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Outperform
Inside the Investment Strategy of Billion Dollar Endowments
John Baschab (Author), Jon Piot (Author)
9781118961841, Wiley
Paperback / softback, published 19 September 2014
288 pages
22.9 x 15.2 x 1.8 cm, 0.452 kg
"University endowment managers have generally outperformed the market benchmarks. However, their knowledge has not been well documented in any book. This book fills that gap and should be of significant help to all those who want to learn from extensive interviews with a number of endowment managers."—PREM JAIN, McDonough Professor of Accounting and Finance, Georgetown University Learn how higher education's largest endowments consistently achieve higher investment returns than the overall market. The Chief Investment Officers who oversee the top academic endowment funds manage over $400 billion in total assets. Over the last ten years (1999–2009), large endowments returned an average of 6.1%, compared to the S&P 500 index average of –2.22%, an outperformance difference of over 8%. With the recent sharp economic downturn, and a decade of inflation-adjusted flat returns in the overall equities market, institutional and individual investors alike are looking to endowments for proven strategies for improving the performance of their portfolios. Outperform: Inside the Investment Strategy of Billion Dollar Endowments interviews top CIOs from leading endowments, to detail how they consistently outperform the market, what they predict for the coming years, and how small investors can employ their investment philosophies.
Preface ix Acknowledgments xiii PART I ACADEMIC ENDOWMENTS Chapter 1 Academic Endowments Overview 3 The World of Endowments 4 History of Endowments 6 Academic Endowments in the Context of the Investment World 7 Large Academic Endowments 7 Implications for Individual Investors 17 Summary 19 Notes 20 Chapter 2 Historical Endowment Performance 21 Investment Returns 22 Asset Allocation 28 Summary 30 Notes 31 Chapter 3 A Look Inside Endowments 33 Endowments Are Different 33 Endowments Define Asset Classes Broadly 35 Endowments Achieved a One-time Sophistication Improvement 36 Endowments Are Nimble 36 Endowments are Evaluating Approaches to Managing Tail Risk 37 Endowments also Manage Working Capital 38 Endowments Manage Liquidity Carefully 39 Endowments are Changing their Approach to Performance Measurement 41 Summary 41 PART II PUBLIC UNIVERSITIES Chapter 4 Jonathan Hook, Chief Investment Officer Chapter 5 Guy Patton, President and CEO Chapter 6 Bruce Zimmerman, Chief Investment Officer University of Texas Investment Management Company 69 PART III PRIVATE UNIVERSITIES Chapter 7 James H.C. Walsh, Chief Investment Officer Cornell University 81 Chapter 8 Sally J. Staley, Chief Investment Officer, and Anjum Hussain, Director of Risk Management Case Western Reserve University 95 Chapter 9 Mary Cahill, Vice President of Investments and Chief Investment Officer Chapter 10 Don Lindsey, Chief Investment Officer Chapter 11 Scott W. Wise, President Chapter 12 James (Jim) Hille, Chief Investment Officer Chapter 13 Jeremy Crigler, Chief Investment Officer PART IV ADVISORS AND MANAGERS Chapter 14 Sandy Urie, President and Chief Executive Officer, and Celia Dallas, Co-Director of Research and Managing Director Chapter 15 Lyn Hutton, Chief Investment Officer Chapter 16 Thruston Morton, CEO and Chief Investment Officer Chapter 17 Mark W. Yusko, CEO and Chief Investment Officer Chapter 18 Rafe de la Gueronniere, Principal Chapter 19 Bob Boldt, Chief Executive Officer Conclusion Concepts for Individual Investors 281 Lessons for Individual Investors 281 Trends 288 Predictions for Endowments 292 Summary 294 Glossary 297 About the Authors 307 Index 309
The Ohio State University 45
The University of Oklahoma Foundation 57
Emory University 113
George Washington University 125
Rice Management Company 141
Texas Christian University 153
Tulane University 167
Cambridge Associates 181
Commonfund 199
Global Endowment Management 217
Morgan Creek Capital Management 231
New Providence Asset Management 247
Boldt Ventures 267
Subject Areas: Finance & accounting [KF]
