University of Washington

Size: px
Start display at page:

Download "University of Washington"

Transcription

1 University of Washington Investment Performance Report to UWINCO Fourth Quarter Fiscal Year 200 As of June 30, 200 Treasurer Board of Regents Treasury Office Published August 200

2 Table of Contents Treasury Assets.... Asset Allocation... 2 Consolidated Endowment Fund... 3 Performance Update... 4 Invested Funds... 5 Global Equity... 6 Non-Marketable Alternatives... 7 Real Assets... 8 Absolute Return... 9 Fixed Income... 0 Consolidated Endowment Fund Spending Update... Glossary... 2

3 Treasury Assets As of June 30, 200 $3.2 Billion Dollars in Millions Endowment & Similar Funds $,984 Operating & Reserve Funds $,96 Endowment & Similar Funds Endowment Funds $,475 Operating Funds 355 Consolidated Endowment Fund,830 Life Income Trusts 66 Outside Trusts 46 Non-CEF Endowments 2 Permanent Fund 6 30 $,984 Operating & Reserve Funds Invested Funds 2, 3 $,069 Bond Retirement Fund 4 22 Building Fund 4 20 Debt Service Reserve Funds 5 2 Bond Proceeds 7 73 $,96. Includes assets whose management falls under the auspices of the Finance & Audit Committee of the Board of Regents. Excludes Metro Tract and Forest Trust Lands. All dollar amounts are expressed in millions and represent market values. 2. The Invested Funds holds Consolidated Endowment Fund units valued at $355. To avoid double counting, the dollars are included only in the CEF totals. 3. In June 2002, the Board of Regents authorized the establishment of a captive insurance company, Portage Bay Insurance(PBI). The previous insurance vehicle, the Self Insurance Revolving Fund (SIRF), will close after existing claims are resolved. Current balances: PBI $72.6 & SIRF $ General obligation bond reserve fund on deposit with the state of Washington. 5. Required reserve funds for locally issued bonds (TSB Properties $., Twenty Fifth Ave Prop $2.4, 2004 Parking $.4, 2002 Housing & Dining $.5, 2004 Housing & Dining $0.6, Roosevelt $2.3 and Roosevelt 2 $2.0 & Commodore Duchess $0.6) 6. Proceeds from sale of land grants and subsequent investment returns on deposit with the state of Washington. 7. Construction project funds which have not yet been disbursed.

4 2 Asset Allocation As of June 30, 200 Consolidated Endowment Fund $,830 Million Fixed Income 3 3% Non- Marketable Alternatives 5% Absolute Return 20% 4% Real Assets 0% Domestic Equity % Developed 7% Dollars in Millions Current Allocation 2 Policy Target Policy Range Non-Marketable Alternatives $273 5% 2% 5% 25% Global Equity Markets $26 4% 3% 5% 35% Developed Markets $298 7% 6% 5% 35% Domestic Equity $204 % 5% 5% 35% Equity Fund $,036 57% 56% 45% 75% Real Assets Fund $75 0% 5% 5% 25% Absolute Return $378 20% 8% 5% 25% Fixed Income Fund 3 $24 3% % 5% 35% Total Consolidated Endowment Fund $,830 00% exposure: 38%; net foreign currency exposure: 34%. 2 Current exposure percentage may not add to 00% due to rounding. 3 Includes allocation to cash.

5 3 Consolidated Endowment Fund (CEF) For the Quarter ending June 30, 200 Total Returns (%) Activity (in Millions) 4 th Qtr FY 200 -Year 5-Year 0-Year Total CEF Return Strategy Weighted Policy Benchmark Equity Fund Weighted Policy Benchmark Real Assets Fund Policy Benchmark Absolute Return Fund Policy Benchmark Fixed Income Fund Policy Benchmark (BC Govt Bond) FY 200 FY 2009 FY Years 0 Years 5 Years Beginning Balance $,649 $2,6 $2,074 $,359 $,47 $440 Gifts Transfers Total Additions Operating Funds Purchases Net Investment Return 20 (55) ,226 Distributions (59) (75) (94) (379) (655) (755) Administrative Fees (4) (4) (4) (8) (29) (35) Advancement Support (4) (4) (7) (72) (08) (0) Ending Balance $,830 $,649 $2,6 $,830 $,830 $,830 Net Change $8 ($52) $88 $47 $683 $,390 Average Annual Compound Return Restated UW & Cambridge Associates Returns for periods ending 6/30/0 Market Value (in Billions) $.8 $ Data not available.5 at press time Cambridge Associates College and University Investment Pool Top 50 (by Investment Pool Market Value) Reflects inclusion of IF units in CEF starting 7/0 value without would be $.5 0.0

6 4 Performance Update Sources: Cambridge Associates and State Street Total Return: average annual compound return (dividend or interest plus capital appreciation or depreciation) 2 Provided by Cambridge Associates on a quarter lag. 3 New strategies reflecting data starting 7//2008. Total Return As of 6/30/0 4 th Qtr FY 0 Year 3 Years 5 Years 0 Years Consolidated Endowment Fund Equity Fund Non-Marketable Alternatives Global Equity Markets Developed Markets Domestic Equity Real Assets Fund Absolute Returns Fund Fixed Income Fund Public Market Indices Equity Indices S&P MSCI ACWI Russell NASDAQ NAREIT Dow Jones Industrial Average MSCI EAFE MSCI EMF Fixed Income Indices BC Government Bond CG World Bond Index(unhedged to USD)

7 5 Invested Funds (IF) For the Quarter ending June 30, 200 Total Return (%) Fund Allocation by Pool ($ in Millions) Average Annual Compound Return 4 th Qtr Duration FY 200 -Year 5-Year 0-Year Fund Allocation Range Actual Maximum Cash Cash Pool $378 27% 0% 40% 0.3 yrs 3.0 yrs Citi 2 Yr Treasury Liquidity Liquidity Pool $690 48% 30% 60% 3.3 yrs 4.2 yrs LB Intermediate Government Bond IF excluding CEF units Total Cash & Liq. Pool $,069 75% Weighted Benchmark IF including CEF units CEF Units held by IF 25% 5% 40% Weighted Benchmark Total Invested Funds 00% Mix of Investments CEF Units 25% Market Value ($ in Billions) Invested Funds including CEF units 6/30/0) Invested Funds excluding CEF units 6/30/0) $ Government & Agencies 45% Mortgage- Related % Cash Equivalents 5% Corporate Bonds: % Asset-Backed Securities: 3%

