Cambridge Associates

Artificial intelligence has reshaped market leadership across sectors, but its impact on concentration risk may be more complex than it first appears. Today’s winners extend beyond hyperscalers and semiconductors to include power, infrastructure, and industrial beneficiaries. But many of those gains still tie back to a single underlying driver: AI-related capital spending. So, is market breadth really improving — or is concentration simply becoming less visible? In the latest edition of CA Answers from Cambridge Associates, we explore how AI may be changing the shape of concentration more than its substance, and why that matters for investors over the long term. Read more: https://ow.ly/YBSr30sVMev

I was thrilled to have joined so many incredible clients, colleagues, and industry leaders last week in Chicago at our Cambridge Associates ’ Investment Leaders Exchange event. The inspiring experts who shared their insights with us over the two days reinforced a few key themes: Conviction and adaptability matter: Long-term investors need the discipline to stay focused on their objectives and the flexibility to respond to changing markets. Execution matters as much as strategy: Asset allocation, manager selection, and implementation all shape outcomes, especially in more complex markets. Investing is about more than returns: The best investment conversations connect portfolio decisions to the real-world missions and people they support. A big thank you to our Cambridge Associates team for bringing together such a high-quality event, and to all who joined us in Chicago for the exchange of ideas. #CAInvestmentLeadersExchange

Thanks to all who joined us in Chicago at Cambridge Associates ’ Investment Leaders Exchange! The deep bench of experts who joined us over the two days reinforced a few key themes: - Conviction and adaptability matter: Long-term investors need the discipline to stay focused on their objectives and the flexibility to respond to changing markets. - Execution matters as much as strategy: Asset allocation, manager selection, and implementation all shape outcomes, especially in more complex markets. - Investing is about more than returns: The best investment conversations connect portfolio decisions to the real-world missions and people they support. We look forward to sharing more learnings from our upcoming regional events in Singapore and London - stay tuned. #CAInvestmentLeadersExchange

Cambridge Associates ' CEO, David Druley , recently joined Andy Serwer on the At Barron's podcast to share his perspective on today’s shifting investment landscape, including AI-driven dislocation, credit market jitters, the secondaries boom, and more. In the conversation, David discusses how Cambridge Associates is navigating turbulent conditions, identifying compelling investment opportunities, and helping clients put capital to work in meaningful ways. Listen to the full episode here: https://ow.ly/X1oE30sVei5

I had the opportunity to host a thoughtful discussion at Cambridge Associates ' Investment Leaders Exchange in Chicago on building meaningful AI exposure across a diversified portfolio. My conversation with Mala Gaonkar and Rory O'Driscoll covered the current stage of the AI investment cycle, the opportunity set across public and private markets, the sources of durable advantage in AI, and the growing importance of power as a potential constraint on future growth. A consistent theme was that AI should be viewed not just as a technology story, but as an investment ecosystem with implications far beyond software and semiconductors. The biggest opportunities may not come from innovation itself, but from understanding where bottlenecks, durability, and monetization intersect. #CAInvestmentLeadersExchange

Thank you to Frank Grunseich (CIO of Swarthmore College ) and Geneviève Maltais Boisvert (MD and Portfolio Manager at DigitalBridge ) for joining my panel on how to build Real Assets portfolios that can stay resilient and create long-term value as part of the Cambridge Associates Investment Leaders Exchange conference. In the time we had, which flew by, we barely got through my 30 questions, but we still covered topics such as the role of real assets in a portfolio, the evolving definition of infrastructure, digital and power, AI, valuations, exits, liquidity, secondaries, and co-investments. The key takeaway was that resilient portfolios require disciplined asset allocation, a clear understanding of roles, and thoughtful manager selection. #CAInvestmentLeadersExchange

I recently joined Andy Serwer on the At Barron's podcast to share my perspective on today’s shifting investment landscape, including AI-driven dislocation, credit market jitters, the secondaries boom, and more. In the conversation, we discuss how Cambridge Associates is navigating turbulent conditions, identifying compelling investment opportunities, and helping clients put capital to work in meaningful ways. Listen to the full episode here: https://ow.ly/utXV30sV8Qn

We just wrapped up Cambridge Associates ' Investment Leaders Exchange in Chicago with colleagues, clients, and others in the CA network. Across two days of conversations, a few themes stood out: strong portfolios require both long-term conviction and adaptability, execution matters as much as strategy, and the best investment decisions stay grounded in clear objectives. From discussions on asset allocation, manager selection, and implementation to sessions on AI, credit, real assets, energy, hedge funds, and geopolitics, the event offered thoughtful perspectives on the forces shaping markets and portfolios today. Thanks to all who joined to help make the event such a valuable exchange of ideas. #CAInvestmentLeadersExchange

Thank you to everyone who joined us in Chicago for this year’s Investment Leaders Exchange. It was a privilege to connect with our community, challenge assumptions, and learn from one another. In my opening remarks, I shared a view that feels especially relevant today: strong portfolios are built with both conviction and adaptability. Conviction means staying focused on long-term objectives rather than reacting to every short-term narrative. Adaptability means recognizing that market structure, manager opportunity sets, and implementation realities do change. That’s why Cambridge Associates remains focused on three drivers of outcomes: asset allocation, manager selection, and implementation. Thank you again to everyone who helped make this such a strong exchange of ideas. I’m leaving reminded that the best investing conversations do not remove uncertainty, but they do improve decision-making. #CAInvestmentLeadersExchange