Services Tags: Asset Allocation

Marquette Speaking at Institutional Investor 2024 Private Credit Forum 5/21

On Tuesday, May 21, Marquette will be speaking at Institutional Investor’s 2024 Private Credit Forum in Chicago, “Private Credit Vintage Bubble: The Delicate Balance Between Optimism and Caution.”

Kris Katarski will be moderating a fireside chat entitled, “Trends and Opportunities in the U.S. Lower Middle-Market, Private Credit, and Private Credit Secondaries,” described as follows:  This segment will dive into alpha opportunities that exist within the U.S. Lower Middle-Market relative to private credit and private credit secondaries, expounding on elements of inefficiencies, less competition, and aging demographics, amongst others.

  • What are the current opportunities, trends, and risk considerations identified in U.S. Lower Middle-Market private credit?
  • What is the definition of the U.S. Lower Middle-Market, supply/demand influences, alpha generation potential, and market valuation comparisons?
  • How has the growth in private credit led to more credit secondary opportunities?
  • What are secondaries’ expected risk-adjusted return profiles vs. other private market asset classes?
  • Have seasoned loans in U.S. Lower Middle-Markets exhibited lower default rates than larger loans?

The Forum will delve into the nuances of the private credit sector, including the allocator sentiment, macro and regulatory factors, and sector specifics that continue to drive growth. For more information, visit the Institutional Investor event webpage.

Marquette Views on 2024 U.S. Equities Outlook Featured on FIN News

Published May 14, Catherine Hillier, Research Analyst, was interviewed for “Q1 2024: Small-Cap Equity Hiring Sees Uptick,” by FIN News (subscription required).

Catherine discussed the outlook for U.S. equity performance, particularly in the small-cap space in the article, which posits, “Publicly-traded large-cap companies continue to garner the attention of media and investors, but allocator interest is beginning to look down market to the small-cap sector.”

The article also referenced Catherine’s November 2023 newsletter, U.S. Equities: Surprising Strength Gives Way to Macro Risks, and commentary in Marquette’s 1Q 2024 Market Insights webinar, available to watch as a recording here.

We’re Not So Different, High Yield Bonds and Leveraged Loans

Late last year we authored an article detailing the growing differences between the high yield and leveraged loan markets, particularly the overall quality in the high yield market versus that of leveraged loans. Today, some of those most pronounced differences appear to be abating, which should translate to a more convergent outlook for the two markets as it relates to security, structure, recovery, covenants, and ultimately, performance. With the Fed poised to begin cutting rates in 2024, we felt it was important to address these emerging trends before the start of the new year.

Luis Sierra Speaking at College Savings Plan Network 2024 Virtual Prepaid Tuition Plan Mini Conference 4/10

On Wednesday, April 10, Luis Sierra, CFA will be speaking at the 2024 College Savings Plan Network Prepaid Tuition Plan Mini Conference, being held virtually.

Luis will be joining a panel entitled, “Well-Funded Plans: Where Do We Go From Here?” with several investment professionals, described as follows: Most Prepaid Plans are in the enviable position today of being overfunded in comparison to our future participant obligations. This session will look at how we arrived in this position by reviewing the forces that led us to this overfunding. Should something in our fundamentals change (e.g. unit price, underlying actuarial assumptions, asset allocation of our investments)? Then, we have to ask what do we do with the surpluses? And finally, do we change Plan elements going forward?

The College Savings Plans Network (CSPN), an affiliate of the National Association of State Treasurers (NAST), is a national non-profit association and the leading objective source of information about Section 529 College Savings Plans and Prepaid Tuition Plans — popular, convenient, and tax-advantaged ways to save for college. This MiniCon will discuss topical issues impacting prepaid plans and how states are continuing to adapt to keep their plans relevant in a changing world. For more information, please visit the event webpage.

Portfolio Trick or Treat

Coming into 2023, investors were cautiously optimistic about 2023 market returns; cautious considering the broad losses across asset classes during 2022 but optimistic about more attractive valuations and the inherent upside potential stemming from these price points. Nine months into the year, which of these opportunities have been “treats” for investors, and which have been “tricks”?

In this edition:

  • The biggest trick of them all: Investment grade fixed income
  • But not all of fixed income has been a trick…
  • Tricks come in all sizes: U.S. small-cap equities
  • Trick, treat, or both? U.S. growth stocks
  • Currency movements still tricky
  • More treat than trick: Emerging markets
  • If you’re not surprised, it’s not a trick: Commercial real estate

Marquette Approach to Manager ESG Due Diligence Featured on FundFire

Published March 11, Linsey Schoemehl Payne, Chief Compliance Officer and Partner, was interviewed for “Consultants Evolve Approach to Assessing Managers on ESG,” by FundFire (subscription required).

