Services Tags: Investment Consulting

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 Speaking at DFW Institutional Investment FORUM 4/16

On Tuesday, April 16, Marquette will be speaking at a roundtable hosted by the DFW Institutional Investment FORUM in Dallas, Texas.

Kris Katarski will be moderating the event, titled, “Emerging Markets, where are we now?” covering both emerging market debt and equity and how they fit into an institutional portfolio allocation.

The FORUM was created to promote the exchange of information and education for the benefit of a broad audience of institutional investors and consultants and hosts several events throughout the year for its members. Please visit their website for more information.

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.

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.

Luis Sierra Speaking at Carmo Companies 2024 Private Markets Credit Meeting 3/7

On Thursday, March 7, Luis Sierra, CFA will be speaking at the 2024 Private Markets Credit Meeting, hosted by Carmo Companies in New York.

Luis will be joining a panel entitled, “Direct Lending to Middle-Market Companies,” discussing the risks and rewards of investing in privately held SMEs with a focus on junior credit and structured equity.

The Private Markets Credit Meeting will connect and educate institutional investors, family offices, and investment managers on credit and debt related strategies across the various sectors of private markets. For more information, please visit the event webpage.

Amy Miller Speaking at CFA Society Columbus Event 2/20

On Tuesday, February 20, Amy Miller will be speaking at a dinner event hosted by CFA Society Columbus: Carrying Your Interest: The State of Private Capital.

Amy will be joining fellow panelists to discuss private assets, including the private debt, private equity, and venture capital asset classes. As we enter the 2024-2025 vintage years, the market backdrop has changed…or has it gone back to normal? Interest rates are higher, exits are lower, and the assets continue to fly into private capital. Join this panel of LPs and GPs as they discuss the state of private equity, credit, and real assets.

The CFA Society Columbus chapter was founded in 1962 and has more than 400 members representing all major institutional investment firms in central Ohio. For more information, please visit the chapter webpage.

Dave Smith Speaking at Georgetown University Center for Retirement Initiatives 2025 State-Facilitated Retirement Savings Program Network Conference 1/31

On January 31, Dave Smith, CFA will be speaking at the Georgetown University Center for Retirement Initiatives (CRI) Annual State-Facilitated Retirement Savings Program Network (SRSPN) Conference at the Newman Alumni Center at the University of Miami, in Coral Gables, Florida.

Dave will be joining a panel entitled, “Benchmarking Program Performance: How Will Program Success Be Defined and Measured Using Program Data?” with several investment professionals.

The SRSPN brings together state executives, legislators, and other key stakeholders to share the latest updates on legislative and program implementation best practices and lessons learned. For more information, please visit the CRI website.

Halftime Adjustments

For anyone who regularly reads these letters, recall the market preview edition opined on the outlook for asset classes in 2023, particularly the likelihood of each delivering positive returns for the upcoming year. Given that we are halfway through the year, we would like to use this letter to make “halftime adjustments” to our outlook; with NFL training camps set to open later this month, we couldn’t resist the urge to borrow a football term. We hope this is a quick beach read as you enjoy your summer vacations and prepare for the second half of the year.

This edition re-assesses the outlook for fixed income, equities, and real estate for the second half of 2023.

Read > Halftime Adjustments

 

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.

2023 Halftime Market Insights Video

This video is a recording of a live webinar held July 19 by Marquette’s research team, featuring live, in-depth analysis of the second quarter and themes we’ll be monitoring in the second half of the year.

Our Market Insights series examines the primary asset classes we cover for clients including the U.S. economy, fixed income, U.S. and non-U.S. equities, hedge funds, real estate, infrastructure, private equity, and private credit, with presentations by our research analysts and directors.

Sign up for research alerts to be invited to future webinars and notified when we publish new videos.
For more information, questions, or feedback, please send us an email.

Marquette Manager Due Diligence Featured on Nonprofit News

Published November 8, Linsey Schoemehl Payne, Chief Compliance Officer and Partner, was interviewed for “Marquette Expands Due Diligence Questions On Sustainability, DEI,” by Nonprofit News, a part of FIN News.

Linsey serves as a co-lead of Marquette’s sustainable investing group and discussed recent changes to Marquette’s manager due diligence questionnaire seeking to establish a more thorough picture of sustainability attributes within the firm’s proprietary manager database, particularly regarding sustainable investment-focused teams, processes, and strategies. Additionally, the due diligence questionnaire now requests more in-depth diversity information beyond ownership attributes. As the sustainable investing space continues to evolve, Marquette is committed to creating more consistent and accessible data across the industry.