8 6 Global Equity Strategy For the Quarter ending June 30, 200 ($763 Million) Total Return (%) Market Exposure $,830 Million Average Annual Compound Return 2 New strategy reflecting data starting 7//08 4 th Qtr FY 200 -Year 5-Year 0-Year Global Equity Policy Benchmark (MSCI ACWI) Markets MSCI EMF Developed Markets MSCI EAFE Domestic Equity Russell G L O 4% Non- Marketable Alternatives 5% B A Fixed Income 3% L E Q Developed 7% U I T Absolute Return 20% Y Domestic Equity % Real Assets 0% 48 Country Allocation (%) Sector Distribution (%) Global Equity ACWI Global Equity ACWI North America Asia Pacific Developed Europe Asia EMEA Latin America Consumer Discretionary Consumer Staples Energy Financials Health Care Industrials Information Technology Materials Telecom Services Utilities

9 7 Non-Marketable Alternatives Strategy For the Quarter ending June 30, 200 ($273 Million) Total Return (%) Asset Allocation $,830 Million 4 th Qtr FY 200 -Year 5-Year 0-Year Non-Marketable Alternatives Policy Benchmark Venture Capital CA VC Fund Universe Private Equity CA PE Fund Universe Based on time-weighted returns provided by Cambridge Associates on a quarter lag. 2 60% Cambridge Associates Venture Capital Fund Universe plus 40% Cambridge Associates Private Equity Fund Universe 3 US Buyouts, Non-US Private Equity, Opportunistic Venture Capital: 6% Domestic Equity % Developed 7% Real Assets 0% Non- Market- 4% able Alternatives 5% US Buyout: 5% Absolute Return 20% Fixed Income 3% Non US Private Equity: 3% Opportunistic: % Market Exposure by Investment Stage Market Exposure by Investment Sector (Exposures : 29%, Northwest: 7%) Buyout 42% Hardware/ Electrical 5% Healthcare/ Biotech 26% Public 4% Distressed 6% Early 4% Expansion/ Late 5% Seed/ Start Up 8% Distressed 6% Financial Services 7% Software 8% Manufacturing/ Other 5% Consumer/ Retail 7% Information Technology 6%

10 8 Real Assets Strategy For the Quarter ending June 30, 200 ($75 Million) Total Return (%) Asset Allocation $,830 Million 4 th Qtr FY 200 -Year 5-Year 0-Year Real Assets Policy Benchmark Private Funds Benchmark Public Funds Benchmark Average Annual Compound Return 2. Private components + Public components 3. Based on time-weighted returns provided by Cambridge Assoc. on a quarterly basis 3. Private components: 50% NCREIF + 30% CA Oil & Gas 4. Public components: 0% NAREIT + 0% GSCI Fixed Income 3% Absolute Return 20% NonMarketable Alternatives 5% Real Assets 0% 4% Developed 7% Domestic Equity % Private Funds: 7% Public Funds: 3% Private Funds Strategy Commitments by Sub-Sector $37 Million ($80 Million unfunded) as of June 30, 200 Market Exposure by Investment Sector ( Exposure 23%) Actual Policy Benchmark Energy 48% Timber: 3% Natural Resources 5% Real Estate 60% Real Estate 49% US: 29% Japan: 8% Other 6% India: 3% Greater China: 2% Western Europe: % Real Estate 49% Commodities 0% Natural Resources 30% Market exposure of private funds provided on a quarter lag basis

11 9 Absolute Return Strategy For the Quarter ending June 30, 200 ($378 Million) Total Return (%) 4 th Qtr FY 200 -Year 5-Year 0-Year Absolute Return Strategy Policy Benchmark Hybrid HFRI FOF: Diversified Index Equity HFRI Equity Hedge (Total) Index Credit HFRI RV Fixed Income-Corp Index Asset Allocation $,830 Million NonMarketable Alternatives 5% Fixed Income 3% 4% Absolute Return 20% Developed 7% Domestic Equity % Real Assets 0% Average Annual Compound Returns new strategy reflecting data starting 7// % MSCI ACWI plus 80% (3-month T-Bill + 4%) Hybrid: % Credit: 7% Equity: 2%

12 Total Return (%) Fixed Income Strategy * For the Quarter ending June 30, 200 ($24 Million) Asset Allocation $,830 Million Average Annual Compound Return 2 Includes Relative Value 4 th Qtr FY 200 -Year 5-Year 0-Year Fixed Income Policy Benchmark (BC Govt Bond) Domestic Fixed Income BC Government Bond Cash Month T-Bill % NonMarketable Alternatives 5% Developed 7% Fixed Income 3% Domestic Equity % Real Assets 0% Absolute Return 20% Sector Distribution (%) Risk Characteristics: Quality Distribution (%) Mortgage- Related Asset Backed Securities 8 9 TSY AGY AAA 6% 27% 44% Cash and Cash Equivalents 6 AA A 7% 9% Corporate 26 BBB 2% Government and Agencies 42 CCC NR 0% 5% * Includes allocation to cash 0

13 Consolidated Endowment Fund Spending Update For the Quarter ending June 30, 200 Interim Policy, Approved 3/9/09 Reduce CEF distributions 25% in FY09 and another 25% in FY0. Thereafter, hold constant until reviewed by Board of Regents (no later than 6/30/3). Current and Projected Results of Interim Policy $ = 000 s FY 2008 FY 2009 FY 200 Beginning Market Value $2,073,59 $2,6,438 $,649,59 Distributions $94,34 $75,478 $59,05 Effective Spending Rate 4.5% 3.5% 3.6% Administrative Fees 2 $2,33 $8,004 $7,908 Effective Spending Rate Including Fees 5.6% 4.3% 4.7% Total Return 2.0% -23.7% 2.4% Actual distributions are administered on a quarterly and per unit basis. New gifts are added quarterly and receive payouts at the next distribution date. Therefore, year over year declines cannot equal 25%. 2 Administrative fees supporting Advancement (80 bps) and Treasury (20 bps) operations paid quarterly based on prior quarters market value. Quarterly Market Values and Additions $ = 000 s Value Additions Additions as % 07//2008 $2,6,438 $34,3.6% 0//2008 $,90,352 $26,87.4% 0//2009 $,67,60 $20,809.3% 04//2009 $,55,209 $2,94 0.8% 07//2009 $,649,59 $, % 0//2009 $,776,688 $7, % 0//200 $,840,054 $7,0 0.9% 04//200 $,897,286 $,65 0.6% 07//200 $,850,87 $20,34.% Per Unit Distributions FY 08 FY Year-Over-Year Payout Per Unit Change FY08 Four Quarter Total $4.76 NA FY09 Four Quarter Total $ % FY0 Four Quarter Total $ % FY Four Quarter Total $ % FY09 per unit payouts were 25% less than FY08 payouts. FY0 per unit payouts will be 25% less than FY09 payouts. FY per unit payouts will equal FY0 payouts.

