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...Breit has generated a 10.5 per cent annualised total return inclusive of distribution since its creation, according to Blackstone’s calculations....
...“Public pension funds have for many years poured money into private equity on the premise that it was high-return and low-risk while illiquidity was deemed not to be an issue,” said Richard Ennis, co-founder...
...Following conversations with foreign portfolio investors, their analysts wrote that many fund managers “continue to grapple” with a market at “high multiples”....
...“You give up a lot of returns that you could have accrued for your clients,” said Elisabeth Kashner, director of global fund analytics at FactSet....
...Because they charge management fees on top of those levied by the funds they recommend, financial advisers are under pressure to keep total costs down....
...However, a review of its investment policy found that, despite the gains it had already missed, private equity was still the asset class with the highest expected long-term total return....
...Instead, they suggest, “the performance of the fund can be assessed by comparing its total return to funds with similar return and/or risk objectives”. Everything is relative, in other words....
...Maximise total returns over the long term. To do that, we aim to own the world’s most exceptional public and private growth companies....
...The new requirements are aimed specifically at protecting investors in prime funds, which offer higher returns than so-called “government” money funds....
...Yet this failed to halt the rise in total wealth among the world’s richest people....
...But interested investors were required to give up some rights to immediately cash out in return for access to the private real estate portfolio....
...Leverage has been applied ‘downstream’ at the portfolio company level, ‘upstream’ with recourse to GPs and LPs, and ‘midstream’ to the funds that own portfolio companies in the form of NAV loans....
...Fixed income funds reported inflows of $42bn and equity funds received $18bn, for total long-term flows of $76bn....
...The manager of a turnaround fund that has produced supercharged returns overhauling Romanian state companies is in discussions to take the model to other emerging markets....
...to borrow up to 10 per cent of the total portfolio....
...If you believe that a private equity portfolio is a near equivalent to a leveraged public equity portfolio — as Unhedged does — then underlying returns on US public equities are a critical component of private...
...Over the past five, for example, the second worst performing ETF in my portfolio — UK equities — has twice the total return. I was running out of patience but kept convincing myself to hold on....
...Investors in funds that follow a narrow theme have lost out on more than two-thirds of their potential total returns over the past five years due to buying high and selling low, research from Morningstar...
...Fundsmith aims to invest in a concentrated portfolio of companies which generate a high return on capital on a long-term basis....
...Hedge funds hedge. It’s right there in the name. Their value to investors, generally speaking, is not to beat the market but to offer uncorrelated returns....
...and sales have slowed and returns from venture fund managers have cratered....
...“Investment trusts used to be a uniquely British success story and a vibrant part of the market,” said James de Bunsen, a portfolio manager at Janus Henderson Investors’ multi-asset team....
...According to the FCA’s recent report, the cost of external research from 2018-2023 amounted to 0.01-0.03 per cent of total equity assets under management....
...For companies in my FTSE 100 fund, for example, the tangible book value only accounts for 45 per cent of the total net asset value....
...“Smaller companies have more capacity to grow, but this is a reminder of how in the UK market in particular, reinvesting that dividend yield is a major contributor to total returns,” he says, adding that...
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