the most comfortable investing and structuring deal-flow. The 2020s have already brought significant challenges from the prior decade, and individual real estate sectors seem poised to change alongside every other industry.
Family Office CIO Panel: Preparing for an Age of Change | 2024 FOX Global Investment Forum
Publish Date
We will close the day with a forward-looking session featuring three young CIOs shaping the investment strategy of their respective family offices. We’ll address alignment of the family’s objectives with investment strategies to properly account for the liquidity, total return, and risk goals. Guests will share where they see the most attractive investment opportunities and why, managing family stakeholders and internal decision-making frameworks, succession planning, and perspectives on technology integration, deal sourcing and risk.