Fund Evaluation Group, LLC. Coffee with the Consultant. September 2, Bruce A. Benjamin Managing Principal
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1 Fund Evaluation Group, LLC Coffee with the Consultant September 2, 2015 Bruce A. Benjamin Managing Principal
2 FEG PROFILE Founded 1988 Ownership Structure Employee owned, broad equity structure Assets Under Advisement Approximately $49 billion 1 Nonprofit Focus Nonprofits represent approximately 78% of our full-service client base 2 Mission Services Locations Website Empower our clients to achieve their goals through superior investment performance, objective insights, research, and education Consulting, Consulting Implemented Services, Outsourced Chief Investment Officer (OCIO), Research Cincinnati, OH (Headquarters), Indianapolis, Detroit; Presence in East Coast Region FEG is independent, 100% employee owned, with broad equity ownership, ensuring that clients come first Fund Evaluation Group, LLC 2
3 FEG INVESTMENT SERVICES FEG Consulting FEG Managed Portfolios FEG Research Institutional Consulting Services Policy development Portfolio modeling Manager oversight and recommendations Performance analysis Ongoing analysis Knowledge sharing Outsourced CIO Services Predicated on delivery of best ideas Discretion to manage and implement Administration and operational support Outsourced Research Services Manager research, due diligence, and recommendations Asset allocation Portfolio construction Hedge funds and private capital 2015 Fund Evaluation Group, LLC 3
4 COMMUNITY FOUNDATIONS FEG works with 53 community foundations, representing approximately $4.6 billion in assets under advisement 3 FEG Number of Clients by Client Type (as of March 31, 2015) Healthcare 26 Corporate 22 Religious 35 Other 6 28 Charitable 42 Education 5 69 Community Foundation 53 Non-profit clients represent approximately 80% of FEG s full-service assets under advisement 7 Representative Client List: COMMUNITY FOUNDATIONS Bay Area Community Foundation Berks County Community Foundation Bernard McDonough Foundation Berrien Community Foundation Blue Grass Community Foundation Blue Mountain Community Foundation Charlevoix County Community Foundation Coastal Community Foundation of South Carolina Community Foundation for Brevard Community Foundation of Abilene Community Foundation of Greater Fort Wayne, Inc. Community Foundation of Greater Greensboro Community Foundation of Henderson County Community Foundation of Madison and Jefferson County Community Foundation of North Central Wisconsin Community Foundation of North Florida Community Foundation of Southern New Mexico Community Foundation of the Lowcountry Dearborn Community Foundation, Inc. Fayette County Foundation Findlay-Hancock County Community Foundation Foundation For The Carolinas Fremont Area Community Foundation Greater Green Bay Community Foundation, Inc. Hamilton Community Foundation Henry County Community Foundation Inland Northwest Community Foundation Jackson Community Foundation Kosciusko County Community Foundation Marquette County Community Foundation Middletown Community Foundation Midland Area Community Foundation Mt. Pleasant Area Community Foundation North Carolina Community Foundation, Inc. Ohio County Community Foundation, Inc. Parkersburg Area Community Foundation Petoskey-Harbor Springs Area Community Foundation Saginaw Community Foundation The Alaska Community Foundation The Community Foundation of Jackson County, Inc. The Community Foundation of Louisville The Community Foundation of Muncie and Delaware County, Inc. The Community Foundation of Switzerland County The Dayton Foundation The Greater Cedar Rapids Community Foundation The Greater Cincinnati Foundation The Greater Tacoma Community Foundation The Portland Foundation Unity Foundation of LaPorte County Wabash Valley Community Foundation, Inc. Waccamaw Community Foundation Wichita Community Foundation York County Community Foundation 2015 Fund Evaluation Group, LLC 4
