endowment management

The Foundations Investment Committee oversees the policies, strategies and performance of invested assets. For funds held in perpetuity, our belief is that good long term investment performance, in terms of both risk and return, is dependent on prudent asset allocation among appropriate classes of assets and diversification within individual classes. The overall objective of the Foundation investment program is to maintain and grow the real, inflation-adjusted, value of endowment assets while providing a predictable and growing stream of support to the Institution.

As long-term investors, the Foundation allocates 80% of its invested assets to equity or equity surrogates; the balance is held in fixed income investments. The equity allocation contains allocations to both hedge funds and private equity.

The Foundation retains Hirtle, Callaghan & Co., Inc. of West Conshohocken, Pennsylvania, as Chief Investment Officer to direct this process. Hirtle, Callaghan is responsible for the selection of individual money managers except the allocations to Blackstone Alternative Asset Management's Park Fund and to Pointer Management, two distinct fund of hedge funds.  Below is a look at the Foundation's growth over the years.

Asset Allocations and Managers

The Foundation currently uses the following details

1, 3, and 5 year Returns

Returns for Fiscal 2007 and Fiscal 2006 are 9.2% and 18.6% respectively. Three year, five year, and ten year returns are 11.3%, 8.2%, and 5.9%.

Cost of Management

In fiscal 2007, the Foundation paid approximately .8% for details