14 2 Benchmarks Consolidated Endowment Fund Policy Benchmark: Policyweighted blend of indices at the strategy level. Invested Funds Weighted Benchmark: A weighted average of the specific benchmarks assigned to the Cash Pool, Liquidity Pool and CEF units held by IF. Indices - Domestic Cambridge Associates U.S. Venture Capital Index is based on return data compiled on funds representing over 80% of the total dollars raised by U.S. venture capital managers since 98. Cambridge Associates U.S. Private Equity Index is based on returns data compiled on funds representing over 70% of the total dollars raised by U.S. leveraged buyout, subordinated debt and special situation partnerships formed since 986. Cambridge Associates Oil & Gas Index. This index, formed in 986, is a subset of Cambridge Associates larger Natural Resources Index. Dow Jones Industrial Average is the best known U.S. index of stock. A price-weighted average of 30 actively traded bluechip stocks, primarily industrials including stocks that trade on the New York Stock Exchange. Goldman Sachs Commodities Index (GSCI) is a composite index of commodity sector returns, representing an unleveraged, long-only investment in commodity futures that is broadly diversified across the spectrum of commodities. Barclays Capital (BC) Government Bond Index: The BC Government Bond Index includes all bonds in Barclays Capital s Treasury and Agency Bond indices and aims to Global Equity Strategy Absolute Return Non-Marketable Alternatives Real Assets Fixed Income MSCI ACWI 20% MSCI ACWI Plus 80% (3-Month T-Bills +4%) Glossary measure the total return of the domestic, taxable government bond market. The Treasury Bond Index includes all public obligations guaranteed by the US government. Mortgagebacked securities are not included in the BC Government Index. Barclays Capital Intermediate Government Bond Index: The index is a subindex of the Barclays Capital Government Bond Index and is composed of the intermediateterm ( 0 year maturity) component of that index. NAREIT Property Index. The index is a subset of the NAREIT Composite index that includes all publicly traded REITs in property sectors. NASDAQ (National Association of Securities Dealers Automatic Quotation System) is an electronic quotation system that provides price quotations to market participants about the more actively traded common stock issues in the over the counter market. NCREIF Property Index. The index measures the performance of institutional real estate investments. It includes properties with leverage, but all returns are reported on an unleveraged basis. Russell 3000: The index measures the performance of the 3000 largest US companies as determined by market capitalization. Currently these 3000 company stocks represent approximately 98% of the investable US equity market. Only common stocks belonging to corporations domiciled in the US and its territories are included. The index is a good measure of the broader market. S&P 500 Index: The S&P 500 Index is designed to replicate the broad industry groupings of all issues listed on the New 40% Cambridge Associates Venture Capital Fund Universe 60% Cambridge Associates Private Equity Fund Universe Private Real Assets: 50% NCREIF + 30% CA Oil & Gas plus Public components: 0% NAREIT + 0% GSCI Index Barclays Capital Government Bond Benchmark York Stock Exchange and to reflect the price movement of common stocks in general. Indices - Citigroup World Government Bond Index (unhedged to USD): This Index includes the most significant and liquid government bond markets globally that carry at least an investment grade rating. Currently, this includes all countries in the Citigroup EMU Governments Index (EGBI) and Australia, Canada, Denmark, Japan, Sweden, Switzerland, United Kingdom and the United States. Index weights are based on the market capitalization of qualifying outstanding debt stocks. The unhedged index reflects the local return including the effect of changes in local currency values. Morgan Stanley Capital Inc. All Country World Index (MSCI ACWI): Index is a free float-adjusted market capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets. As of January 2009 the MSCI ACWI consisted of 46 country indices comprising 23 developed and 23 emerging market country indices. Morgan Stanley Capital Inc. Europe, Australia, Far East (MSCI EAFE) Index represents free float-adjusted market capitalization of 2 developed countries. The objective of the index is to measure, in US dollars, the performance of the developed stock markets of the world, excluding U.S. and Canada. Since the index is measured in U.S. dollars and is unhedged, it will reflect shifts in the value of foreign currencies versus the dollar.. Morgan Stanley Capital Inc. Markets Free Index (MSCI EMF): A market capitalization weighted benchmark index made up of equities in emerging countries. University of Washington Investment Performance Report is produced on a quarterly basis by: Treasury Office University of Washington 43 th Avenue NE, Suite 600 Campus Mail: Box Seattle, Washington If you would like additional copies or have questions concerning this report, please contact Laurene Fenno, (206)

University of Washington

University of Washington University of Washington Investment Performance Report to Board of Regents Fourth Quarter Fiscal Year 200 As of June 30, 200 Treasurer Board of Regents Treasury Office Published August 200 Table of Contents

More information

Investment Performance Report, Second Quarter Fiscal Year 2010

Investment Performance Report, Second Quarter Fiscal Year 2010 VII. STANDING COMMITTEES B. Finance, Audit & Facilities Committee Investment Performance Report, Second Quarter Fiscal Year 200 For information only. F 5 Attachment Investment Performance Report to the

More information

As of June 30, 2007 LVX SIT

As of June 30, 2007 LVX SIT University of Washington Investment Performance Report Fourth Quarter Fiscal Year 2007 As of June 30, 2007 UNIVERSITY LVX 86 SIT WASHINGTON OF Treasurer, Board of Regents Treasury Office Published September

More information

Published May As of March 31, 2008 F-4

Published May As of March 31, 2008 F-4 Published May 2008 Treasurer, Board of Regents Treasury Office As of March 3, 2008 Third Quarter Fiscal Year 2008 Investment Performance Report to the Board of Regents University of Washington F-4 Table

More information

F 6 STANDING COMMITTEES. Investment Performance Report, Fourth Quarter. Fiscal Year B. Finance, Audit and Facilities Committee

F 6 STANDING COMMITTEES. Investment Performance Report, Fourth Quarter. Fiscal Year B. Finance, Audit and Facilities Committee F 6 VII. STANDING COMMITTEES B. Finance, Audit and Facilities Committee Investment Performance Report, Fourth Quarter Fiscal Year 2008 F 6/209-08 9/18/08 University of Washington Investment Performance

