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PUBLICATIONS

Our talented team of investment professionals regularly create and distribute educational materials delivering timely data, perspectives, and insight on the markets and related topics. You can review our most recent publications below.

FEG

Recent Posts

Research Review: April 2020

April 17, 2020
U.S. economic data took an expected but devastating turn for the worse in April, with the labor market shedding more than 20 million jobs and the unemployment rate spiking to 14.7%, while the initial estimate of first-quarter GDP showed the U.S. economy contracting 4.8% quarter-over-quarter.
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Research Review: First Quarter 2020

April 17, 2020
The first quarter of 2020 was mired in the saddening global spread of COVID-19, which has infected approximately 2,000,000 people and taken the lives of more than 120,000 around the world. The shock to the economic system brought on by the deflationary forces of business closures, mass layoff activity, missed rent/lease payments, etc., was met with swift accommodative policy responses by both monetary and fiscal authorities.
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FEG Memo on U.S. Congress CARES ACT

March 27, 2020
News of the Senate’s unanimous passing of the $2 trillion “Coronavirus Aid, Relief, and Economic Security Act” or “CARES Act”, late Wednesday, drove a historic rebound across risk assets for the 3-day period ending Thursday, March 26, as the S&P 500 Index gained 17.6%, the strongest 3-day rally since 1933.  On Friday, March 27, the bill passed in the House of Representatives, sending the bill to the White House for the President’s signature.
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FEG Webinar Replay: Navigating Uncertainty

March 4, 2020
The past few weeks saw a dramatic increase in market volatility with falling interest rates, plummeting oil prices, and equity markets entering a bear market. Hear FEG Head of Research and CIO, Greg Dowling, along with FEG sector heads Keith Berlin, Christian Busken, and Brian Hooper to understand our perspective.
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Research Review: February 2020

March 16, 2020
Late February market the start of the market turmoil as the COVID-19 pandemic began. The Federal Reserve (Fed) acted in early March by announcing an emergency 50 basis point (bps) cut to the federal funds rate (FFR) in order to ease financial conditions and stem looming disinflationary forces. Click to read more about the Fed’s actions and how the markets responded.
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A Perfect Storm in Energy Markets?

March 11, 2020
Last year, the markets were unique in that risky and risk-mitigating assets appreciate in tandem. As the calendar rolls forward, investors face a particularly challenging environment in 2020. How has the opportunity set changed, and what can investors do to manage interest rate risk, enhance returns amid low yields, and find opportunistic allocations?
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FEG Update: Recent Fixed Income Activity

March 10, 2020
Considering the recent market volatility, we are offering additional context to the FEG Insight: 2020 Fixed Income Outlook published in January 2020. We focus on shortening the duration of the traditional fixed income portfolio and fees.
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Coronavirus: Infecting Markets?

March 4, 2020
Global market reactions have varied through 2020 as the perceived economic impacts of the Coronavirus were assessed. While concerns appeared largely muted until the sell-off on February 24, 2020, we have since seen global equities enter correction territory, the China PMI report an historic drop, and the Federal Reserve (Fed) slash interest rates by 50 bps in an attempt to keep the U.S. economy strong in the face of the Coronavirus outbreak.
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Research Review: January 2020

February 14, 2020
The global outbreak of the novel coronavirus sparking a risk-off market environment that led to sizable declines across global growth-sensitive corners of the market. Coincidentally, certain bright spots that have recently appeared in select U.S. economic data may aid in keeping the U.S. economic expansion on track in the near term.
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FEG Insight: 2020 Fixed Income Market Outlook

February 5, 2020
Last year, the markets were unique in that risky and risk-mitigating assets appreciate in tandem. As the calendar rolls forward, investors face a particularly challenging environment in 2020. How has the opportunity set changed, and what can investors do to manage interest rate risk, enhance returns amid low yields, and find opportunistic allocations?
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FEG Insight: A Pirate Looks at Forty

Innovations in Biotech | January 21, 2020
Healthcare is approaching 20% of U.S. GDP and the number of companies and drugs in the pipeline have more than doubled this century. With a continued increase in innovation in the biotech sector and vibrant capital markets activity, biotech may be a unique market opportunity for longer-term pools of capital.
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Research Review: Fourth Quarter 2019

January 15, 2020
The fourth quarter of 2019 brought broad-based gains across most major global asset classes and categories, punctuating an exceptionally strong calendar year. A number of factors on the near-term horizon have the potential to keep the current expansion on track, including the improvement in U.S.-China trade relations, the potential for fresh fiscal stimulus and global central bank balance sheet accommodation (QE), among others.
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FEG Insight: FEG 2019 Investment Forum

December 19, 2019
We are pleased to share takeaways from the FEG 2019 Investment Forum where we welcomed more than 500 attendees to discuss strategies to better pursue investment targets and respective missions. Sessions covered include FEG's Investment Outlook; Campbell Harvey, Ph.D.; Howard Marks; CIO Corner Panel; and Robert Smith.
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Research Review: November 2019

