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SEPTEMBER 2019

Investing in International Equities: What's the Point?

Erick Rawlings, Managing Director, Research, discusses the rise of positive returns in US equity markets compared to foreign equities. This led Erick and the Athena Research team to investigate whether the asset class is due for a rebound, or, if investing abroad is fruitless, given the diminished correlations benefit.

SEPTEMBER 2019

Summertime and the Livin’ is Easy? Three Takeaways from the Market Movements of Summer 2019

Managing Director Doug Cohen's latest market update cites that, if nothing else, August was a reminder that we are seemingly always just a tweet away from a new market narrative. Doug cites the continued evidence of slowing global economic growth by the Fed’s rate cut and the renewal of trade tensions as causes of negative economic headlines that appear to be taking a toll on business capital spending.

AUGUST 2019

Beyond Conversation: Gender Inclusion Now

Dr. Lisette Cooper, founder and CIO, presented the keynote address at the Impact Capitalism Summit, hosted by Big Path Capital. The theme of the conference focused on “Impact at Scale.” While there are many lenses that one could put on the topic of impact investing, Dr. Cooper focuses on a gender lens and shares actionable ideas that investors can implement to promote gender equality at scale.
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WHITE PAPERS


JUNE 2019

Choosing the Right Asset Mix: Guidance for Individuals with New Wealth Who Have Access to Private Illiquid Investments

Using an Athena-constructed Monte Carlo simulation model, the paper reviews financial outcomes for different asset mixes over a 40-year investment period. While a strategy with some allocation to private investments can produce more favorable results, the allocation should be balanced with a complementary portfolio of liquid investments, as well as life insurance, in order to ensure sufficient liquidity both during lifetime and at death.

JANUARY 2018

Investing in Gender Equality

A practitioner’s perspective on gender lens investing and the construction of gender inclusive investment portfolios

JUNE 2017

Alice's Adventures in Volatility-land

Managing portfolios according to Modern Portfolio Theory directs us to find investment portfolios with the highest level of return for a given level of risk. In this paper we examine the nuances of volatility and risk measurement to better inform decision-making in investment portfolios.
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MARKET INSIGHTS & ANALYSIS


JULY 2019

Market Update - 2Q19

Today's capital market landscape has investors operating in uncertain terrain. The inverted yield curve and the decline in 10-Year US Treasury yields from over 3% as recently as last December to under 2% earlier this month are clear recession warning signs. Along those lines, quintessential safe haven gold was the best performer among major assets in 2Q19. Meanwhile, US equities have surged by more than 25% since their Christmas Eve low and virtually every major asset class is comfortably in the black so far this year.

MAY 2019

Interim Market Update - 2Q19

This quarter holds an uncertain outlook as equities return to near pre-4Q18 levels and bond yields lower. We maintain our overall neutral view across asset classes, with a slight preference for cash given the relatively flat yield curve. Amidst these volatile times we reiterate the importance of rebalancing—a strategy that is well-suited for volatile markets.

APRIL 2019

Market Update - 1Q19

In many ways the market driving events and resulting price action in Q1 2019 were mirror opposites of Q4 2018 events and price action. Jerome Powell, chairman of the Federal Reserve, noted in Q418 that the Fed was a “long-way” from its neutral interest rate. He reversed course early in Q119 noting that the Fed was indeed quite close to its neutral rate.
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LANDSCAPE REVIEWS


JULY 2019

Securitization Revisited

In recent months, global central banks have raised concerns regarding the rise in issuance and risk characteristics of the bank loan and collateralized loan obligation (CLO) markets. Regulators have questioned whether there are meaningful parallels between CLOs and mortgage-backed collateralized debt obligations (CDOs) that were at the root of the 2008 Global Financial Crisis. The Research team at Athena Capital analyzed this correlation in our latest landscape review, Securitization Revisited.

JULY 2018

Financial Inclusion in Emerging and Frontier Markets

Financial inclusion is, today, one of the most popular investment themes among impact investors, in part because it has a long track record dating back to the emergence of the modern microfinance movement in the 1970s. Over the past 10 years, the field has shifted away from an emphasis on microcredit and towards the broader notion of financial inclusion. Athena Capital's landscape review examines the role for private capital within financial inclusion, the potential for meaningful social impact from investment activity, and the available investment strategies.

APRIL 2018

Evaluating Potential China Trade Tariffs

The escalating trade rhetoric between the US and China has recently garnered headlines as the countries have announced or enacted tariffs. We believe these actions mark a shift in the trade relationship between the US and China—from one of tolerance to one of engagement.
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