More information

F 5 STANDING COMMITTEE. B. Finance and Audit Committee. Quarterly Investment Report, 1 st Quarter FY05. See Attached F 5/211 11/18/04

F 5 STANDING COMMITTEE. B. Finance and Audit Committee. Quarterly Investment Report, 1 st Quarter FY05. See Attached F 5/211 11/18/04 VII. STANDING COMMITTEE F 5 B. Finance and Audit Committee Quarterly Investment Report, 1 st Quarter FY05 See Attached F 5/211 11/18/04 Treasury Assets 1 As of September 30, 2004 -- $2.2 Billion Endowment

More information

UWINCO Investment Performance Quarterly Report Quarter Ended December 31, 2017

UWINCO Investment Performance Quarterly Report Quarter Ended December 31, 2017 STANDING COMMITTEES F 11 Finance and Asset Management Committee UWINCO Investment Performance Quarterly Report Quarter Ended December 31, 2017 INFORMATION This item is for information only. Attachment

More information

UWINCO Board Update and Investment Performance Quarterly Report Quarter Ended September 30, 2017

UWINCO Board Update and Investment Performance Quarterly Report Quarter Ended September 30, 2017 STANDING COMMITTEES F 9 Finance and Asset Management Committee UWINCO Board Update and Investment Performance Quarterly Report Quarter Ended September 30, 2017 INFORMATION This item is being presented

More information

University of Washington

University of Washington University of Washington Quarterly Investment Performance Report University of Washington Investment Management Company Published November 2018 University of Washington Quarterly Investment Performance

More information

F 9 STANDING COMMITTEES. B. Finance and Asset Management Committee. Investment Program Annual Update. This item is for information only.

F 9 STANDING COMMITTEES. B. Finance and Asset Management Committee. Investment Program Annual Update. This item is for information only. VII. STANDING COMMITTEES F 9 B. Finance and Asset Management Committee Investment Program Annual Update This item is for information only. Attachment Investment Program Update: A Report to the Board of

More information

University of North Florida Foundation, Inc. Statement of Investment Objectives and Policies

University of North Florida Foundation, Inc. Statement of Investment Objectives and Policies University of North Florida Foundation, Inc. Statement of Investment Objectives and Policies This Investment Policy Statement has been established by the University of North Florida Foundation, Inc. (the

More information

Board of Regents Report. for July Texas Tech University System Endowment

Board of Regents Report. for July Texas Tech University System Endowment Board of Regents Report for July 2017 Texas Tech University System Endowment Contents Endowment Data Endowment Liquidity Market Data Asset Class Allocation: Actual vs. Target Asset Class Performance: Actual

More information

Endowment Investment Review as of March 31, 2017

Endowment Investment Review as of March 31, 2017 UNIVERSITY OF CALIFORNIA Office of the Chief Investment Officer Endowment Investment Review as of March 31, 2017 Growing Portfolios Building Partnerships UC Investments Table of Contents GEP Executive

More information

Summit Strategies Group

Summit Strategies Group As of December 3, 203 US Equity: All Cap Russell 3000 Index 2.64 0.0 33.55 33.55 6.24 8.7 6.50 7.88 7.09 Dow Jones US Total Stock Market Index 2.63 0. 33.47 33.47 6.23 8.86 6.68 8.0 6.90 US Equity: Large

More information

Summit Strategies Group

Summit Strategies Group April 0, 205 US Equity: All Cap Russell 000 Index 0.45 5.9 2.26 2.74 6.86 4. 8.68 8.66 Dow Jones US Total Stock Market Index 0.46 5.9 2.27 2.67 6.78 4.7 8.78 8.8 US Equity: Large Cap Russell 000 Index

More information

Pension Investment Review as of September 30, 2017

Pension Investment Review as of September 30, 2017 UNIVERSITY OF CALIFORNIA Office of the Chief Investment Officer ATTACHMENT 2 Pension Investment Review as of September 30, 2017 Growing Portfolios Building Partnerships UC Investments Table of Contents

More information

University of Illinois. Fourth Quarter 2016 Investment Update Board Report. March University of Illinois

University of Illinois. Fourth Quarter 2016 Investment Update Board Report. March University of Illinois University of Illinois March 15, 2017 Fourth Quarter 2016 Investment Update Board Report March 2017 University of Illinois 1 (This page left blank intentionally) University of Illinois 2 Table of Contents

More information

UNIVERSITY OF VERMONT STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES

UNIVERSITY OF VERMONT STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES UNIVERSITY OF VERMONT STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES I. INTRODUCTION This statement is issued by the Investment Subcommittee (the ISC ) of the Board of Trustees of the University of Vermont

More information

The Myth of Diversification: Risk Factors vs. Asset Classes

The Myth of Diversification: Risk Factors vs. Asset Classes The Myth of Diversification: Risk Factors vs. Asset Classes Sébastien Page, CFA Executive Vice President April 2011 PIMCO Canada will retain PIMCO LLC as a subadvisor. PIMCO Canada Corp., 120 Adelaide

More information

Market Overview As of 1/31/2019

Market Overview As of 1/31/2019 Asset Class Leadership Periodic Table Worst Best 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 2 18.88 16.71 15.51 15.12 15.06 11.15 7.84 7.28 4.98 2.64 2.11 0.39-2.91-5.50-13.71 20.14

More information

Market Overview As of 4/30/2018

Market Overview As of 4/30/2018 Asset Class Leadership Periodic Table Worst Best 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 24.50 18.88 16.71 15.51 15.12 15.06

More information

Market Overview As of 11/30/2018

Market Overview As of 11/30/2018 Asset Class Leadership Periodic Table Worst Best 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 24.50 18.88 16.71 15.51 15.12 15.06

More information

1000G 1000G HY

1000G 1000G HY Asset Class Leadership Periodic Table Worst Best 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69 29.09 27.58 24.50 18.88 16.71 15.51 15.12 15.06

More information

Market Overview As of 8/31/2017

Market Overview As of 8/31/2017 Asset Class Leadership Periodic Table Worst Best 39.42 16.65 11.81 7.05 6.97 5.49 1.87-0.17-9.78 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69

More information

Market Overview As of 10/31/2017

Market Overview As of 10/31/2017 Asset Class Leadership Periodic Table Worst Best 39.42 16.65 11.81 7.05 6.97 5.49 1.87-0.17-9.78 5.24-26.16-28.92-36.85-37.00-37.34-38.44-38.54-45.53 78.51 58.21 41.45 37.21 34.47 27.45 26.46 20.58 19.69