5 FEG S ADVANTAGES Experience with Community Foundations Dedicated to serving nonprofit organizations including their investment, governance and spending needs Tenure of board / committee members we provide a consistent voice Our extensive experience with nonprofits help us better understand your unique needs and promote best practices Firm Size and Structure Promotes Access Large enough to command resource and talent, small enough to offer top tier service and customization Size enables us to offer clients both large, institutional managers, as well as higher-potential niche managers Open architecture platform to maximize investment options and performance Independent, 100% employee owned, broad equity ownership clients come first Depth of Research Team 23 investments professionals, including 11 CFA charterholders, 10 CAIA charterholders, 10 MBAs 4 Dedicated alternatives and hedge fund teams FEG serves as an extension of your staff CFNEA will have direct access to a team of research and operations professionals 2015 Fund Evaluation Group, LLC 5
6 EXPERTISE AND ACCESS Holistic Approach Our research team balances a macro view with asset class specializations Manager Research, Portfolio Modeling and Construction, Capital Markets, and Asset Class Research Intensive Research Effort Investment Policy Committee 26 team members 1 12 CFA charterholders 9 CAIA charterholders 12 MBAs Conducts hundreds of manager meetings annually Monitor investment managers Conduct independent research Produce: Research studies Research Review publications Set FEG s Investment Philosophy Approve investment manager recommendations Establish capital market assumptions Manage strategic portfolio 1 As of March 31, Fund Evaluation Group, LLC 6
7 STRATEGY: CORE BELIEFS Set allocation, construction, and management guidelines. Long-Term Perspective Diversification by Global Risk Factors Valuation Considerations Drive Investment Decisions Skillful Active Management has the Potential to Add Value 2015 Fund Evaluation Group, LLC 7
8 OBJECTIVES: ENHANCING FIDUCIARY OVERSIGHT GOVERNING FIDUCIARIES Investment Committee MANAGING FIDUCIARY Staff and FEG OPERATING FIDUCIARIES Investment Managers Custodian Other Vendors Managing Fiduciary Supporting Fiduciary FEG OCIO Outsourced Investment Department Discretion to Manage & Implement Predicated on Delivery of Best Ideas FEG Consulting Proactive Extension of Staff Collaborative Build Together Client Staff/Committee Own the Process Data source: Pension Fund Excellence, Authors Keith Ambachtsheer & Don Ezra 2015 Fund Evaluation Group, LLC 8
9 IMPLEMENTATION: MANAGER SELECTION PROCESS FEG seeks to identify managers with: Experienced personnel Sound investment philosophy Demonstrated ability to outperform Six-Tenet Manager Review Process CONVICTION CONSISTENCY strong belief in the investment philosophy; willing to put investment decisions ahead of business decisions; invests alongside of clients, aligning interests stability of organizational structure, composition of the investment professionals, and the investment philosophy and process PRAGMATISM understand core strengths and have the ability to capitalize and sustain their competitive edge INVESTMENT CULTURE RISK CONTROL ACTIVE RETURN strong ethical foundation, passionate about investing; proper organizational and compensation structure; culture pervades across organization not blind risk takers, but risk conscious; acknowledge mistakes; robust and effective risk mitigation ability to identify and profit from investment opportunities; successful track record 2015 Fund Evaluation Group, LLC 9
