University of North Florida Foundation, Inc. Statement of Investment Objectives and Policies
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1 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 Endowment ) to govern the investment management of those assets advised by Morgan Creek Capital Management ( Morgan Creek ). The intent of the Policy is to comply with requirements imposed on governing boards by Florida s Uniform Management of Institutional Funds Act (UMIFA). The investment policies described below are designed to ensure prudent management of the assets in order to serve the best interests of persons that rely on the distributions from these assets. Investment policies were developed with the long-term interests of the Endowment in mind, adhere to accepted investment and financial management principles, addressed institution s present and anticipated financial resources, considered other resources of the institution and an asset s special relationship or special value, if any, to the purposes of the applicable gift instrument or to the institution. I. INVESTMENT OBJECTIVES Rate of Return Objectives A. The primary long-term management objective of the Endowment is to preserve the real 1 purchasing power of the assets, while providing a predictable, stable and constant (in real terms) stream of earnings. B. The long-term investment objectives of the Endowment are: (1) To earn an average annual real total return 2 of at least 6% per year, net of all fees, including management advisory fees and custody charges, over rolling five and ten-year periods; and (2) To earn a rate of return, net of all fees, in excess of a 80% S&P 500 Index/20% Lehman Brothers Aggregate Bond Index benchmark over rolling five and ten-year periods. C. The short-term investment objectives of the Endowment are: (1) To earn a rate of return that exceeds the return of the Strategic Investment Policy Portfolio ( SIPP as defined by the Consulting Agreement) by 100 basis points over a rolling three-year period; and (2) To earn a rate of return that places the Endowment among the top quartile of the largest foundation and endowment investors over a rolling three-year period. 1 A real return refers to a nominal return adjusted for price inflation, as follows: (1 + nominal rate)/(1 + inflation rate) = (1 + real rate). 2 Real total return is the sum of capital appreciation (or depreciation) and current income in the form of dividends, interest, or rent adjusted for inflation as measured by the Consumer Price Index-W as published by the U.S. Department of Labor, Bureau of Labor Statistics. 1
2 Risk Tolerance In light of the Endowment's long-term time horizon, the Endowment can assume an above-average level of risk, when risk is defined as standard deviation of returns. Reasonable consistency of returns is desirable as a means of providing stability to the process of managing the Endowment. Asset allocation guidelines and the investment manager structure should ensure adequate diversification in order to reduce the volatility of investment returns over the long-term. Investment Constraints (1) Liquidity: Annual liquidity needs are expected to be low. Except for investment purposes, taxes, and distribution requirements, the Endowment requires no sizable liquid reserves. Potential sources of liquidity include new investments in the Endowment and the sale of marketable securities, if necessary, to raise cash on short notice. (2) Time Horizon: The Endowment has a long-term horizon, which extends well beyond a normal market cycle and, for the purpose of investment strategy, can be considered to be in perpetuity. (3) Tax Considerations: The Endowment is not subject to federal or state income tax. Tax considerations are not a meaningful constraint for the Endowment and securities with tax-exempt features should be avoided under all but the most unusual circumstances. In addition, the potential for unrelated business taxable income (UBTI) to the Endowment should be evaluated when making investment decisions. Although UBTI investments are not restricted, they should be carefully monitored and evaluated in the total Endowment portfolio. II. STRUCTURE OF THE ENDOWMENT AND RELATIONSHIP WITH MORGAN CREEK A. The Investment Committee of the University of North Florida, Inc., (the Investment Committee ) will establish the Endowment s investment objectives and policies and monitor implementation and investment performance. The Committee will also have discretion as to allocations to Morgan Creek Funds and individual investment managers. The Investment Committee will not have individual manager discretion inside of Morgan Creek Funds. Morgan Creek is responsible for recommending changes to the board in regards to developing and refining investment policy, recommending investment funds and advisors and for monitoring policy implementation and investment performance. 2