More information

Real Estate Investment Trusts: An Industry Perspective

Real Estate Investment Trusts: An Industry Perspective Real Estate Investment Trusts: An Industry Perspective October 6, 2015 Naples, FL National Association of Real Estate Investment Trusts REITs: Building Dividends & Diversification 1875 I St, NW Suite 600,

More information

INVESTMENT GUIDELINES FOR THE POOLED INVESTMENT FUND FOR THE EPISCOPAL CHURCH IN MINNESOTA

INVESTMENT GUIDELINES FOR THE POOLED INVESTMENT FUND FOR THE EPISCOPAL CHURCH IN MINNESOTA INVESTMENT GUIDELINES FOR THE POOLED INVESTMENT FUND FOR THE EPISCOPAL CHURCH IN MINNESOTA The Episcopal Church in Minnesota is a network of faith communities called to transformation by engaging God s

More information

Summit Strategies Group

Summit Strategies Group US Equity: All Cap Russell 000 Index -.69 2.40.9 6.22 0.59 4.7 2.79 9.78 Dow Jones US Total Stock Market Index -.70 2.4.4 6.2 0.55 4.2 2.76 9.8 US Equity: Large Cap Russell 000 Index -.67 2.75.62 6.70

More information

Summit Strategies Group

Summit Strategies Group US Equity: All Cap Russell 000 Index.72 7.7 5.67 26.29 9.92.85.87 7.64 Dow Jones US Total Stock Market Index - - - - - - - - US Equity: Large Cap Russell 000 Index.87 7.95 5.96 25.5 0.9.94.9 7.69 Russell

More information

Fund Attribution and Characteristics Report

Fund Attribution and Characteristics Report Fund Attribution and Characteristics Report Fidelity Worldwide Fund as of December 31, 2004 Information reflects the fund s investments up to December 31, 2004 and may not be representative of current

More information

F 10 STANDING COMMITTEES. Finance and Asset Management Committee. Comparative Performance and Asset Allocation INFORMATION

F 10 STANDING COMMITTEES. Finance and Asset Management Committee. Comparative Performance and Asset Allocation INFORMATION STANDING COMMITTEES F 10 Finance and Asset Management Committee Comparative Performance and Asset Allocation INFORMATION This item is being presented for information only. Max Senter from Cambridge Associates

More information

Morningstar Advisor Workstation

Morningstar Advisor Workstation Morningstar Advisor Workstation Selecting a Benchmark Below outline s the applicable benchmarks to use for each CIFSC categories. These investments can be used to compare investments in Graphs, Portfolios

More information

Summit Strategies Group

Summit Strategies Group May, 208 US Equity: All Cap Russell 000 Index 2.82.4 2.55 5.06 0.72 2.85 2.6 9.2 Dow Jones US Total Stock Market Index 2.8.5 2.57 5.09 0.68 2.78 2.58 9.27 US Equity: Large Cap Russell 000 Index 2.55 0.57

More information

Summit Strategies Group

Summit Strategies Group June 0, 208 US Equity: All Cap Russell 000 Index 0.65.89.22 4.78.58.29.0 0.2 Dow Jones US Total Stock Market Index 0.66.87.25 4.79.56.22 2.98 0.28 US Equity: Large Cap Russell 000 Index 0.65.57 2.85 4.54.64.7.2

More information

Summit Strategies Group

Summit Strategies Group August, 208 US Equity: All Cap Russell 000 Index.5 7.65 0.9 20.25 5.86 4.25 5.50 0.89 Dow Jones US Total Stock Market Index.48 7.64 0.4 20.26 5.82 4.2 5.45 0.94 US Equity: Large Cap Russell 000 Index.45

More information

Summit Strategies Group

Summit Strategies Group October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67

More information

Endowment Investment Review as of December 31, 2016

Endowment Investment Review as of December 31, 2016 UNIVERSITY OF CALIFORNIA Office of the Chief Investment Officer Endowment Investment Review as of December 31, 2016 Growing Portfolios Building Partnerships UC Investments Table of Contents Office of the

More information

THE UNIVERSITY OF TEXAS SYSTEM GENERAL ENDOWMENT FUND FINANCIAL STATEMENTS

THE UNIVERSITY OF TEXAS SYSTEM GENERAL ENDOWMENT FUND FINANCIAL STATEMENTS FINANCIAL STATEMENTS Year Ended August 31, 2002 and For the Period from Inception (March 1, 2001) to August 31, 2001 Deloitte & Touche LLP Suite 2300 333 Clay Street Houston, Texas 77002-4196 Tel: (713)

More information

Making Sense of Markets Q2 2017

Making Sense of Markets Q2 2017 Making Sense of Markets Q2 2017 Quarterly Performance 2017 LWI Financial Inc. All rights reserved. Unauthorized copying, reproducing, duplicating, or transmitting of this material is prohibited. This webinar

More information

85.3% 0.3% 3.3% 6.5% 0.5% 3.4% U.S. PENSION FUNDING UPDATE. U.S. corporate pension funding decreased by 0.3% in December 2017

85.3% 0.3% 3.3% 6.5% 0.5% 3.4% U.S. PENSION FUNDING UPDATE. U.S. corporate pension funding decreased by 0.3% in December 2017 U.S. PENSION FUNDING UPDATE BlackRock U.S. Client Solutions U.S. corporate pension funding decreased by. in December 217 December 217 BlackRock estimates the average funded status of the largest 1 U.S.

More information

Summit Strategies Group

Summit Strategies Group October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67

More information

Federal Money Market Fund (VMFXX)

Federal Money Market Fund (VMFXX) Federal Money Market Fund (VMFXX) Overview Investment approach Invests primarily in U.S. government agency obligations. Seeks current income. Seeks to maintain a constant $1 net asset value (NAV). Maintains

More information

Ex US Private Equity & Venture Capital Index and Selected Benchmark Statistics. June 30, 2017

Ex US Private Equity & Venture Capital Index and Selected Benchmark Statistics. June 30, 2017 Ex US Private Equity & Venture Capital Index and Selected Benchmark Statistics Disclaimer Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge

More information

ASSET ALLOCATION REPORT

ASSET ALLOCATION REPORT 2018 ASSET ALLOCATION REPORT INTRODUCTION We invite you to review Omnia Family Wealth s 2018 report on expected asset class returns for the next 10 years. While we believe these forecasts reflect a reasonable

More information

Endowment Investment Review as of June 30, 2017

Endowment Investment Review as of June 30, 2017 UNIVERSITY OF CALIFORNIA Office of the Chief Investment Officer ATTACHMENT 1 Endowment Investment Review as of June 30, 2017 Growing Portfolios Building Partnerships UC Investments Table of Contents GEP

