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大捐赠
什么时候Kathryn Crecelius.2005年抵达约翰霍普金斯大学的巴尔的摩校区，因为学校的第一个CIO，她的任务是建立一个专业的投资办公室。七年级Stint作为波士顿Massachusetts理工学院的市场替代投资总监，她曾经教过法国人，Crecelius发现了一项公共股票投资组合，占该资产的60％ - $ 218亿美元捐赠基金。新的CIO，赢得了博士学位。在耶鲁大学的法语中，从1978年到1988年的MIT举行了副总验，开始将公共股权和将美国迁移到非美国。当地人，包括新兴市场。Global equity is now 39 percent of the total $3.2 billion portfolio, while one quarter of private equity (which is 17 percent of the total fund) is invested outside the U.S. For her next move Crecelius ditched the funds of hedge funds and started building a marketable alternatives portfolio, now 18 percent of the total, that includes credit strategies and drawdown funds that are not classified as private equity. The fixed-income portfolio, 7 percent of the total, was consolidated into U.S. Treasuries only, without Treasury Inflation-Protected Securities. “We don’t do the Barclays Agg[regate Index] or credit within fixed income,” explains Crecelius. “You want to take risk where you’re going to get paid for it.” Because JHU missed the run-up in equities of the 1990s, its long-term returns are in the bottom quartile. But since Crecelius’ arrival the endowment has moved to the top quartile for one and three years in the Cambridge Associates universe —12.6 percent and 9.3 percent, respectively — and is above the five-year median at 2.7 percent. —弗朗斯丹麦