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Turn, Turn, Turn: Are Active and Passive Investment Styles Cyclical?

It is no secret that passive investing has made big inroads in snagging increased market share the past decade or so. The argument goes something like this: “Over the past umpteen years the “Average” manager has been unable to beat his or her benchmark, so why pay high fees for sub-par performance?” Sounds pretty simple, […]

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Recalculating a Rule of Thumb for Entrance Fee Pricing

As investment consultants, we do a lot of modeling to see how different portfolios might perform in different market environments.  Of course, these quantitative pursuits are balanced against our qualitative judgments regarding asset classes and their correlation to both other asset classes and the markets in general.  The usefulness of any model, however, is only […]

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Eeny, Meeny, Miny, Moe

                Eeny, Meeny, Miny, Moe I recently had a prospective non-profit client share a few of the “decision points” his investment committee was concerned with in regard to their investment process. He said that the committee was debating whether they should hire a firm whose marketing focus was […]

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A Fresh Look at Cash Management

  Significant changes are about to occur this October in the mundane business of cash management. Cash management, you say, what’s that! Interest rates are zero or thereabouts, right? Well, yes, but several developments are having an impact on short term yields of some investment vehicles. First of all, the Fed did actually raise rates […]

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Dry River Bed

Bond Market Liquidity Concerns

    Click on “send” and you will soon own something. The ease and speed of communicating transactional information has reached a level where many do not give a second thought as to the other side of that transaction. The world is my oyster. In today’s bond market many observers are beginning to comment on […]

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StateStat Roundtable on Jobs,Education,Skills,and Transportation

A Word on Investment Committees

                  A Word on Investment Committees We were recently asked by a client to make a presentation on Investment Committee Development. In addition to our own invaluable experience with investment committees, we found several interesting research sources for our presentation. One source was a Trustee Primer produced […]

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Jim Jeffery Joins Solaris Advisors, LLC

            We are pleased to announce that Jim Jeffery, the founding and principal partner of Jeffery Asset Management has joined Solaris Advisors LLC to lead their team serving non-profit clients, particularly in the Senior Living sector. Jim brings to Solaris Advisors his 20 + years of experience and expertise in […]

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How Smart is Your Index?

            How “Smart” is Your Index? A while back, we looked at some of the alternative arguments for active and passive investing. Why pay high fees to an active manager when the average manager doesn’t beat his benchmark? (Hint; find a top quartile manager!) The debate rages on and most […]

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What Happened to Active Management?

What Happened to Active Management? There is a long running argument between proponents of active management and those who favor  a no-frills, low cost indexed approach. The case for indexing is, in part, that the average manager does not beat the benchmark. The somewhat obvious reply is that there are thousands of active managers and […]

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Green Ostrich and Friend

Conflicts in Investment Management Consulting Industry?

Conflicts in Investment Management Consulting Industry?   A new study by a group that serves as a watchdog for clients of SEC registered investment advisors calls into question the validity of investment advice made by some investment management consultants. The group, Diligence Review Corporation, specializes in performing due diligence reviews for pension funds, which typically […]

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