3 B. The Endowment assets are managed primarily by external investment firms and advisors. Both separate accounts and commingled vehicles (e.g., mutual funds, limited partnerships, common trust funds) may be used. C. In general, the Endowment pays its investment managers fees using various methodologies such as asset-based fee schedules (after any eleemosynary discounts), and performance-based fees (e.g., through a sharing of the profile above a certain benchmark) to better align its interests with those of the investment manager. D. The Endowment s investments shall be diversified by asset class (e.g. common stocks and fixed income securities) and within asset classes (e.g. within common stocks by economic sector, geographic area, industry, quality, and size). In general, Morgan Creek will seek to diversify the Endowment s exposure to all asset classes by hiring multiple investment managers, which will use a variety of investment approaches. It is the Endowment s intention that no investment manager will represent more than 5% (at market value) of the portfolio; however, exceptions to this guideline may be made to take advantage of a particular investment strategy. The purpose of diversification is to provide reasonable assurance that no single security, class of securities or investment manager has a disproportionate impact on the Endowment s aggregate results. III. PORTFOLIO COMPOSITION A. The Endowment will be a broadly diversified portfolio with assets allocated in a manner that is intended to achieve the return objective of inflation plus 6 percent per year. The long-term strategic asset allocation guidelines and tactical ranges are provided below. Asset allocation guidelines reflect both the diversified profile of the portfolio and the need to emphasize equityrelated investments to achieve the return objective. In addition, the Endowment's vulnerability to the effects of inflation dictates more of an emphasis on equity rather than fixed income investments. The long-term strategic asset mix targets are shown below. The associated guideline ranges provide flexibility for shifts in the actual asset allocation to take advantage of market conditions. The actual asset allocation may fall outside the guidelines based upon a determination by Morgan Creek that the allocation is appropriate under the circumstances. Asset Class Target (%) Range (%) Domestic Equity International Equity Opportunistic Equity Absolute Return Private Equity Real Estate Energy & Natural Resources Enhanced Fixed Income Traditional Fixed Income
4 B. Decisions regarding allocations among asset classes, or the addition of new asset classes, will be made when such actions are expected to produce incremental return, reduce risk or both. The investment characteristics of an asset class, including expected return, risk, correlation and its overall role in the portfolio, will be analyzed when making such decisions. It is expected that extreme individual positions will be avoided to prevent the possibility of a significant reduction in value due to adverse market conditions. C. Each asset class shown above has a defined role within the overall asset allocation structure of the Endowment. These roles are defined below: Domestic and International Equity -- Provide long-term capital appreciation in excess of inflation. Domestic and International common stocks are the dominant asset classes in the Endowment. International equities are included primarily to enhance return but also to control volatility. The Domestic Equity portfolio includes both large and small capitalization portfolios of different investment styles (i.e., growth, value, opportunistic, diversified, etc.), and the International Equity portfolio is diversified across exposures to developed and emerging markets opportunities. Opportunistic Equity -- Enhance the overall return profile of the portfolio through the inclusion of specialized investment strategies that take advantage of periodic inefficiencies that exist in the markets. The returns from these strategies have historically been uncorrelated with the traditional equity markets and have provided diversification benefits in addition to portfolio return enhancement. Absolute Return -- Provide consistent, stable streams of investment returns through the use of arbitrage and other non-directional strategies. These programs have generated significant levels of real returns over time with very low volatility and provide return enhancement and diversification benefits to the overall portfolio; however, given the tax inefficiency of the vast majority of these strategies, the real returns generated by these strategies after taxes are not generally attractive, unless the portfolio is adequately diversified and prudently levered. Private Equity -- By serving as substitutes for domestic and global common stocks, the role of these investments is to provide high real returns and control volatility. Over the long-term, the private equity allocation is expected to be approximately one-half in traditional venture capital and onehalf in buyout strategies. Real Estate -- Primarily serves as a hedge against high-unanticipated general price inflation, but is also a source of current income. Investments 4
5 in this area include private portfolio investments, which focus on specific niche markets within the real estate sector or public REIT investments which provide a more liquid means of gaining exposure to the asset class. Energy and Natural Resources -- Principally included as a hedge against unanticipated inflation that could have an adverse effect on the balance of the portfolio investments. These strategies include direct energy investments, energy security investments, commodity-linked notes and direct investments in commodity indices or the futures markets. The lack of correlation with the balance of the portfolio makes the diversification benefits of these investments the principal attraction. Traditional and Enhanced Fixed Income -- Fixed Income investments are intended to preserve principal during periods of deflation, provide a source of current income and reduce overall portfolio volatility. These portfolios are primarily domestically focused but do