More information

The Realities of Diversification

The Realities of Diversification The Realities of Diversification October 16, 2018 by Richard Bernstein of Richard Bernstein Advisors Insurance policies always carry a premium that must be paid to the insurer by the insured in exchange

More information

INVESTMENT REVIEW AMBER CARDEN PRIVATE CLIENT ADVISOR CHARLES D SHEPHERD, CFA PORTFOLIO MANAGER

INVESTMENT REVIEW AMBER CARDEN PRIVATE CLIENT ADVISOR CHARLES D SHEPHERD, CFA PORTFOLIO MANAGER INVESTMENT REVIEW PRESENTED TO: AUSTIN COMMUNITY FOUNDATION RELATIONSHIP AMBER CARDEN PRIVATE CLIENT ADVISOR 512.397.2717 DAVE ZEITZ PRIVATE CLIENT MANAGER 512.397.2820 CHARLES D SHEPHERD, CFA PORTFOLIO

More information

Ex US Private Equity & Venture Capital Index and Selected Benchmark Statistics. September 30, 2017

Ex US Private Equity & Venture Capital Index and Selected Benchmark Statistics. September 30, 2017 Ex US Private Equity & Venture Capital Index and Selected Benchmark Statistics Disclaimer Our goal is to provide you with the most accurate and relevant performance information possible; as a result, Cambridge

More information

A Summary of the Rogers International Commodity Index 3 rd Quarter 2017

A Summary of the Rogers International Commodity Index 3 rd Quarter 2017 A Summary of the Rogers International Commodity Index 3 rd Quarter 2017 The Rogers International Commodity Index (RICI ) was developed by Jim Rogers to be an international, diversified, investable raw

More information

Marquette Associates Market Environment

Marquette Associates Market Environment M Marquette Associates Market Environment April 2010 U.S. Economy Fixed Income Markets U.S. Equity Markets International Equity Markets Hedge Fund Markets Real Estate Markets Private Equity and Hedge Fund

More information

Wells Fargo Target Date CITs E3

Wells Fargo Target Date CITs E3 All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:

More information

Capital Markets Charts 2004 Series

Capital Markets Charts 2004 Series Capital Markets Charts 2004 Series (Performance Charts) Charts 1 15 Reminder: You must include the Glossary of Indices and disclosure pages with all charts you select to use, either individually or as

More information

State Board of Administration of Florida. Major Mandate Review First Quarter 2013

State Board of Administration of Florida. Major Mandate Review First Quarter 2013 State Board of Administration of Florida Major Mandate Review First Quarter 2013 (This page left blank intentionally) 2 Table of Contents 1. Executive Summary 2. Pension Plan Review 3. Investment Plan

More information

INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS

INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS 1 TABLE OF CONTENTS CHAPTER PAGE I. GENERAL INFORMATION 3 II. FUND OBJECTIVES & EXPECTATIONS 4 III. RISK MANAGEMENT & GUIDELINES 6 IV. INVESTMENT MANAGERS

More information

INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS

INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS INVESTMENT POLICY STATEMENT TEXAS ENDOWMENT FUNDS 1 TABLE OF CONTENTS CHAPTER PAGE I. GENERAL INFORMATION 3 II. FUND OBJECTIVES & EXPECTATIONS 4 III. RISK MANAGEMENT & GUIDELINES 6 IV. INVESTMENT MANAGERS

More information

Endowment Management Review

Endowment Management Review Endowment Management Review Asset Allocation Review UNIVERSITY LVX 1861 SIT WASHINGTON OF July 19, 2007 Published by the Treasury Office July 2007 Annual Asset Allocation Review Table of Contents Summary

More information

University of South Carolina Foundations

University of South Carolina Foundations COMPOSITE PERFORMANCE REVIEW Report for Periods Ending December 31, 2016 University of South Carolina Foundations Presented by: Scott B. Harsh President & CEO Stephen M. Hodson, CFA, CAIA Senior Vice President

More information

Endowment Investment Policy

Endowment Investment Policy Endowment Investment Policy Endowment Investment Policy Approved by the Board of Trustees December 15, 2007 Page 2 Purdue University Endowment Investment Policy Introduction This Investment Policy governs

More information

Commercial Real Estate s Correlation to Other Asset Classes June 2015

Commercial Real Estate s Correlation to Other Asset Classes June 2015 Commercial Real Estate s Correlation to Other Asset Classes June 2015 Executive Summary The theory of diversification (Markowitz 1952) suggests that putting all of your eggs in one basket (or asset class)

More information

Investment Perspectives. From the Global Investment Committee

Investment Perspectives. From the Global Investment Committee Investment Perspectives From the Global Investment Committee Introduction Domestic equities continued to race ahead during the fourth quarter of 2014 amid spikes in volatility, dramatic declines in oil

More information

Fresno County Employees' Retirement Association

Fresno County Employees' Retirement Association Fresno County Employees' Retirement Association Investment Performance Review Period Ending: December 31, 2006 999 Third Avenue, Suite 3650 2321 Rosecrans Avenue, Suite 2250 Seattle, Washington 98104 El

More information

Performance Review May 17, 2018

Performance Review May 17, 2018 Performance Review May 17, 2018 Cost-Efficiencies Initiative Update Goal: Obtain $100 million of incremental cost-efficiencies for the NCRS investment program, consistent with fiduciary requirements and

More information

KP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX

KP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement

More information

University of South Carolina Development Foundation

University of South Carolina Development Foundation COMPOSITE PERFORMANCE REVIEW Report for Periods Ending March 31, 2018 University of South Carolina Development Foundation Presented by: Scott B. Harsh President & CEO Stephen M. Hodson, CFA, CAIA Senior

More information

GIPS List of Composite Descriptions

GIPS List of Composite Descriptions GIPS List of Composite Descriptions Updated 5/12/14 Concentrated Growth Composite-330 Concentrated Growth portfolios, benchmarked to the Russell 1000 Growth Index, take concentrated positions in larger

More information

KP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX

KP Retirement Path 2050 Fund: KPRHX. KP Retirement Path 2055 Fund: KPRIX. KP Retirement Path 2060 Fund: KPRJX. KP Large Cap Equity Fund: KPLCX The KP Funds KP Retirement Path 2015 Fund: KPRAX KP Retirement Path 2020 Fund: KPRBX KP Retirement Path 2025 Fund: KPRCX KP Retirement Path 2030 Fund: KPRDX KP Retirement Path 2035 Fund: KPREX KP Retirement

