White Papers

As a CFA Charterholder and a product of the “old school” of fundamental investing, it has been a difficult journey for me to finally accept the notion of digital currency with no backing (credit or otherwise) or a physical coin or bill. Is it therefore actually a “currency”? Unclear. CFA Institute calls these “Cryptoassets”. In […]

There are numerous investing themes that are emerging as we move into the third decade of the 21st century. These themes include but are not limited to healthcare (e.g., new medical devices, big data), consumer/retail (e.g., healthier eating, agri-tech), industrial/manufacturing (e.g., industrial robotics, sustainability), energy consumption (e.g., renewables, battery power), and society/culture (e.g., aging populating, […]

Even though China is the world’s second largest economy based on both GDP and market capitalization, due to MSCI’s inclusion rules China is only the fourth largest country weight in the All Country World Index (ACWI). So, why add an allocation now? As MSCI adjusts its inclusion factor over the next several years, the higher […]

This paper evaluates the Lower Middle Market (LMM) segment of the private debt market. Sunpointe Investments finds this segment attractive because it offers more inefficiencies and less competition, increasing the potential for better risk-adjusted returns and maintaining meaningful downside protection. Given the flood of new capital allocated to private debt since 2010, it is critical […]

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Responsible or Environmental, Social and Governance (ESG) designated investments have shown explosive AUM growth in the past decade to reach twelve trillion dollars1. This is approximately 25% of all professionally managed assets in the US and this proportion is growing. While some of the E-, S- or Gfactors may be contentious, there is an agreement […]

The phrase emerging markets was coined by economists in the early 1980s to define investing in developing countries. Although the term is widespread, there is no one agreed upon definition. Most investors agree the term “emerging market investments” refers to countries or regions that (a) are undergoing fast economic growth (b) have a low ratio […]

This paper evaluates the Lower Middle Market (LMM) segment of the private equity market with a focus on funds with assets under management (AuM) of less than $500 million. We find LMM private equity attractive because it offers lower purchase multiples, lower use of financial debt, more inefficiencies, and less competition compared to larger funds. […]

For many decades most endowments and foundations have been guided by a general 5% payout rule. The genesis of this payout rule was an extension of the 5% mandatory spending rule for private foundations, established in the early 1980s by the IRS, which set the stage for many institutions. Since then the 5% rule has […]

Over the past 10 years, the popularity of passive investing has grown substantially. The advertised advantages of passive investing make intuitive sense and include low fees and accepting market returns, rather than trying to beat them. However, what if, within the same asset class, picking one index over another could increase or decrease your return […]