include exposure to international and emerging markets debt as well. D. The Investment Committee may change targets and ranges at any time as stated in paragraph III (A), at its discretion, however, it is anticipated that these changes will be infrequent. E. In order to achieve the target allocations over time to certain equity categories listed in paragraph III (A), the Investment Committee recognizes that, in certain instances, it may be necessary to make commitments that total in excess of the targeted percentages. These commitments are necessary because the Endowment is growing, commitments are typically drawn down over a period of three to five years and distributions often begin before the commitments are fully drawn down. F. The Investment Committee recognizes that investments in the Private Equity and Real Asset categories are typically long-term investments that may provide little, if any, current income and often produce negative returns and cash flows in their early years because of management fees and write-offs. Therefore, to mitigate this effect and produce smooth returns, Morgan Creek will attempt to spread out commitments to these categories of investments over a reasonable period of time to achieve time diversification. G. At Morgan Creek's discretion, investment managers may be permitted to own both long and short positions in the equity and fixed income markets, as outlined in the managers' individual guidelines. Seeking investment managers, who take advantage of this flexibility to enhance portfolio return and reduce portfolio risk, acknowledges that the capital markets are becoming increasingly competitive. To generate competitive returns going forward, investment managers may have to use varied approaches -- not only owning both long and short positions, but also owning multiple asset classes (e.g., stocks, bonds, and currencies, both foreign and domestic) and derivative instruments (e.g., futures, options, options on futures). 5
6 H. In recognition of the globalization of the equity and fixed income markets, the investment managers may, in general, hold foreign as well as domestic securities and derivative instruments in their portfolios, subject to any constraints outlined in the individual manager guidelines prescribed by Morgan Creek. I. Decisions as to individual security selection position size, quality, number of industries and holdings, yield, turnover, and use of derivative securities, commodities, and currencies are left to broad manager discretion, subject to the individual investment guidelines developed specifically for each manager and subject to the fiduciary standard applicable to that investment. J. New cash flow will be allocated to investment managers and/or advisors by the Endowment based on the recommendations of Morgan Creek, while adhering to the asset allocation guidelines laid out in paragraph III (A). K. Investment firms managing the Endowment portfolio are expected to act in an ethical manner and with integrity in all phases of the investment process. As a minimum requirement, it is expected that investment managers will comply with The Code of Ethics and The Standards of Professional Conduct as established by the CFA Institute. Investments made with firms that provide separate account management of the Endowment assets will be provided with individual statements of investment objectives and guidelines that will govern the management of those portfolios. These guidelines will address issues such as performance benchmarks, risk parameters, industry or single holding limitations and quality issues. IV. INVESTMENT MANAGER SELECTION AND PERFORMANCE EVALUATION Manager Selection Criteria Morgan Creek Funds and individual investment managers utilized to manage the Endowment assets shall be approved by the Investment Committee, based upon recommendations from Morgan Creek. In performing manager due diligence, Morgan Creek endeavors to follow a process that we believe is consistent with the Prudent Investor Standard and one that reflects best practices in our industry. Our due diligence process focuses on the people, process and philosophy of the investment firms we work with on behalf of our clients and is an ongoing process throughout the life of the relationship, not merely a simplistic check list completed prior to allocation of capital. The Morgan Creek process will include, but is not limited to, personal reference checks, analysis of historical investment track record, review of primary service providers, client reference checks, review of legal documents, as well as other activities and actions which Morgan Creek believes may help in the evaluation of managers. Our primary assertion is that people, not institutions, manage money and therefore it is critical to evaluate the ethical culture of investment firms and assess the honesty and integrity of the principals who may have an impact on the management of the relationship going forward. 6
