In this paper, Dr. Maria Vassalou and Dr. John Donaldson provide some perspective on the nature, sources and effects of the U.S. current account deficits and draw implications for Fed policy going forward and the value of the dollar.
PWP is a leading global institutional asset manager with an unwavering focus on investors’ needs.
We derive an “investment edge” through harnessing the brightest investment minds around the globe. Across investment strategies, we achieve our objectives of producing attractive risk-adjusted returns in a variety of market environments because of our experience, expertise, and disciplined investment approach. Our investors benefit from this edge across public and private instruments, spanning equity, credit, and real asset investments, both through our direct alternatives and our outsourced CIO capabilities. Today, PWP oversees approximately $13.4 billion in assets under management.
Agility / Your Outsourced Investment Solution
PWP created the Agility platform to provide your organization an Outsourced Investment Team with comprehensive capabilities that can offer customized programs to meet your individual investment requirements. Our team of professionals has decades of experience and executes a proven and disciplined due diligence process to identify and invest with top managers across asset classes.
Today, the investment landscape is global and more complex than ever. At many institutions, investment management is often under-resourced, and attracting and retaining specialized in-house investment talent is both difficult and expensive. To be an effective fiduciary now requires an institutional approach involving investment, risk management, legal, compliance, and operational expertise. With Agility, PWP can serve as an extension of your staff or volunteer board and offer customized investment programs designed to complement the remainder of your portfolio.
The Agility platform’s success is ultimately built upon a close, strategic partnership between you and the Agility Investment Team. With a long-term horizon, we construct diversified portfolios by investing across geographies, asset classes, managers, and positions. We use a detailed, proprietary methodology as well as internal and external tools to measure and manage risk in your portfolio. Combined with the support of experienced legal, compliance, risk management, trading and operational teams, we create a customized investment program to complement and enhance your portfolio.
For more information on Agility, please visit: www.pwpagility.com
Asset Based Opportunities
This strategy emphasizes capital preservation and cash flow generation from assets purchased at attractive current cash yields and equity-like upside optionality.
Our Asset Based Opportunities strategy seeks to uncover mispriced asset based investment opportunities through fundamental analysis and in-depth understanding of asset valuation.
Current market dislocation, including illiquidity, repricing of assets, deleveraging, and regulatory changes, create compelling asset based investment opportunities.
Assets targeted for investment are real assets, including rail cars, aircrafts, vessels, working interests in oil and gas, and commercial real estate and financial assets, including auto loans, credit card loans, franchise loans and equipment lending, small business loans, and other consumer assets.
This strategy represents a combination of tactical long/short equity investing and event-driven equity investing within the context of a diversified, low-net portfolio of mid and large cap equities.
In the short to medium term the fundamental drivers of stocks can often be diluted or even overridden by other influencers of stock prices such as technicals, macro/thematic factors and behavioral sentiment. As a result, PWP has developed an iterative ‘multiple-lens’ approach that takes into account all of these considerations in developing portfolio construction and managing risk.
To achieve its objective, the strategy invests in both select long and short equity opportunities and event-driven opportunities with a hard catalyst. The strategy leverages significant knowledge synergies between the two strategies and maintains a flexible investment mandate across such strategies in order to take advantage of opportunities presented by the market.
The PWP Global Macro strategy seeks to deliver attractive risk-adjusted returns that are uncorrelated to other asset classes, markets and strategies, across business cycles. The strategy is highly liquid, investing in equity indices, currencies, sovereign debt, credit, and commodities with a strong focus on risk management.
The investment strategy is based on fundamental macro-economic research to establish predictive relationships between macro-economic factors and asset returns. These principles are implemented in a rigorous, systematic investment framework. The goal of the strategy is to estimate the dynamics of risk premia across all liquid assets globally in order to identify opportunities to deploy risk to maximize reward. The investment approach incorporates analysis of the current economic environment as well as prediction of the evolution of the business cycle across multiple regions.
PWP Growth Equity is a private equity group focused on growth-oriented, lower middle market companies across the consumer/retail, services and industrial sectors, primarily in the United States.
The Growth Equity team partners with existing business owners and management teams, delivering capital in tailored and flexible structures to help companies execute on their growth objectives and plans for value creation. The Growth Equity team seeks to invest in businesses that have strong and differentiated competitive positions and, under the leadership of strong management teams, offer the potential for significant continued growth.
