Services Tags: Investment Consulting

Chris Grimm and Dave Smith Speaking at With Intelligence 2025 Fall Retreat 9/16

On Tuesday, September 16, Chris Grimm, CFA, CAIA and Dave Smith, CFA will be speaking at With Intelligence’s Fall Retreat in Chicago.

Chris will be moderating a session entitled, “Is Private Credit’s Alpha Just Access?” described as follows: At this point, it would be a glaring omission if a private credit firm’s pitch deck didn’t cite their “proprietary deal flow” as a competitive advantage. But if everyone has it, does anyone? And if deal sourcing isn’t a competitive advantage, what is driving the private credit universe’s claims of steady, yet robust, returns?

Dave will be moderating a session entitled, “LP Bedfellows Matter, But How Much – and What Can Allocators Do About It?” described as follows: It’s not exactly the prisoners’ dilemma, but it’s close: With many asset classes and managers, who you’re invested alongside does matter. The question is: How much, and can allocators do anything about it besides pray? Join us for a discussion around the makeup of an asset manager’s client base, the implications of being invested alongside certain allocator types in both private and public markets, and the game theory that can arise when there is a rush for the exits.

With Intelligence is a global business information organization focused on the asset management industry. For more information, please visit their website.

Fiduciary Education: Endowments & Foundations

This video is a recording of a live webinar held June 3 by Marquette consultants Stephanie Osten, Linsey Schoemehl Payne, and Mike Piotrowski, CAIA, discussing fiduciary responsibilities and best practices for endowment and foundation nonprofits.

We begin by outlining the fiduciary role, defining the term fiduciary in the context of nonprofit organizations, recognizing who qualifies as a fiduciary, and identifying the key duties and responsibilities of a fiduciary. From there, we describe the investment committee, including its key duties and best practices for both membership and investment program management. Finally, we conclude with general best practices, from recordkeeping to onboarding to governance.

For more information about Marquette’s approach to working with endowment and foundation clients, fiduciary best practices, or any of our presenters, please reach out using the Contact Us page above. Sign up for research alerts to be notified when we publish new videos here.

What Has Private Equity Done to Small-Cap Stocks?

Private markets have grown exponentially over the last two decades, driven by attractive long-term returns, diversification benefits, and early-stage value creation. As companies stay private longer, much of their initial growth can be realized outside of public markets, which could challenge the small-cap premium and contribute to a shift in the composition of public markets. The following newsletter examines this dynamic and potential impact on small-cap stocks.

Greg Leonberger Speaking at Titan Investors 2025 Chicago Due Diligence Retreat 8/26

On Tuesday, August 26, Greg Leonberger, FSA, EA, MAAA, FCA will be speaking at Titan Investors’ 4th Annual Chicago Due Diligence Retreat.

Greg will be moderating a panel entitled, “Outlook on Global Markets,” described as follows: While inflation, growth, valuations, interest rates, and credit spreads are all top of mind, where can investors look for the best risk-adjusted returns? How should RIAs view Public and Private markets for their clients’ portfolios? What factors should be considered during portfolio construction?

Titan Investors is a boutique consulting firm that connects asset allocators and investment managers to share ideas, build relationships, and drive business in a focused environment. For more information, visit their website.

As Real Estate Finds Its Bottom, Alternative Sectors Become More Prominent

Since the onset of the pandemic, the commercial real estate market has experienced significant volatility — first benefiting from a post-pandemic surge, then grappling with a sharp downturn, and now showing signs of stabilization. With the third quarter of 2024 marking the first quarter of positive returns after eight consecutive quarters of losses, the fourth quarter performance added to the case that the asset class has found a floor. This newsletter outlines recent improvements not only across traditional sectors but also an expanding set of alternative property sectors. These alternatives, which include data centers, life sciences facilities, self-storage, and senior housing, reflect the changing composition of institutional real estate portfolios and the growing emphasis on diversification beyond the traditional core sectors. We also explore drivers of demand, specific opportunities in alternative real estate, and value-added real estate.

