2018 Budgeting Risk Analysis 
Brown Advisory
MARCH 28, 2019
DEFINING RISK When it comes to managing institutional portfolios, most CIOs, committees and advisors adopt one of two philosophical approaches. The first approach is to determine an acceptable level of risk—often termed a “risk budget”—and then seek to maximize potential return within that risk constraint.
Brown Advisory
MARCH 28, 2019
The first approach is to determine an acceptable level of risk—often termed a “risk budget”—and then seek to maximize potential return within that risk constraint. Alternately, they can determine a target or required rate of return, and then adjust risk up or down to meet that return goal. 31, 2018.).
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Brown Advisory
OCTOBER 11, 2021
Venture Capital: The Cambridge Associates LLC US Venture Capital Index® is a horizon calculation based on data compiled from 1,807 US venture capital funds (1,161 early stage, 210 late & expansion stage, and 436 multi-stage funds), including fully liquidated partnerships, formed between 1981 and 2018. equity REITs.
Brown Advisory
OCTOBER 11, 2021
Risk-for-risk” analysis to funding capital. Liquidity management and a budget for allocating to private investments in a disciplined way. Aligned fee arrangements. Flexible portfolio structures (direct, feeder funds, fund-of-funds) to meet the specific client’s situation. equity REITs.
Brown Advisory
AUGUST 14, 2023
Our investment selection process follows a bottom-up, fundamental approach so we are wary of “sleepwalking into factor risk”. For as much as we are cognisant of factor risks, the backward-looking nature of these models – and unpredictable embedded covariance matrices – means we are careful to not over-interpret the results.
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