10 MANAGER SELECTION PROCESS The manager selection criteria and detailed process may vary between asset classes, strategies, and access vehicles. The following outlines the typical due diligence stages and process for a manager to reach FEG s recommended coverage status. Source Managers Introductory Meeting Review Due Diligence Questionnaire and Requested Documents Performance Evaluation and Verification Reference Checks - Key Relationships On-site Due Diligence Review and Research Report IPC Approval Recommended Manager 2015 Fund Evaluation Group, LLC 10
11 PORTFOLIO CONSTRUCTION FEG s Investment Philosophy Investment decisions should be made with a long-term perspective Portfolios should be constructed to achieve diversification by global risk factors Valuation considerations should drive investment decisions Skillful active management has the potential to add value Asset Categories Role Risk Global Equity Total Return Stock Market Declines (stocks, private equity, long/short hedge funds) Global Fixed Income and Credit Deflation Protection Rising Rates and/or (bonds, bank loans, credit hedge funds) and Total Return Credit Downgrades Real Assets Inflation Protection Deflation and Total Return (real estate, natural resources, commodities) Diversifying Strategies Diversification and Active Management Total Return (absolute return hedge funds, trading strategies) 2015 Fund Evaluation Group, LLC 11
12 GOALS Long-term return greater than: Spending rate Inflation Administrative expenses Consistent growth in spending each year How to obtain goals: Increase market value prudently to protect spending levels Reduce volatility in year-to-year spending Appropriate asset allocation Appropriate spending policy 2015 Fund Evaluation Group, LLC 12
13 PORTFOLIO CHANGES OVER TIME 100% CF of Greater Fort Wayne Portfolio Change Over Time as of June 30, 2015 U.S. Large Cap U.S. Mid Cap U.S. Small Cap International Developed International Small Cap Emerging Markets Frontier Markets Hedged Equity Private Capital Fixed Income Global Bonds Commodities MLPs Real Estate Abs. Return Hedge Cash 90% 80% 70% 60% 50% 40% 30% 20% 10% 0% Mar-07 Jun-07 Sep-07 Dec-07 Mar-08 Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun-10 Sep-10 Dec-10 Mar-11 Jun-11 Sep-11 Dec-11 Mar-12 Jun-12 Sep-12 Dec-12 Mar-13 Jun-13 Sep-13 Dec-13 Mar-14 Jun-14 Sep-14 Dec-14 Mar-15 Jun Fund Evaluation Group, LLC 13
14 PORTFOLIO SUMMARY AS OF 6/30/15 Target Weights Current Weights Global Equity 60.0% 60.5% Global Fixed 20.0% 19.6% Real Assets 10.0% 8.9% Diversifying Strategies 10.0% 10.7% Cash 0.0% 0.3% Real Assets 8.9% Diversifying Strategies 10.7% Cash 0.3% Global Fixed 19.6% Global Equity 60.5% Liquidity Overview Market Value % of Total Fund Liquid $ 73,420, % Semi-Liquid $ 20,641, % Illiquid $1,301, % Total Fund $ 95,363, % 2015 Fund Evaluation Group, LLC 14
15 BROAD ASSET ALLOCATION Ft. Wayne Targets Yale Targets Broad Allocation Global Equity 60% 50% Global Fixed Income 20 5 Real Assets Diversifying Strategies Risk Expected Return 8.0% 9.8% Standard Deviation 15.7% 17.8% 100 Year Flood Year Monte Carlo Simulation 95th Percentile 15.3% 17.7% 75th Percentile Expected Return th Percentile th Percentile Source: FEG Data 2015 Fund Evaluation Group, LLC 15
16 SOURCE OF RISK AND RETURN Asset Category Role Risk GLOBAL EQUITY U.S. and International Market Cap and Style Private and Public Equity Hedge Funds GLOBAL FIXED INCOME/CREDIT Investment Grade TIPS High Yield Bank Loans Private Debt (Distressed and Mezzanine) Credit Hedge Funds REAL ASSETS Real Estate (Public and Private) Natural Resources (Timber and Energy) Commodities Total Return Deflation Protection and Total Return Inflation Protection and Total Return Stock Market Declines Rising Rates and/or Credit Downgrades Deflation DIVERSIFYING STRATEGIES Absolute Return Hedge Funds Trading Strategies Alpha Engines Diversification and Total Return Active Management 2015 Fund Evaluation Group, LLC 16