Linsey discussed Marquette’s approach to manager due diligence regarding ESG integration in the investment process, explaining the “second tier” of information Marquette’s questionnaire seeks out covering the team overseeing individual strategies and the firm’s record of engagement through proxy voting and shareholder resolution.

This article follows a feature published by Nonprofit News last quarter and reflects Marquette’s 25-plus-year commitment to providing clients with clear and thorough information when considering sustainable investment options.

Private Equity Views Featured in Evercore State of the Market 2024 Report

An article by Amy Miller, Senior Research Analyst at Marquette, was featured in Evercore Private Fund Group’s annual State of the Market publication. The article, The Four Virtues of Private Equity, presents a framework of considerations for private equity investors to effectively navigate the market in 2024.

Amy’s paper proposes four virtues — prudence in discerning appropriate allocations and timing, temperance in exercising consistency in pacing, fortitude in remaining invested through periods of stress, and justice in aligning manager and investor interests — that reaffirm that private equity portfolios should prove resilient over the long term.

Download PDF > Evercore State of the Market 2024: The Four Virtues of Private Equity

Evercore is a premier global independent investment banking advisory firm. The full State of the Market report includes a series of interviews, think pieces, and insights from a number of high-quality contributors. To receive a copy of the publication, please contact their team. Reproduced with permission from Evercore Private Funds Group, excerpted from  Evercore’s State of the Market 2024 report. © Evercore. All rights reserved. 

 

The opinions expressed herein are those of Marquette Associates, Inc. (“Marquette”), and are subject to change without notice. This material is not financial advice or an offer to purchase or sell any product. Marquette reserves the right to modify its current investment strategies and techniques based on changing market dynamics or client needs.

Ryan P. Tracy Speaking at Mountain States Institutional Forum 3/21

On Thursday, March 21, Ryan P. Tracy, CFP® will be speaking at the 11th Annual Mountain States Institutional Forum in Denver, Colorado.

Ryan will be moderating the opening panel discussion, “Macro-Outlook & Asset Allocation: The Next 12 Months at a Glance,” described as follows: Top thinkers and chief investment officers share their investment views about current U.S. asset allocation strategies and their projected macroeconomic outlook for the next 12 months. This panel will aim to answer the following questions including but not limited to:

  • How do our panelists account for these and other factors that could affect their global investment and business decisions related to operating an institutional organization?
  • With inflation rates approaching record highs, how will the markets react, and what sort of fiscal policy will be on the horizon?
  • Is there a place for thematic investing and how are behavioral and social finance considered?

For more information, please visit the event webpage.

2023 Investment Symposium

Watch the flash talks from Marquette’s 2023 Investment Symposium livestream on September 15 in the player below — use the upper-right list icon to access a specific presentation.

 

Please feel free to reach out to any of the presenters should you have any questions.

Greg Leonberger Featured on Dakota Live! Podcast

Recorded earlier this year, Director of Research and Partner Greg Leonberger, FSA, EA, MAAA, FCA‘s Dakota Live! Allocator Interview is now available for viewing.

Greg spoke with Chris O’Grady, CIO and Partner at dakota, and Tim Dolan, Vice President, Institutional Sales, in the interview, titled “Building Client Trust.” Dakota Live! general calls allow listeners to access in-depth information about investment allocators through a live interview reviewing each allocator’s current needs, the details of their platform, key analysts, and their outlook on the industry.

Greg Leonberger is the Director of Research for Marquette Associates. Greg is responsible for creating the firm’s capital markets research and directing investment strategy and policies. He also serves as the chair of the investment committee. A partner of the employee-owned firm, Greg has been with the company since 2008. Greg joins us at Dakota Live! to take us through Marquette Associates’ manager research process and what they look for in asset management partners. Join us to learn how the firm’s approach to client service has made Marquette Associates so successful over the years.

For more information, please visit the Dakota Live! website.

 

This does not constitute an offer to sell, or a solicitation of an offer to buy, any interest in any investment vehicle, and should not be relied on as such. Marquette is an independent investment adviser registered under the Investment Advisers Act of 1940, as amended. Registration does not imply a certain level of skill or training. More information about Marquette including our investment strategies, fees and objectives can be found in our ADV Part 2/Form CRS, which are available upon request and on our website. Forward-looking statements cannot be guaranteed. Past performance is not indicative of future results. Investing comes with risk. The content herein is not an endorsement nor a testimonial for Marquette.