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Lessons Learned From More Than 20 Years As A CIO
Lessons Learned From More Than 20 Years As A CIO
Portfolio management cannot be learned by watching CNBC or by reading The Wall Street Journal. It takes years of successes and failures to become truly "good" at managing money, and I am afraid this has been lost on some because of the investment landscape of the last few years.
Research Review
FEG Research Review: January 2017
January witnessed the release of the advance estimate of fourth quarter 2016 U.S. GDP, which showed that economic growth cooled during the last three months of the year. Additionally, the U.S. dollar took a breather during the month after surging during the fourth quarter 2016.
FEG Insight - Credit Market Outlook
FEG Insight: 2017 Credit Market Update and Outlook
Just one year ago, the pendulum of credit market sentiment, which swings between fear and greed, had clearly gone in the direction of fear. The fear was predominantly due to the energy sector, and markets questioning whether the fear would continue or swing back toward greed. A year later, we have our answer; the fear lost momentum and the pendulum swung back towards greed.
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Fourth Quarter Research Review: U.S. Election, Cooling Payroll, and Fed Rate Hike
December was a key month in the evolution of U.S. monetary policy, as the Federal Reserve (Fed) hiked interest rates for the first time in a year and provided guidance for three additional rate hikes to take place throughout 2017. Additionally, the U.S. labor market witnessed modest improvement across most key labor market factors, but experienced a modest tick higher in the headline unemployment rate.
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Private Capital Quarterly: Here We Go Again
Performance from various sectors of the capital markets exhibits a remarkable similar pattern of peaks and valleys. The private equity, real estate, and natural resources sectors have all demonstrated severe volatility over the last two decades. 
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FEG Insight: The Implications of a Trump Presidency
Since the waning hours of November 8 when it was becoming clear that Donald Trump would win the U.S. Presidential election, investment markets have been reacting in occasionally volatile and unexpected ways. What does the future hold for a Trump Presidency? Should a long-term oriented investment portfolio be modified to capture new opportunities or avoid impending risks?
Third Quarter Research Review
Third Quarter Research Review: OPEC Announces Production Cut Agreement
In late-September, the Organization of the Petroleum Exporting Countries (OPEC) announced an agreement to cut crude production levels to 32.5 million barrels per day (mbpd), 0.7 mbpd down from the current level of approximately 33.2 mbdp. This agreement marks OPEC's first move to cut production since 2008. If the agreement holds and production slows, it would likely help bring the global oil market closer to a “balanced” state after numerous quarters of over-supply. OPEC production levels have generally increased since 2014, despite cuts to the number of operating oil rigs.
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Third Quarter Research Review: Economic Commentary
In late-September, the Organization of the Petroleum Exporting Countries (OPEC) announced an agreement to cut crude production levels to 32.5 million barrels per day (mbpd), 0.7 mbpd down from the current level of approximately 33.2 mbdp. This agreement marks OPEC's first move to cut production since 2008. If the agreement holds and production slows, it would likely help bring the global oil market closer to a “balanced” state after numerous quarters of over-supply. OPEC production levels have generally increased since 2014, despite cuts to the number of operating oil rigs.
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Third Quarter Market Commentary
Amidst a backdrop of continued interest rate declines, global equity and fixed income securities generally posted positive returns in the third calendar quarter of 2016. Emerging market equities were the market’s strongest performers, posting a return in excess of 10% for the three months ending September. The U.S. dollar slipped a bit, supporting U.S. investors’ unhedged equities in international developed countries, which provided mid-single digit returns. U.S. equities also enjoyed positive performance, with small cap stocks more than doubling the return of their large cap counterparts. High yield bonds followed last quarter’s solid mid-single digit return with another, and interest-rate-sensitive fixed income advanced modestly. Commodities represented one of the only negative performers, as oil rallied late but failed to break even for the quarter. Master Limited Partnerships (MLPs), by contrast, advanced slightly as MLP prices continued to decouple from the price of oil.
Second Quarter Private Capital Quarterly
Private Capital Quarterly: Signs of Creative Thinking. Literally.
The natural resources sector has remained in flux since the dramatic drop in commodity prices that began in 2015. For our Focus Topic this quarter, FEG Director of Real Assets, Christian Busken, highlights “Metals & Mining: Opportunities at the Bottom of the Cycle?” This highly cyclical sector is challenged. What are our expectations? We see reasons to consider it a buying opportunity.
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August Research Review: Less Than Zero
Central bankers around the world are neither "seedy," nor "grotesque," but are similarly faced with
extreme challenges, the most notable being the stubborn lack of economic growth. Their "addiction"
to monetary intervention has reached unhealthy and potentially dangerous levels, with sovereign debt in
13 countries now exhibiting yields that are "less than zero."
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July Research Review: Our Search for the Unique
We pride ourselves on finding those managers that have unique strategies, competencies, and expert knowledge. Those with unconstrained mandates and that operate in inefficient areas of the markets have the greatest opportunity to outperform. When strong alignment of interests with clients’ goals are combined with skillful management and enough room for agile managers to exercise that skill, we believe our clients will reap the benefits.
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Second Quarter Market Commentary
Although the U.S. stock market experienced less volatility in the second quarter compared to the first, returns followed a fairly bumpy path on their way to a three-month period that ended largely unchanged. After accumulating a small single-digit gain through mid-June, U.S. equities were shocked lower after the United Kingdom voted to leave the European Union. 