For more information on PWP Growth Equity, please visit: www.pwpgrowthequity.com
TPH Energy Equities Opportunities
This long-only diversified equity strategy focuses on concentrated positions in publicly traded energy equities predominately in North America.
The strategy was first deployed in early 2015 to take advantage of one of the most severe corrections in the energy markets since the 1980s. It is a fundamentally-driven, concentrated, long-only equity strategy focused on the “best energy ideas” of the Portfolio Manager. The strategy invests in a concentrated portfolio of public equities focused primarily on the upstream and oilfield service subsectors.
This is a diversified long-only strategy focused on midstream energy equities and Master Limited Partnerships.
The TPH MLP strategy seeks to generate long-term returns in the form of capital appreciation and income. The strategy predominately invests in North American opportunities with minimal exposure in developed energy economies outside of the U.S.
The strategy’s unique process and coverage of the entire energy infrastructure spectrum, leads to differentiated stock selection with minimal overlap with leading peer funds. The strategy leverages TPH’s deep technical energy expertise (e.g., engineers, geologists, and energy professionals) that encompasses the full energy value chain.
TPH Energy Infrastructure
This long/short equity strategy is focused exclusively on energy infrastructure subsectors, such as pipelines, utilities, storage, transmission and water, among others.
This strategy is in a small universe of hedged, liquid strategies that invests in the energy infrastructure space. The strategy employs an actively managed portfolio with alpha longs and shorts and proactive hedging to isolate desired exposures and reduce broader energy sector, market, and macro risks.
The strategy seeks to exploit opportunities in the North American energy sector, with a focus on the energy infrastructure spectrum (i.e., midstream/MLP, pipelines, electric and gas utilities, water, transmission, commodity storage, gathering and processing), through investments in liquid, publicly traded securities.
The strategy leverages TPH’s deep technical energy expertise (e.g., engineers, geologists and energy industry professionals) that encompasses the full energy value chain from wellhead to burner tip.
TPH Private Energy Opportunities
This strategy is a merchant-banking style private equity strategy that makes primarily minority stake, non-control investments in companies across the energy industry.
This strategy invests in opportunities that provide capital solutions to companies with attractive risk / return profiles during the current energy correction. Seeded by one of the largest pension funds in the US, the strategy taps into the proprietary deal flow generated across the TPH platform (Advisory, Capital Markets. and Asset Management) to source attractive investment opportunities. The strategy has three targeted investment scenarios in which it seeks to deploy capital: trough-cycle investment opportunities, development opportunities, and structured opportunities. The strategy’s opportunistic mandate provides a tactical allocation to energy private equity during the most difficult energy environment since the 1980s.
TPH Midstream Opportunities
This long-only equity strategy focuses on concentrated positions in publicly traded midstream equities, energy infrastructure equities, and Master Limited Partnerships (MLPs).
This is a tactical strategy intended to take advantage of the current energy correction. The strategy is focused on holding limited, concentrated positions predominately in North American midstream equities, energy infrastructure equities, and Master Limited Partnerships (MLPs).
TPH Alternative Energy
This strategy is a long-biased, long/short equity hedge fund with a focus on global renewables, power infrastructure, smart grid, energy efficiency, water infrastructure and waste management.
This strategy employs an actively managed portfolio with alpha longs and shorts to maximize long-term returns while reducing the inherent volatility in the sector. The strategy seeks to exploit the unique opportunity of the secular shift towards a low carbon economy and investments in sustainable resources. This Alternative Energy strategy provides an opportunity to diversify technology risks (solar, wind, hydro), geography risks (North America, Asia, Europe) and policy risks. The Fund is net long-biased with a target 30-60% net exposure across approximately 35-45 issuers. We believe the net long positioning of the Fund provides an evergreen approach that is best positioned to capture the secular growth of the sector while managing the volatility of this space.
We believe the team is well-positioned given the deep energy franchise and experience within the sector. We believe this allows for a meaningful advantage with respect to knowledge of regulatory regimes, first-hand experience with management teams and a repeatable, process to deploy capital in the sector.
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The U.S. Current Account Deficit and Its Implications for Fed Policy and the Dollar
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