Active Management
As capital markets have continued to evolve the role of active asset management has changed. Increasingly investment decisions are made across a range of liquid, semi-liquid, and illiquid investment vehicles that span public and private markets. The Active Management Research Alliance seeks to better understand how the investment management process is impacted by the increased adoption of “alternative investments.”
The primary area of focus currently is the intersection of public and private markets and the role of hedge funds in the financial intermediation process. The Hedge Fund industry has grown to over 3 trillion USD in assets under management yet research on investment strategies and portfolio benefits related to hedge funds has lagged this growth. The deficit is largely due to low-quality data on funds because of limited public disclosure requirements. AMRA works with industry partners to expand the breadth and depth of hedge fund data available to academic researchers.
Latest Active Management Research
Evergreen vs. Drawdown Funds: Risk, Returns and Cash Flows
White Paper
Evergreen funds are a rapidly growing segment of the private capital universe. While open-ended structures have existed for decades in some asset classes such as real estate, the more recent products have included a broader set of assets such as private equity and credit. More
The Performance of Small Business Investment Companies
We utilize results of a survey of Small Business Investment Companies (SBICs), along with data from MSCI-Burgiss, to perform a novel analysis of SBIC performance. Overall, we find via the survey that SBIC funds outperform comparable non-SBIC peers by an average of around 4%...