Foundation and Endowment Investing: Philosophies and Strategies of Top Investors and Institutions

Overview

Having achieved impressive returns over a number of years,foundations and endowments are finally being recognized asinvestment powerhouses. With sophisticated portfolios managed bytalented financial professionals, these institutions have becomeincreasingly influential due to their long-termperspective—which gives them the latitude to take moreinvestment risks and adopt new asset classes long before otherinvestors.

Now, in Foundation and Endowment Investing, authors ...

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Foundation and Endowment Investing: Philosophies and Strategies of Top Investors and Institutions

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Overview

Having achieved impressive returns over a number of years,foundations and endowments are finally being recognized asinvestment powerhouses. With sophisticated portfolios managed bytalented financial professionals, these institutions have becomeincreasingly influential due to their long-termperspective—which gives them the latitude to take moreinvestment risks and adopt new asset classes long before otherinvestors.

Now, in Foundation and Endowment Investing, authors LawrenceKochard and Cathleen Rittereiser offer you a detailed look at thisfascinating world and the strategies used to achieve success withinit. Filled with in-depth insights and expert advice, this reliableresource profiles twelve of the most accomplished Chief InvestmentOfficers within today's foundation and endowment community;chronicling their experiences, investment philosophies, and thechallenges they face in allocating assets, managing risks, andselecting from an increasingly complex set of investmentopportunities.

Some of the individuals you'll hear from along the wayinclude:

  • Laurie Hoagland, CIO, Hewlett Foundation
  • Scott C. Malpass, CIO, University of Notre Dame
  • Alice Handy, CIO, Investure, LLC
  • William Spitz, CIO, Vanderbilt University
  • Don Lindsey, CIO, George Washington University

Ellen Shuman, Vice President and CIO, Carnegie Corporation ofNew York

While each professional profiled skillfully discusses thestrategies used to improve the financial health of their respectiveinstitutions, they also take the time to bridge the gap betweentheory and practice by describing how to apply the principlesthey've pioneered in real-world market conditions.

Besides providing you with the practical perspectives of topinvestors and institutions, Foundation and EndowmentInvesting—through the combined expertise of two well-informedauthors—clearly lays out the basic background and currentlandscape of this ever-evolving industry, and shares importantlessons that can be used by those in the broader investmentcommunity.

As investors, we all want to do a better job establishing adisciplined investment process in order to generate better returnson our portfolio—whether it's for the benefit of aninstitution or our families. With Foundation and EndowmentInvesting as your guide, you'll discover how to do this and muchmore as you gain from the experience of today's top investmentofficers.

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Editorial Reviews

From the Publisher
"…informative and entertaining…an excellent resource for anyone who is considering a career move into this field or who has not-for-profit organizations as clients." (Financial Analysts Journal, July/August 2008)
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Product Details

  • ISBN-13: 9780470122334
  • Publisher: Wiley
  • Publication date: 1/2/2008
  • Series: Wiley Finance Series, #405
  • Edition number: 1
  • Pages: 320
  • Product dimensions: 6.36 (w) x 9.11 (h) x 1.12 (d)

Meet the Author

Lawrence E. Kochard, PHD, CFA, is Chief Investment Officerof the Georgetown University endowment and a widely recognizedleader in the foundation and endowment investing community.Previously, he was managing director of equity and hedge fundinvestments for the Virginia Retirement System and an adjunctfinance professor at the University of Virginia. Kochard was also avice president with Goldman Sachs.

Cathleen M. Rittereiser is an alternative investmentsmarketing and business development executive specializing infoundations, endowments, and other institutional investors. Herexperience includes Alternative Asset Managers, LP, an emergingmanager investment fund, Symphony Asset Management, a NuveenInvestments company, and Merrill Lynch. Rittereiser's Web site iswww.cathleenrittereiser.com.

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Table of Contents

Foreword.

Preface.

Acknowledgments.

About the Authors.

Part One. Foundations and Endowments Rise as PowerfulInstitutional Investors.

Chapter 1. The Evolution of Foundation and Endowment InvestmentManagement From Poorhouses to Powerhouses.

Chapter 2. Foundation and Endowment Investing 101 EssentialPractices of a Successful CIO.

Chapter 3. The Investment Landscape You Are Here.

Part Two. Profiles in Capital: Philosophies and Strategiesfrom Leading Foundation and Endowment Chief InvestmentOfficers.

Chapter 4. Laurie Hoagland, CIO, Hewlett Foundation Another Sageof Omaha.

Chapter 5. Dr. Allan S. Bufferd, Treasurer Emeritus,Massachusetts Institute of Technology Doctor, Lawyer, InvestmentChief.

Chapter 6. Alice Handy, CIO, Investure, LLC Leading theEvolution.

Chapter 7. Scott C. Malpass, CIO, University of Notre DamePartner, Patriot, and Performer.

Chapter 8. William Spitz, CIO, Vanderbilt University Built AnEndowment through Common Sense.

Chapter 9. Ellen Shuman, Vice President And CIO, CarnegieCorporation of New York Investment Artist with her OwnPerspective.

Chapter 10. Bruce Madding, CIO, Henry J. Kaiser FamilyFoundation Master of All Trades.

Chapter 11. Bob Boldt, CIO, Agility Funds Agile InvestmentEngineer.

Chapter 12. Don Lindsey, CIO, George Washington UniversityDriven by Intellectual Curiosity.

Chapter 13. Jonathan Hook, CIO, Baylor University The CIO asCEO.

Chapter 14. Daniel J. Kingston, Managing Director, PortfolioManagement, Vulcan Capital Navigating New Investment Waters.

Chapter 15. Mark W. Yusko, Chief Investment Officer, MorganCreek Capital Management Invest without Emotion, Act withConviction.

Part Three. Summary and Analysis. Key Points on Investments,Endowment Management and the Future.

Chapter 16. Lessons for Investors CIO Principles in the RealWorld.

Chapter 17. The Business of Foundation and Endowment InvestmentManagement

Comparison, Competition, Compensation.

Chapter 18. Real Rewards Investing is a People Business.

Notes.

Index.

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