7 Performance Evaluation Performance shall be measured on a total return, time-weighted basis and presented for the most recent quarter, year-to-date and the trailing one, two, three and fiveyear periods in a compound annual return format. In order to facilitate performance comparisons, investment results are shown net of fees. Time-weighted total returns will be compared to the appropriate passive market benchmarks and active manager universes for each asset class and investment philosophy. Specific Return Targets Rate of return objectives, both on an absolute basis and relative to appropriate benchmarks, are expected to be met on a cumulative basis over rolling three to fiveyear time horizons. While individual investment managers will be evaluated relative to their specific benchmarks, the objectives for the Endowment and the major asset classes are summarized as follows: A. Over the long-term (five-year periods and longer), the Endowment performance objective will be to achieve an annualized total rate of return equal to or exceeding the U.S. Government Consumer Price Index plus 6 percent per year. In addition, the Endowment is expected to exceed a benchmark that is weighted 80% S&P 500 Index/20% Lehman Brothers Aggregate Bond Index, net of fees and commissions. For shorter periods of time (less than five years), other blended indices such as the SIPP will also be utilized. In addition, the Endowment will be evaluated relative to institutional tax-exempt funds, such as educational endowment funds and foundations that have similar investment objectives. It is expected that performance should be in the upper quartile of the investment return distribution for such funds. B. Morgan Creek constructed the SIPP such that the weights assigned to the relevant indices for each asset class are based on the strategic asset allocation targets for the Endowment (see section III-A). While changes are not expected to be frequent, changing market conditions, new product developments, etc. will require that the SIPP be adjusted as strategic asset allocation targets shift. The annualized total rate of return of the Endowment portfolio is expected to exceed the SIPP, net of fees and commissions, over rolling three to five-year time horizons. The indices used to compute the SIPP and the associated weights are described below. Asset Class Target (%) Index Domestic Equity 15 Russell 3000 International Equity 20 80% EAFE, 20% EM Opportunistic Equity 10 50% MSCI World + 4% Absolute Return Day U.S. T-Bills + 3% Private Equity 15 50% CA VC, 50% CA PE Real Estate % NCREIF, 50% NAREIT Energy & Natural Resources % GSCI, 50% Real 3% 7
8 Enhanced Fixed Income 5 50% JPM GB, 50% LB HY Traditional Fixed Income 10 Lehman Aggregate (1) Russell 3000 Index -- this index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. 15% of the SIPP will be the return of this index. (2) MSCI EAFE Index -- this is a free float-adjusted market capitalization index that is designed to measure developed market equity performance, excluding the US & Canada. 16% of the SIPP will be the return of this index. (3) MCSI Emerging Markets Index -- this is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. 4% of the SIPP will be the return of this index. (4) MSCI World Index -- this is a free float-adjusted market capitalization index that is designed to measure global developed market equity performance. 10% of the SIPP will be 50% of the return of this index plus 4%. (5) 90-Day US T-Bills -- short-term U.S. treasury securities with minimum denominations of $10,000 and a maturity of three months. They are issued at a discount to face value. 10% of the SIPP will be the return associated with these securities plus 3%. (6) Cambridge Associates Venture Capital Index -- this index is based on returns data compiled on funds representing over 80% of the total dollars raised by U.S. venture capital managers between 1981 and % of the SIPP will be the return of this index. (7) Cambridge Associates Private Equity Index -- this 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 situations managers between 1986 and % of the SIPP will be the return of this index. (8) National Council of Real Estate Investment Fiduciaries (NCREIF) Index -- this index is based on returns data collected from the voting members of NCREIF and includes both income and appreciation components. 3.75% of the SIPP will be the return of this index. (9) National Association of Real Estate Investment Trusts (NAREIT) Index -- this is a market capitalization-weighted index which consists of 151 equity REITs. The requirement for inclusion in the index is simply for a company to be an exchange-listed equity REIT, no minimum size or liquidity requirement exists. 3.75% of the SIPP will be the return of this index. 8
9 (10) Goldman Sachs Commodities Index (GSCI) -- this is a composite index of commodity sector returns, representing an unleveraged, longonly investment in commodity futures that is broadly diversified across the spectrum of commodities. 7.5% of the SIPP will be 50% of the return of this index plus 50% of a real 3% return (i.e. adjusted for inflation). (11) JP Morgan Global Bond Index -- this is a capitalization-weighted index of the total return of the global government bond markets (including the U.S.) including the effect of currency. Countries and issues are included in the index based on size and liquidity. 2.5% of the SIPP will be the return of this index. (12) Lehman High Yield Bond Index -- this index consists of all noninvestment grade U.S. and Yankee bonds with a minimum outstanding amount of $100 million and maturing over one year. 2.5% of the SIPP will be the return of this index. (13) Lehman Aggregate Bond Index -- a composite index made up of the Lehman Brothers Government/Corporate Bond Index, Mortgage-Backed Securities Index and Asset-Backed Securities Index, which includes securities that are of investment-grade quality or better, have at least one year to maturity and have an outstanding par value of at least $100 million. 10% of the SIPP will be the return of this index. 9
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