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Marquette Associates provides carefully researched advice to guide institutional investment programs. Our research is known for its practical engagement of the most important issues institutional investors face – presented in clear, concise research publications. These research insights are the result of not just consulting experience and analysis, but also the direct industry experience of the Marquette research committee and research team.

White Paper

In Search of Opportunity for Active U.S. Equity Managers As we highlighted in a recent newsletter, institutional investors continue to shift their U.S. equity allocations away from actively managed strategies and into index funds. The support for this shift has been proven by academic research as well as recent investment experience. This paper does not question the validity of passive investing approaches. Accepting that it is difficult at best to beat a market that is relatively efficient, this paper nonetheless seeks to determine if there are areas of public equity markets that are “less efficient” and thus potentially conducive to active investing. Without taking a stance on the active versus passive debate, this paper asks, “if you plan to hire an active manager, what is the best place to start looking?”

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Chart of the Week

Fiscal Health Improvements for the U.S. This week’s chart looks at the CBO’s updated fiscal projections for the U.S. federal government published on May 14th (the red line on this chart is the updated deficit/GDP estimate). These projections are an update from the last set of projections made in February (gray line) and include the full effect of the tax increases implemented on January 1, 2013 and the budget cuts mandated by sequestration, which began on March 1st.