FundFire

“If I need cash, I’m probably going to sell out parts of my U.S. equity portfolio, because it’s had such a great run. Interest rates are high, which means that I’m getting good yields from my fixed income portfolio.” — Jeff Schwartz, President at MPI.

FundFire’s top headline today Ivy Endowments Face Liquidity Constraints amid PE Slump — features Jeff’s comments and MPI’s latest research A Private Equity Liquidity Squeeze By Any Other Name. Sabiq Shahidullah’s story covers a lot of important concepts in endowment investing and private markets; check it out if you’re a subscriber.

“Style analysis is a useful tool that can illuminate how a portfolio operates if people understand how to use it, which Markov and his employees do, Sharpe said in an interview. “I would pay serious attention to the results they produce,” he said.” Justin Mitchell quotes Nobel-prize winner in Economics William Sharpe in his article.

In this article, FundFire’s Justin Mitchell uses MPI’s FY2023 intra-year estimates of pension performance in his in-depth analysis of impact of private assets on pension returns.

“Public pensions with sizable allocations to private equity tended to weather the last year’s market volatility better than their peers, but that could change in coming months, according to new projections from a top data analytics firm. Markov Processes International’s new “transparency lab” analyzes the publicly reported returns of institutional investors to provide a better understanding of what the actual holdings are.”

FundFire cites MPI’s analysis of Duke University endowment’s 2021 annual returns, which estimates Duke’s position in Coinbase at approximately $1.3 billion based only on annual endowment returns using proprietary methodology. (FundFire subscription required)