More information

Monthly Risk-Return Report As of May 31, 2016

Monthly Risk-Return Report As of May 31, 2016 Monthly Risk-Return Report As of May 31, 2016 Asset Allocation......Page 1 Returns........Page 2 Risk............Page 3 Portfolio Changes......Page 4 Benchmarks..... Page 5 Based on actual BNY Mellon data

More information

THE UNIVERSITY OF TEXAS SYSTEM LONG TERM FUND FINANCIAL STATEMENTS

THE UNIVERSITY OF TEXAS SYSTEM LONG TERM FUND FINANCIAL STATEMENTS FINANCIAL STATEMENTS Years Ended August 31, 2001 and 2000 Deloitte & Touche LLP Suite 2300 333 Clay Street Houston, Texas 77002-4196 Tel: (713) 982-2000 Fax: (713) 982-2001 www.us.deloitte.com INDEPENDENT

More information

City of Fort Walton Beach, Florida Beal Memorial Cemetery Perpetual Care Fund

City of Fort Walton Beach, Florida Beal Memorial Cemetery Perpetual Care Fund City of Fort Walton Beach, Florida Beal Memorial Cemetery Perpetual Care Fund Investment Performance Review Investment Advisors Steven Alexander, CTP, CGFO, CPPT, Managing Director Khalid Yasin, CIMA,

More information

Global Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions

Global Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: Global Equities $912.3 million $53.9 million Year Founded: GIMA Status:

More information

International Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions

International Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: International Equities $912.3 million $36.3 million Year Founded: GIMA

More information

MFS Investment Management 500 Boyleston Street Boston, Massachusetts 02116

MFS Investment Management 500 Boyleston Street Boston, Massachusetts 02116 Investment Management 500 Boyleston Street Boston, Massachusetts 02116 MANAGER'S INVESTMENT PROCESS RISK CONSIDERATIONS Bottom-up idea generation within a sector-neutral framework, managed by a team of

More information

(Comparisons Charts)

(Comparisons Charts) (Comparisons Charts) IFS-A76904 Charts 1-10 Reminder: You must include the Glossary of Indices and disclosure pages with all charts you select to use, either individually or as a group. Information as

More information

F U N D E V A L U A T I O N R E P O R T

F U N D E V A L U A T I O N R E P O R T F U N D E V A L U A T I O N R E P O R T Santa Barbara Foundation Performance Update M E K E T A I N V E S T M E N T G R O U P BOSTON MASSACHUSETTS CHICAGO ILLINOIS MIAMI FLORIDA PORTLAND OREGON SAN DIEGO

More information

Capital Markets Charts 2004 Series

Capital Markets Charts 2004 Series Capital Markets Charts 2004 Series (Comparisons Charts) Charts 1-4 Reminder: You must include the Glossary of Indices and disclosure pages with all charts you select to use, either individually or as a

More information

THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE INVESTMENT POLICY AND ADMINISTRATIVE GUIDELINES. Table of Contents

THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE INVESTMENT POLICY AND ADMINISTRATIVE GUIDELINES. Table of Contents THE UNIVERSITY FOUNDATION AT SACRAMENTO STATE INVESTMENT POLICY AND ADMINISTRATIVE GUIDELINES Table of Contents 1.0 General Guidelines........ 2 1.1 Scope and Purpose....... 2 1.2 Responsibilities of The

More information

Monthly Risk-Return Report As of February 28, 2017

Monthly Risk-Return Report As of February 28, 2017 Monthly Risk-Return Report As of February 28, 2017 Asset Allocation......Page 1 Returns........Page 2 Risk............Page 3 Portfolio Changes......Page 4 Benchmarks..... Page 5 Based on actual BNY Mellon

More information

Portfolio Summary 31-Dec-10

Portfolio Summary 31-Dec-10 Portfolio Summary Portfolio Return (NCRS) vs. Benchmark 13.1% 12.85% 12.41% 11.61% 1,496 12,68 Assets Under Management ($mil) $85.43 Billion as of December 31, 21 1,351 9,879 1,45 11,248 1,597 11,415 4.67%

More information

CUSIP SECURITY DESCRIPTION % of Total

CUSIP SECURITY DESCRIPTION % of Total 36191E870 GUIDEMARK GLOBAL REAL RETURN INST 3.97% 36191K207 GUIDEMARK LARGE CAP GROWTH INST 7.04% 36191K405 GUIDEMARK LARGE CAP VALUE INST 7.63% 36191K603 GUIDEMARK SMALL/MID CAP CORE INST 9.24% 36191K801

More information

Annual. Financial Performance Reports. August 2, 2007 Board of Trustees Finance & Audit Workgroup

Annual. Financial Performance Reports. August 2, 2007 Board of Trustees Finance & Audit Workgroup Annual Financial Performance Reports August 2, 2007 Board of Trustees Finance & Audit Workgroup Index Annual Investment Report 3-12 Debt Management Report.. 13-21 Derivatives Profile.......22-23 Variable

More information

TMRS Quarterly Summary. Period Ended: December 31, 2015

TMRS Quarterly Summary. Period Ended: December 31, 2015 TMRS Quarterly Summary Period Ended: December 31, 2015 Capital Markets Review Fourth Quarter Economic Environment Key Economic Indicators World equity markets rallied in October following a period of heightened

More information

Capital Markets Outlook 100 LOWDER BROOK DRIVE SUITE 1100 WESTWOOD MA FAX

Capital Markets Outlook 100 LOWDER BROOK DRIVE SUITE 1100 WESTWOOD MA FAX M E K E T A I N V E S T M E N T G R O U P 00 LOWDER BROOK DRIVE SUITE 00 WESTWOOD MA 02090 78 47 3500 FAX 78 47 34 Investors are faced with three primary issues in the near-term: ) historically low bond

More information

Fidelity Growth Portfolio

Fidelity Growth Portfolio Fidelity Growth Portfolio Annual Management Report of Fund Performance June 3, 217 Caution Regarding Forward-looking Statements Certain portions of this report, including, but not limited to, Results of

More information

Investment Policies and Objectives. of the

Investment Policies and Objectives. of the Investment Policies and Objectives of the Lower Colorado River Authority 401(k) Plan And the Lower Colorado River Authority Deferred Compensation Plan Effective as of August 17, 2015 The Lower Colorado