December 17, 2019
The Federal Reserve lowered interest rates at their October policy meeting, representing the third consecutive cut amid an ongoing adjustment in the Fed’s level of accommodation, and near-term recessionary risks appear to have abated.
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Research Review: October 2019

November 14, 2019
The Federal Reserve lowered interest rates at their October policy meeting, representing the third consecutive cut amid an ongoing adjustment in the Fed’s level of accommodation, and near-term recessionary risks appear to have abated.
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Third Quarter 2019 FEG Research Review

October 16, 2019
There was more than enough action during the third quarter, including a worsening U.S.-China relationship, a record share of negative-yielding global debt, the first inversion of the Treasury 2/10 curve in the post-Global Financial Crisis era, and the first Federal Reserve rate cut in more than a decade among other events.
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August 2019 FEG Research Review

September 17, 2019
Until the second quarter, the U.S. appeared to be resilient against this troubling global backdrop; however, over the past few months, the U.S. economy’s buoyancy has come under pressure, with incoming data suggesting the domestic economy may be in the early stages of succumbing to international weakness.
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FEG Insight: China: Risk or Reward?

September 12, 2019
China is surrounded by a whirlwind of ongoing trade tensions, technology disputes with major players such as Huawei, and large-scale protests in Hong Kong, amid a backdrop of an aging population and slowing growth. These headlines appear at a time when China is not only the second largest economy in the world, but also playing a greater role in global stock markets through the inclusion of the Chinese A-share market in major indices.
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Research Review: July 2019

August 15, 2019
Until the second quarter, the U.S. appeared to be resilient against this troubling global backdrop; however, over the past few months, the U.S. economy’s buoyancy has come under pressure, with incoming data suggesting the domestic economy may be in the early stages of succumbing to international weakness.
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Boom to Bust to Recovery: The Evolving U.S. Energy Landscape

FEG Insight | August 20, 2019
We face an interesting paradox in the U.S. energy sector, which has become a victim of its own success. Over the past decade, the adoption of new technologies led to record-levels of oil and gas production, making the U.S. one of the largest producers of hydrocarbons in the world. But this rapid growth led to massive distress, dislocations, and bankruptcies that created turmoil throughout the U.S. energy markets.
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Research Review: Second Quarter 2019

Recessionary Warning Signs Begin to Appear in the United States | July 15, 2019
Until the second quarter, the U.S. appeared to be resilient against this troubling global backdrop; however, over the past few months, the U.S. economy’s buoyancy has come under pressure, with incoming data suggesting the domestic economy may be in the early stages of succumbing to international weakness.
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FEG 2019 Community Foundation Survey Results

Executive Summary | July 15, 2019
FEG’s Community Foundation Survey collects data on financial and enterprise topics such as asset allocation, spending policy, responsive investing, and donor advised funds. In 2019, 112 community foundations participated in the survey with assets ranging from less than $25 million to greater than $1 billion.
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Investment Committees and Fiduciaries

2019 Governance Series | June 25, 2019
A governance structure is established to identify the specific roles and responsibilities of the fiduciaries entrusted to oversee and prudently manage an organization’s investment program. What does an investment program governance structure look like?
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Navigating the OCIO Landscape

FEG Insight | June 18, 2019
Adoption of the outsourced chief investment officer (OCIO) model has been on an upward trajectory over the last decade. Typically, with increased adoption, comes standardization—although the plethora of models, fee schedules, and value propositions remains confusing, leaving the OCIO landscape difficult to navigate for many asset owners. The following insights provide an overview of the evolution of the OCIO industry, explore common provider types and models, and discuss the typical client profile for an OCIO relationship.
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May 2019 Research Review

June 13, 2019
Throughout May, the U.S. government stepped up pressure on many of the country’s key trading partners. The market responded with a flight-to-quality rally that punished equities and helped send U.S. interest rates to the lowest level in two years.
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FEG Insight: Opportunity Zones

Cutting Through the Hype: Real Risks and Rewards | June 13, 2019
Opportunity Zones have captured the attention of the investing world; even the name itself impels a sense of urgency and excitement, the potential to make a great investment. The hype surrounding substantial tax benefits, paired with the notion of doing good in underdeveloped and economically challenged areas, has unleashed a torrent of interest.
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The Importance of Investing for Nonprofit Organizations

2019 Governance Series | May 29, 2019
Trustees, or those who sit on investment committees or boards for nonprofit institutions have to guard not just against decisions that could adversely affect the organization’s funding for one, five, or 10 years from now, they have to be cognizant of making decisions that could impact the funding decades from now.
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Understanding Your Fiduciary Duties as a Board Member

May 11, 2019
Why all the fuss around the duties of a fiduciary? Because the stakes involved are so high! For people to have confidence in nonprofits, they need to have confidence that their generous gifts are going to be handled with the utmost care. Likewise, for participants in retirement plans, they must have confidence the funds in their plan are being appropriately managed and monitored.
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Investing with the Head and the Heart

FEG INSIGHT | April 1, 2019
If an organization were a person, the head would be responsible for earning the dollars and the heart would be responsible giving them away. The two need not remain separate, however, as impact investing seeks to combine the desires and functions of both the heart and the head.
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