17 PERFORMANCE COMPARISON Council on Foundations Investment Return Summary as of March 31st, 2015 (Returns for Periods Longer Than 1 Year are Annualized) Quarter to Date Year to Date Latest 1 Year Latest 3 Years Latest 5 Years Latest 7 Years Latest 10 Years All Participants 2.0% 2.0% 4.7% 8.7% 8.3% 5.6% 6.3% $ 500 Million and Over 2.1% 2.1% 5.3% 9.2% 8.6% 5.9% 6.6% $ Million to $ Million 2.3% 2.3% 5.8% 9.4% 8.8% 5.9% 6.7% $ to $ Million 2.0% 2.0% 3.4% 8.0% 7.7% 5.2% 6.0% CF of Greater Fort Wayne (3/31/15) 1.5% 1.5% 1.8% 7.6% 8.0% 5.5% 5.5% Target Weighted Index Balanced Index CPI + 5% $ 50.0 to $ 99.9 Million 2.0% 2.0% 4.5% 8.6% 8.3% 5.6% 6.3% $ 25.0 to $ 49.9 Million 1.9% 1.9% 4.7% 8.6% 8.0% 5.5% 6.1% $ 5.0 to $ 24.9 Million 1.8% 1.8% 4.7% 9.1% 8.6% 6.0% 6.1% $ 0 to $ 4.9 Million 1.8% 1.8% 4.3% 8.3% 8.2% 60% MSCI World/40% Barclays Aggregate Target Weighted Index is comprised of: 14.0% Russell 1000 Index, 6.0% Russell 2000 Index, 10.0% MSCI AC World Index ex-u.s., 5.0% MSCI Small Cap EAFE Index, 15.0% MSCI Emerging Markets Index, 20.0% Barclays U.S. Aggregate Bond Index, 10.0% HFRI Equity Hedge Index, 3.0% Alerian MLP Index, 4.0% Bloomberg Commodities Index, 3.0% FTSE NAREIT All Equity Index, and 10.0% HFRI FOF: Conservative Index. 2 Balanced Index is comprised of: 70.0% MSCI AC World Index and 30.0% Barclays U.S. Aggregate Bond Index. NACUBO Investment Return Summary as of June 30, 2014 Asset Category Latest 1 Year Latest 3 Years Latest 5 Years Latest 10 Years $500 Million to < $1 Billion 15.8% 9.1% 11.8% 7.3% $100 Million to < $500 Million 15.5% 8.9% 11.8% 7.1% $50 Million to < $100 Million 15.2% 8.7% 11.4% 6.5% CF of Greater Fort Wayne (6/30/14) 17.0% 9.2% 12.9% 6.2% Target Weighted Index Balanced Index CPI + 5% $25 Million to < $50 Million 15.2% 8.9% 11.4% 6.5% Less than $25 Million 15.5% 9.4% 12.0% 6.6% Average (equal-weighted) Higher Education Price Index (HEPI) Russell 3000 Index MSCI ACWI ex-us Barclays U.S. Aggregate Index Target Weighted Index is comprised of: 20.0% Russell 1000 Index, 10.0% Russell Midcap Index, 10.0% Russell 2000 Index, 10.0% MSCI AC World Index ex-u.s., 2.5% MSCI Small Cap EAFE Index, 2.5% MSCI Emerging Markets Index, 30.0% Barclays U.S. Aggregate Bond Index, 5.0% NCREIF Property Index, and 10.0% HFRI Fund of Funds Index. 2 Balanced Index is currently comprised of: 55.0% Russell 3000 Index, 15.0% MSCI AC World Index ex-u.s., and 30.0% Barclays U.S. Aggregate Bond Index Fund Evaluation Group, LLC 17
18 FEES Access to managers through FEG relationship Low fees for well diversified and activity management portfolio Community Foundation of Greater Fort Wayne Breakdown of Fees Market Values as of June 30, 2015 Annual Fee Market Value Committed Capital % of Total MV Weighted Fee Schwab Fundamental Large Cap Index 0.35% $9,217,556 n/a 9.7% 0.03 ishares Russell Midcap Index 0.20% $3,645,656 n/a 3.8% 0.01 DFA US Small Cap Value 0.52% $5,433,064 n/a 5.7% 0.03 AQR International 0.96% $4,667,051 n/a 4.9% 0.05 Schwab Fundamental Int'l Large Co. 0.36% $4,697,212 n/a 4.9% 0.02 DFA International Small Cap Value 0.71% $4,594,910 n/a 4.8% 0.03 DFA Emerging Markets Value 0.61% $5,465,363 n/a 5.7% 0.03 DFA Emerging Markets SC Value 0.82% $5,529,111 n/a 5.8% 0.05 Templeton Frontier Markets Fund 1.85% $2,713,505 n/a 2.8% 0.05 ABS Global Offshore 1.00% $10,427,494 n/a 10.9% 0.11 FEG Private Opportunities Fund II 0.85% $1,301,434 $10,000, % 0.09 DoubleLine Total Return Bond Fund 0.51% $9,414,585 n/a 9.9% 0.05 ishares TIPS Bond ETF 0.20% $2,794,975 n/a 2.9% 0.01 ishares 3-7 Yr. Intm Bond ETF 0.15% $1,885,223 n/a 2.0% 0.00 Loomis Sayles Bond Fund 0.63% $4,554,194 n/a 4.8% 0.03 CBRE Clarion Long/Short REIT 1.64% $2,851,581 n/a 3.0% 0.05 Harvest MLP Fund II 0.75% $2,664,472 n/a 2.8% 0.02 Powershares DB Commodities Index 0.85% $2,958,570 n/a 3.1% 0.03 Magnitude International 1.00% $10,213,969 n/a 10.7% 0.11 Cash 0.00% $333,544 n/a 0.3% - Total Investment Manager Fees 0.80 Total $95,363, % Fund Evaluation Group, LLC 18
