Topical Research

Showing Topical Research research articles: 120 of 37

A Dynamic Approach to Pension Glide Paths

Added: May 15, 2015

The NEPC research paper discusses pension glide paths as an important tool for managing risks. The efficient and active implementation of a glide path can help better match assets to liabilities and increase funded status, while seeking to meet long-term objectives.

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Socially Responsible Investing in Action

Added: May 1, 2015

At NEPC, our clients frequently express interest in aligning their investments with their stated philosophy or set of beliefs, but implementation can be challenging. Some grapple with defining what it means to line up their investment strategy with a set of values. Others struggle to reach consensus on whether socially responsible investing conflicts with their fiduciary duty to grow assets. Many of those who do adopt a socially responsible investing framework have a difficult time fully integrating their value system into their investment program. Enter: the Unitarian Universalist Association. Few have an investment program where the mission is as thoroughly ingrained as it is at the UUA, an NEPC client for over 10 years.

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Rising Rates and Implications for Credit Investors

Added: April 24, 2015

The NEPC research paper discusses the potential impact of a Fed rate hike on the pricing of credit risk and the implications for fixed income investors. It also examines the possible strategies through which investors may benefit or protect their portfolio during this policy transition.

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A Primer on US Equity REITs and Their Role in an Institutional Investment Portfolio

Added: April 1, 2015

The NEPC research paper provides an overview of US REITs and examines their place in institutional portfolios.

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Six Years Later: A Time for Moderation? NEPC's 2015 Asset Allocation Letter

Added: January 26, 2015

NEPC's annual asset allocation letter examines the exceptional returns posted by US markets and looks ahead to the pockets of opportunity in an investment landscape characterized by subdued expectations for future returns.

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NEPC's Survey on Hedge Fund Operations

Added: December 1, 2014

NEPC recently completed our fifth annual survey of all the hedge funds used by our clients.  This survey focuses on back office areas and internal fund operations.  NEPC clients that are invested in hedge funds:  Your consultant will be in touch shortly regarding details on the specific hedge funds used in your investment program(s).

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Improving Asset Allocation with Factor Analysis

Added: November 4, 2014

This NEPC research paper recommends using macroeconomic risk factor analysis to provide new insights into portfolio management.  A multi-disciplinary and holistic approach that includes factor analysis can strengthen the asset allocation decision-making process.


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Moving in Different Directions: NEPC's 2014 Asset Allocation Letter

Added: January 23, 2014

NEPC's annual asset allocation letter highlights the benefits of diversification, disciplined rebalancing, and a forward-looking approach as markets and asset classes show signs of diverging.

To view our 2015 Asset Allocation Letter, which was just published, click here.

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NEPC Survey on Hedge Fund Operations

Added: November 25, 2013

NEPC recently completed our annual survey of all the hedge funds used by our clients.  This survey focuses on back office areas and internal operations. 

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Quantitative Equity Hedge Funds: Revisiting Their Strengths

Added: November 5, 2013

The NEPC research paper examines the benefits of quantitative long/short equity hedge fund strategies.  These investments not only offer a potential source of alpha, but also are an effective way to incorporate diversification and skill in investors’ portfolios.  


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Pursuing the Low Volatility Equity Anomaly: Strategic Allocation or Active Decision?

Added: September 3, 2013

The research paper examines low volatility equity investing by assessing the case for a continuing anomaly and its potential causes. It considers whether such an anomaly is likely to persist and the role, if any, of low volatility equity investing in long-term investment portfolios.

The version of this paper has been published in the Fall 2013 edition of The Journal of Investing. For more information regarding The Journal of Investing, please visit their website.

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Few Implement Responsible Investing Even as Interest Grows: NEPC Survey

Added: April 23, 2013

Few investors have implemented Responsible Investing initiatives, according to a survey conducted by NEPC, LLC.  In addition, these organizations expect Responsible Investing to comprise a small part of their investment programs even five years from now.  These low implementation rates are at odds with the increased interest in and greater awareness around this type of investing. At NEPC we see anecdotal evidence of the potentially bigger role Responsible Investing may play in long-term portfolios.


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More Questions Than Answers: NEPC's 2013 Annual Asset Allocation Letter

Added: January 23, 2013

NEPC's annual asset allocation letter highlights an investment landscape fraught with risk but short on returns. The solution: a strategic approach to asset allocation with the flexibility to act when opportunities do appear.

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NEPC Survey on Hedge Fund Operations

Added: November 1, 2012

NEPC recently completed our annual survey of all the hedge funds used by our clients.  This survey focuses on back office areas and internal operations.  Click the blue rectangle above to download a summary.


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Responsible Investing: Looking Back and Opportunities Ahead

Added: October 9, 2012

Over time there have been substantial developments in the responsible investing area. As a result, responsible investing looks and sounds quite different from what was predominantly a negative screening approach many years ago.


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Old Phrases, New Phases: NEPC's 2012 Asset Allocation Letter

Added: January 27, 2012

NEPC's annual asset allocation letter.

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Endowment & Foundation Spending in an Integrated Asset/Liability Framework

Added: January 26, 2011

A re-issue of our paper released in August with the 2011 5-7 year Capital Market Expectations.

The recent market environment has led Endowment and Foundation Trustees to re-evaluate the key aspects of their investment oversight.  For most Trustees, the challenge is to balance the two competing financial objectives of an institution: meeting current spending needs while maintaining the long term “real” value of the assets.  This paper focuses on ways to create an ideal spending policy. 

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The Long View - NEPC's 2011 Asset Allocation Letter

Added: January 24, 2011

NEPC's annual asset allocation letter.

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Securities Lending Revisited

Added: October 4, 2010

In the fall of 2008 Securities Lending programs came under increased scrutiny from institutional investors.  At that time NEPC published our outlook on Securities Lending programs focusing on the factors underpinning the crisis and our future expectations for securities lending in institutional portfolios.  In the last two years since the collapse of Lehman Brothers in September 2008 a cascade of events helped illuminate the embedded risks within the majority of securities lending programs.  The purpose of this paper is to revisit our original comments, to provide further guidance on securities lending programs and to develop a framework which investors can use to help inform their decisions surrounding securities lending program structure.

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NEPC Healthcare Survey

Added: September 23, 2010

NEPC conducted a survey of healthcare investment professionals. The goals were to understand healthcare investment portfolios’ governance structure, staffing models, resources and complexity. While responses varied, two themes emerged: dissatisfaction with current staffing and the need for more investment expertise.  This paper analyzes the results.

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