White Papers
The U.S. dollar reigns supreme in the global financial system. It's the currency in which central banks hold most of their reserves, it facilitates countless transactions across borders daily, and it's the standard by which the value of other currencies is often measured. This "dollar dominance" is the result of a long…
White Papers
Bitcoin (“BTC”) has recently captured significant interest from investors and capital allocators as it has matured from its humble beginnings post the Great Financial Crisis. In less than 16 years, bitcoin’s market capitalization has grown from zero to over $1 trillion. With the SEC’s approval of bitcoin ETFs in Januar…
White Papers
Canada’s diverse economy provides investment opportunities in both public and private equity. For an investor, diversification, low fees, and the use of skilled active managers can lead to improved and less volatile performance.
White Papers
One of the most consistent questions related to private equity buyout funds is about the impact of fund size on performance. Do smaller funds outperform due to lower acquisition multiples, the ability to capitalize on operational inefficiencies, and inexperienced management teams? Or do larger funds outperform, as targ…
White Papers
International small-cap stocks have historically provided strong risk-adjusted returns. Canterbury thinks that now may be an especially opportune time to allocate to these relatively high-quality companies using an active approach. We feel this is particularly true for investors who are underweight what we believe is a…
White Papers
Taxable investors should consider the impact of excess return expectations, fees, and tax drag on their portfolios. A diversified mix between active, passive, and tax-managed equity strategies can lead to superior after-tax returns. This white paper summarizes Canterbury’s views on constructing equity portfolios while…
White Papers
The active versus passive investment management discussion has intensified as of late due to active management’s recent inability to outpace their passive benchmarks. Some may have a knee-jerk inclination to fire an underperforming manager, but the data show that investors are better off staying the course. A 2012 stud…
White Papers
This paper seeks to identify the correct fit for publicly traded REITs in a diversified investment portfolio. We explore the merits of REITs for the three categories that form broad portfolio diversification: growth, capital preservation, and inflation protection. A REIT is a security that invests in real estate throug…
White Papers
Most foundations, endowments, or nonprofits have probably considered environmental, social, and governance (ESG) investing, or soon will. Interest has escalated, and as a result, advice abounds and it is clear: ESG investing is complex. It seems every answer leads to two questions, and it’s no surprise that many turn a…
White Papers
What are Master Limited Partnerships ("MLPs")? An MLP is a publicly-traded partnership that receives preferential tax treatment if at least 90% of their gross income is considered to be "qualifying." Qualifying income is "income and gains derived from the exploration, development, mining or production, processing, refi…
White Papers
Private equity has come a long way from its earliest days as a cottage industry almost 50 years ago. Leveraged buyout and venture capital, once considered novel concepts pioneered by a select group of financial whizzes, have become widely adopted investment strategies across all stages, sectors, and geographies. As t…