19 DISCLOSURES 1 As of March 31, Assets under Advisement include the assets of FEG and its affiliated entities. Some asset values may not be readily available at the most recent quarter end, therefore the previous quarter's values were used for this calculation. The values may be higher or lower, depending on the current market conditions. These accounts are typically nondiscretionary only. Assets under Advisement includes both discretionary assets, over which FEG has full trading authority, and non-discretionary assets which we advise and make recommendations on, but may not have authority to execute or facilitate trades on behalf of the client. AUA includes approximately $45 billion in non-discretionary assets. AUM includes approximately $3.1 billion under discretion and approximately $770 million under discretion in FEG affiliates. 2 Full service clients are (1) are institutional [i.e., excludes third party research engagements, family offices, and natural persons] (2) receive services in addition to reporting and (3) have an asset size of $10 million or more for FEG Consulting and an annual fee of $25,000 or more for FEG Managed Portfolios. 3 As of March 31, Assets under Advisement include the assets of FEG and its affiliated entities. Some asset values may not be readily available at the most recent quarter end, therefore the previous quarter's values were used for this calculation. The values may be higher or lower, depending on the current market conditions. These accounts are typically nondiscretionary only. Assets under Advisement includes both discretionary assets, over which FEG has full trading authority, and non-discretionary assets which we advise and make recommendations on, but may not have authority to execute or facilitate trades on behalf of the client. AUA includes approximately $45 billion in non-discretionary assets. AUM includes approximately $3.1 billion under discretion and approximately $770 million under discretion in FEG affiliates. 4 As of May 31, Education includes Higher Education and Independent Schools. 6 Other is comprised of Insurance, Private Foundation, Public Fund, and Taft Hartley. 7 As of March 31, Assets under Advisement include the assets of FEG and its affiliated entities. Some asset values may not be readily available at the most recent quarter end, therefore the previous quarter's values were used for this calculation. The values may be higher or lower, depending on the current market conditions. These accounts are typically nondiscretionary only. Assets under Advisement includes both discretionary assets, over which FEG has full trading authority, and non-discretionary assets which we advise and make recommendations on, but may not have authority to execute or facilitate trades on behalf of the client. AUA includes approximately $45 billion in non-discretionary assets. AUM includes approximately $3.1 billion under discretion and approximately $770 million under discretion in FEG affiliates. It is not known whether the listed clients approve or disapprove of Fund Evaluation Group, LLC or the advisory services provided. Inclusion of a client on the list does not imply that the client endorses or recommends Fund Evaluation Group, LLC (FEG) as an investment advisor. All Community Foundation full-service current clients with a continuing contract, are included here based on client permission and March 31, 2015 assets under FEG advisement. Full-service clients are clients that (1) are institutional [i.e., excludes third-party research engagements, family offices, and natural persons] and (2) receive services in addition to reporting. Performance based criteria were not used in determining which clients to include in the list. Clients listed as of March 31, Fund Evaluation Group, LLC 19
20 FIRM CONTACT INFORMATION 201 EAST FIFTH STREET, SUITE 1600, CINCINNATI, OH PH FX SATELLITE OFFICES Detroit / Indianapolis Presence in East Coast Region and Chicago 2015 Fund Evaluation Group, LLC 20
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