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Alternative Market Briefing

Foundations and Endowments move into global equity and long duration fixed income

Friday, May 23, 2014

Bailey McCann, Opalesque New York:

Foundations and Endowments are rotating into global equity and longer duration fixed income in response to current market conditions and the expectation that the low yield environment will persist, according to the latest data from eVestment. Investor Trends Report: Foundations & Endowments, looks at allocation decisions and market exposures among foundations and endowments (F&E) around the world. The report looks at the allocation decisions over the twelve-month span ending Q1 2014.

Data shows that within US markets, F&E largest allocations are to Large Cap Value, Core Fixed Income, Large Cap Growth, Interim Duration FI and Core Plus FI. Outside the US, F&E have allocated heavily to Emerging Markets and Global All Cap Equity universes.

From a regional perspective, eVestment sees a slightly reduced exposure to North America, no meaningful change to Europe, but a noticeable increase to emerging markets beginning in 2013. Additionally, while sovereign exposure has remained relatively stable, there is a noticeable shift away from US sovereign debt to non-US developed market sovereigns.

To mitigate the risks of a US equity market decline, large allocations have gone to international markets, but are doing so through passive strategies. Additionally, recent large inflows into long/short and event-driven hedge funds likely include allocations from F&E. This would further reduce their directional risks and create more flexible regi......................

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