Large or small. Domestic or global. Traditional or alternative. Our highly experienced research team covers every type of manager, in every area of the world.
Crewcial is committed to discovering and accessing the best managers for our clients. Our research team brings extensive experience evaluating all types of investment managers and strategies, from traditional marketable assets like equity and fixed income to non-marketable assets like hedge funds and private equity.
Crewcial is a boutique firm by design and the benefits are realized in our manager research process. Everything from manager selection, to quantitative and qualitative diligence is done in house. Our size and attention to detail mean that all Crewcial team members have deep familiarity with existing managers and take the time to become well-versed with new ones.
We have an experienced Investment Team that includes a core of research analysts dedicated to discovering limited-capacity managers globally, covering every asset class. This team supports our consultants in creating portfolios that balance distinct, high-potential return investments and passive, traditional vehicles to further the philanthropic impact of our clients. Our CIO is also involved in directing analyst efforts and researching/conducting diligence for such opportunities.
We gain access to top-tier managers in a number of ways. First, as a 40-plus-year-old firm, we have established a solid reputation as an advisor to institutional clients that assesses managers in a serious and rigorous manner, demonstrating a true interest in understanding our clients’ organizations and investment approaches. We are also recognized for the consistency of our philosophy and our understanding of the long cycles which impact capital markets and investment opportunity sets. Finally, we are able to gain access to top-performing managers by demonstrating an ability to execute a thorough diligence process in a manner that is respectful of their time.
We hold our managers to the highest standards. Our comprehensive research process starts with numerous onsite meetings, calls, and reference checks before a manager can be approved for client portfolios.
Crewcial is highly selective in our manager process. Of the managers considered, only a small percentage are approved. Typical new manager assessments take between six to eight months of due diligence, and approval requires sponsorship from at least two members of the investment team. The process culminates with a summary report documenting the diligence underlying the approval. Finally, one team member prepares a dissenting review. Altogether, this report offers a comprehensive, thorough, and transparent picture of the manager.
Manager selection is the primary value-add source for our clients’ portfolios. The impact is cyclical, and is positive over the long term. Our assessment is that 80% of outperformance relative to peer universes comes from manager selection, while 20% comes from asset allocation.
As part of our quantitative analysis, we determine whether a manager’s performance is due to alpha or beta and assess the factors that caused outperformance or underperformance under varying market conditions.
While track records do have a role in terms of measuring both the consistency of a philosophy and the degree to which a manager’s insights and ideas translate into actual returns for investors, they are never a replacement for strong qualitative analysis.
While track records play a role in terms of measuring both the consistency of a philosophy and the degree to which a manager’s insights and ideas translate into returns for investors, they are never a replacement for strong qualitative analysis.
Managers must be able to articulate and demonstrate a competitive edge, and an ability to maintain that edge going forward.
Managers must be able to display a strong foundation of research underlying stock selection and portfolio construction, along with consistency of process. We rank our managers based on our level of conviction and the underlying strategy’s performance repeatability in all market environments. Significant consideration is also given to the firm’s operations, transparency, and degree of access to the fund manager(s).
Managers come to us through a variety of ways including but not limited to industry contacts, existing portfolio managers, and suggestions from research team members. We leverage every source available to us and have met many top managers over the years.
While some managers may be closed, we do not give up if we believe in what they are doing. We can spend years building relationships with them in order to gain access for our clients and this strategy has paid off.
Crewcial can help you source all private asset types (hedge funds, real estate, etc.) We are diligent in gaining access to limited-capacity managers and often engage in conversations with managers that aren’t currently raising assets or open to new investors. For hard-to-access managers, our focus on endowments and foundations and our reputation as a thoughtful long-term partner helps us gain access to managers that are not actively seeking new relationships.
Crewcial maintains an approved list of managers who are sponsored by analysts on our team. A manager on the approved list has undergone an in-depth due-diligence review, including qualitative, quantitative, and operational due diligence. There are customized reports on all managers that are available to share with clients.