More information

Pooled Fund Annualized Returns

Pooled Fund Annualized Returns Pooled Fund Annualized Returns PERIODS ENDING MARCH 31, 2017 All returns expressed as a percentage in Canadian Dollars SHORT TERM 25 20 15 10 5 4 3 2 1 YEARS YEARS YEARS YEARS YEARS YEARS YEARS YEARS YEAR

More information

INVESTMENT POLICY STATEMENT STATE WATER IMPLEMENTATION FUND FOR TEXAS

INVESTMENT POLICY STATEMENT STATE WATER IMPLEMENTATION FUND FOR TEXAS INVESTMENT POLICY STATEMENT STATE WATER IMPLEMENTATION FUND FOR TEXAS 1 TABLE OF CONTENTS CHAPTER PAGE CHAPTER I. GENERAL INFORMATION 3 SECTION 1. FUND BACKGROUND & PURPOSE 3 SECTION 2. FUND ADMINISTRATION:

More information

Capital Market Review

Capital Market Review Capital Market Review September 3, 215 Percent Percent MARKET/ECONOMIC OVERVIEW Risk Reprices Rapidly 2,2 1,9 1,6 1,3 S&P 5 April 29, 211 to Oct 3, 211 157 Days -19.4% May 21, 215 to Sep 3, 215 132 Days

More information

MINNESOTA STATE UNIVERSITY MOORHEAD ALUMNI FOUNDATION. Investment Policy. General Overview

MINNESOTA STATE UNIVERSITY MOORHEAD ALUMNI FOUNDATION. Investment Policy. General Overview MINNESOTA STATE UNIVERSITY MOORHEAD ALUMNI FOUNDATION Policy General Overview The Minnesota State University Moorhead Alumni Foundation, Inc. is a publicly supported corporation that has been determined

More information

CFI Multi-Strategy Equity Fund, LLC Objective and Strategy September 30, 2015

CFI Multi-Strategy Equity Fund, LLC Objective and Strategy September 30, 2015 Objective and Strategy OBJECTIVE To offer an actively managed, multi-manager investment program that will provide broad exposure to global equity markets. The fund seeks to add value net of fees above

More information

VCU FOUNDATION INVESTMENT/SPENDING POLICY

VCU FOUNDATION INVESTMENT/SPENDING POLICY VCU FOUNDATION INVESTMENT/SPENDING POLICY I. INTRODUCTION Statement of Purpose and Objectives This policy is issued by the Board of Trustees of the Virginia Commonwealth University Foundation (the Foundation

More information

MEASUREMENT OF VALUE ADDED THROUGH MERCER S MANAGER RESEARCH RECOMMENDATIONS SEPTEMBER 2015

MEASUREMENT OF VALUE ADDED THROUGH MERCER S MANAGER RESEARCH RECOMMENDATIONS SEPTEMBER 2015 MEASUREMENT OF VALUE ADDED THROUGH MERCER S MANAGER RESEARCH RECOMMENDATIONS SEPTEMBER 2015 CONTENTS 1. Introduction... 1 2. Summary of value added through Mercer s Manager Research recommendations...

More information

Pooled Fund Annualized Returns Periods Ending March 31, 2018

Pooled Fund Annualized Returns Periods Ending March 31, 2018 Pooled Fund Annualized Returns Periods Ending March 31, 2018 SHORT TERM 25 20 15 10 5 1 YEARS YEARS YEARS YEARS YEARS YEAR Short Term Fund 1 2.9 2.4 1.7 0.9 0.8 0.8 FTSE TMX Canada 30 Day Treasury Bill

More information

Monthly Bulletin May J.P. Morgan Luxembourg based fund ranges

Monthly Bulletin May J.P. Morgan Luxembourg based fund ranges Monthly Bulletin May 2018 J.P. Morgan Luxembourg based fund ranges Performance summary for Equity Fund Range EQUITY US A (dist) - USD 2.1-5.3 14.9 33.1 79.9 14.6 15.7-1.0 8.2 25.2 JPM America Equity A

More information

THE UNIVERSITY OF TEXAS SYSTEM GENERAL ENDOWMENT FUND FINANCIAL STATEMENTS

THE UNIVERSITY OF TEXAS SYSTEM GENERAL ENDOWMENT FUND FINANCIAL STATEMENTS FINANCIAL STATEMENTS Year Ended August 31, 2003 and 2002 MANAGEMENT S DISCUSSION AND ANALYSIS (MD&A) Our discussion and analysis of The University of Texas System General Endowment Fund s (Fund) financial

More information

Fund Performance Summary as of December 31, 2017

Fund Performance Summary as of December 31, 2017 Supplemental Income at Retirement Plan (SIRP) Fund Performance Summary as of December 31, 2017 Fund YTD 1 Year 2 Years 3 Years 5 Years 10 Years General Fixed Income 1 3.58% 3.58% 3.71% 3.83% 4.07% 4.90%

More information

THE ALTERNATIVES BASKET

THE ALTERNATIVES BASKET THE ALTERNATIVES BASKET Real Assets Real Estate Private Equity Hedge Funds Infrastructure Distressed Debt Alternatives: a spectrum of opportunities from low risk fixed income substitutes to high risk/high

More information

Portfolio Summary 31-Dec-11

Portfolio Summary 31-Dec-11 Portfolio Summary Portfolio Return (NCRS) vs. Benchmark Assets Under Management ($mil) $85.04 Billion as of December 31, 2011 10.05% 9.46% 3.88% 3.82% 2.12% 3.12% 2.67% 2.78% 5.42% 5.36% 1,351 9,879 1,450

More information

Wells Fargo Target Date Funds

Wells Fargo Target Date Funds All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:

More information

Raymond James & Associates, Inc., member New York Stock Exchange/SIPC

Raymond James & Associates, Inc., member New York Stock Exchange/SIPC Kevin W. Byrne, CTFA, CIMA Senior Vice President, Investments Kevin.Byrne@RaymondJames.com October 20 th, 2016 BCM Q3-2016 Market and Economic Review Economic Review: GDP: Real GDP increased at an annual

More information

PALM TRAN, INC./ATU LOCAL 1577 PENSION FUND INVESTMENT PERFORMANCE PERIOD ENDING MARCH 31, 2011

PALM TRAN, INC./ATU LOCAL 1577 PENSION FUND INVESTMENT PERFORMANCE PERIOD ENDING MARCH 31, 2011 PALM TRAN, INC./ATU LOCAL 1577 PENSION FUND INVESTMENT PERFORMANCE PERIOD ENDING MARCH 31, 2011 NOTE: For a free copy of Part II (mailed w/i 5 bus. days from request receipt) of Burgess Chambers and Associates,

More information