1Q 2025 Market Insights

This video is a recording of a live webinar held April 16 by Marquette’s research team analyzing the first quarter of 2025 (and recent weeks) across the economy and various asset classes as well as themes we’ll be monitoring in the coming months.

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.

Featuring:
Greg Leonberger, FSA, EA, MAAA, FCA, Partner, Director of Research
Frank Valle, CFA, CAIA, Associate Director of Fixed Income
Catherine Hillier, Senior Research Analyst
David Hernandez, CFA, Director of Traditional Manager Search
Evan Frazier, CFA, CAIA, Senior Research Analyst
Dennis Yu, Research Analyst
Hayley McCollum, Senior Research Analyst
Chad Sheaffer, CFA, CAIA Senior Research Analyst

Sign up for research alerts to be invited to future webinars and notified when we publish new videos.

If you have any questions, please send our team an email.

 

Bracing for Stagflation

As markets swirl and stagflation fears mount, what should investors do?
Our newsletter last week outlined the broad context of President Trump’s new tariff policy as well as the most notable market impacts. Granted, the news seems to change daily, as does the market’s reaction; trying to pen a targeted newsletter is an almost worthless endeavor because by the time the ink has dried, markets have shifted due to another policy pivot. In the short term, the omnipresent cloud of uncertainty will continue to drive market volatility and investor sentiment. The best recipe for investors to weather this storm is patience and discipline, both of which can be difficult to come by in the current environment.

As we step back and take a longer-term view of the future, however, the threat of stagflation is becoming more realistic. Coined as a combination of the words “stagnation” and “inflation,” it is an economic backdrop characterized by high inflation, slow economic growth, and in some cases, high unemployment.

In this edition, we examine which asset classes are most exposed to stagflation and which can offer shelter.

Trade Turmoil: Assessing the Impact of Tariffs on Markets, the Economy, and Investors

The global trade landscape has been significantly reshaped by a series of aggressive tariffs initiated by President Donald Trump. These measures have elicited strong reactions from market participants and U.S. trade partners alike, leading to elevated levels of market volatility, souring economic sentiment, and strained diplomatic relations. While the situation is ongoing with major developments seemingly arising each day, this paper aims to summarize the events that have led to this point, detail the impact of the trade war on global markets, and provide commentary on what investors might expect in the months ahead.

Marquette Speaking at NCPERS 2025 Annual Conference & Exhibition 5/19

On Monday, May 19, Marquette will be speaking at the National Conference on Public Employee Retirement Systems’ (NCPERS) 2025 Annual Conference & Exhibition in Denver.

Sam Frymier will be moderating a breakout session panel entitled, “A Real Estate Investor’s Toolkit for Investing in a New Cycle,” with several investment professionals.

The National Conference on Public Employee Retirement Systems (NCPERS) is the largest trade association for public sector pension funds, representing approximately 500 funds throughout the United States and Canada. At the Annual Conference, attendees will explore the most pressing challenges facing public pensions and gain actionable insights to navigate them effectively For more information, please visit the event webpage.

The Debt and Deficit Dilemma

The new year brings a new political administration with fresh approaches and drastically different perspectives on topics ranging from immigration to foreign policy. As the Biden era exits and another Trump era begins, federal spending and the deficit persists. Borrowing began with financing the Revolutionary War, and it is as American as baseball and apple pie. The national debt clock in Manhattan has a massive figure of over $36 trillion that is owed by the government to holders of Treasuries. Talks of the deficit and debt ceiling emerge every year and politicians put off the issue rather than finding ways to reduce borrowing by increasing taxes and/or reducing spending. Will there ever be any repercussions to running such a high deficit?

While you will never see an explicit bill from the government with your family’s share due, there is a limit to the amount the U.S. can borrow without any consequences. This paper will give the reader an anatomy of the deficit and debt, consequences of running such a high deficit, and summary of the high-level solutions that have been proposed.