Second Quarter Research Review: Britain's Vote for Independence
For several previous quarters, we have described the omnipresent influence of central bankers around the world. Their words and actions have overwhelmed market fundamentals through the depression of interest rates, which has, in turn, pushed investors to take more risk in pursuit of return.
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Private Capital Quarterly: It Takes Time
 In our focus topic this quarter, “Identifying Attractive Buyout Funds” Nathan Werner and Scott Tabor highlight our views on selecting buyout funds. With significant capital in the market, strategy and manager selection is as important as ever.
May Research Review: The Death of Diversification?
May Research Review: The Death of Diversification?
Much has been written lately suggesting that the benefits of diversification are fading or have become nonexistent. Numerous players in the institutional investing field have published material suggesting the diversified portfolio, often broadly called “the endowment model,” is dead. We at FEG are not subscribers to these claims, and cite a famous Mark Twain quote (or an adaptation thereof) as an eloquent, succinct, and appropriate response regarding the supposed end of the benefits of diversification: "Reports of my demise have been greatly exaggerated."
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April Research Review: It's Good to Have Friends
One of the great benefits we enjoy at FEG is direct access to some of the best and brightest minds in the investment industry. I was reminded of this fact yet again while spending two days with Nobel laureates...The discussion was lively, dynamic, and continued well past the 8:00-5:00 workday. In fact, some of the most interesting conversations lasted long into the night. While the topics were too varied to cover in detail here, there were two subjects of particular interest to FEG and our clients: manager selection and public equity investing styles.
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FEG Insight: FEG 2016 Investment Forum
On March 21–23, Fund Evaluation Group, LLC (FEG) welcomed more than 500 attendees to the seventh FEG Investment Forum, Revitalization: Meaningful Change Through Mission, Vision, and Strategic Investing. Held in downtown Cincinnati, the Forum featured three days of networking, primary speakers, a main stage debate, and numerous breakout sessions that discussed strategies to help revitalize organizations’ investment programs.
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First Quarter Research Review: Chronic Problems and No Ammo
The strengthening U.S. dollar (USD), a trend that began in 2011 and gathered steam in 2014, cooled during the first quarter of 2016. One of the primary factors driving down the value of the USD included numerous dovish remarks by Federal Open Market Committee (FOMC) Chair Janet Yellen and other Federal Reserve officials, who focused on the future path of monetary tightening.
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First Quarter Market Commentary
The U.S. stock market posted a tepid positive return that masked a drop of over 10% at one point during the quarter. Emerging markets outperformed developed markets both domestically and abroad. Long duration fixed income securities rallied as rates dropped while absorbing a more dovish U.S. Federal Reserve policy. REITs remained strong, commodities ended essentially flat, and the struggles facing MLPs continued. Skillfully managed global macro strategies within the broader diversifying strategies category posted solid returns.
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Managed Portfolios Investors Brochure
Fund Evaluation Group offers dynamic managed portfolios for your clients.
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FEG Profile
Fund Evaluation Group, LLC (FEG) is an independently-owned, full-service investment advisory firm.
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FEG Managed Portfolios Bridging Advisors with Institutional Solutions Brochure
Fund Evaluation Group offers dynamic managed portfolios for Institutions.
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FEG Managed Portfolios: One Pager for Advisors
Fund Evaluation Group (FEG) offers advisors access to alternative investment strategies through FEG Managed Portfolios.
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Outsourced CIO Solution for Independent Schools
FEG offers an outsourced Chief Investment Officer (outsourced CIO) service for Independent Schools.
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Selecting the Right Service
Discretionary vs. Non-Discretionary? There are several questions to ask when determining which service model is right for your institution.
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FEG Managed Portfolios: Custom Portfolios for Advisors
FEG Managed Portfolios offers advisors custom solutions to portfolio management.
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FEG's Healthcare Advantage
Fund Evaluation Group, LLC (FEG) provides healthcare providers with flexible investment advice and portfolio management to help successfully invest in a rapidly changing environment.
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Is Investment Outsourcing Right for Your Organization?
Today, more organizations than ever are realizing the benefits of outsourcing their investment portfolios. According to aiCIO, 41% of organizations surveyed either currently outsource their investment decisions, or they plan to do so in the next 24 months.
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FEG's Investment Philosophy
FEG’s Investment Philosophy serves as the basis for the investment solutions we provide our clients and is predicated upon four philosophical tenets.
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Institutional Services Brochure
Your goals and objectives become reality by collaborating with us. As your partner, we provide the investment support you need to bridge your current needs and future goals.
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It's Time to Rethink Socially Responsible Investing
Have you considered Socially Responsible Investing (SRI) before, but discarded it because you didn't want to sacrifice performance? Reconsider
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May Research Review: The Death of Diversification?
Much has been written lately suggesting that the benefits of diversification are fading or have become nonexistent. Numerous players in the institutional investing field have published material suggesting the diversified portfolio, often broadly called “the endowment model,” is dead. We at FEG are not subscribers to these claims, and cite a famous Mark Twain quote (or an adaptation thereof) as an eloquent, succinct, and appropriate response regarding the supposed end of the benefits of diversification: "Reports of my demise have been greatly exaggerated."