中型禀赋的最高回报挑战耶鲁型号

When Walter Burke took over as chairman of Denison University’s investment committee in January 2009, the financial markets were in free fall. Even before his first board meeting, Burke huddled with committee members to make sense of the devastation suffered by the school’s endowment, which had dropped in value from $693 million at the end of 2007 to $536 million just 12 months later. “We decided the plan was to hunker down and focus on shoring up liquidity,” Burke says.

Unlike most university endowment committee chairmen — typically, alumni with financial or business backgrounds — Burke is a clinical psychologist and has spent most of his career as a professor in the division of psychiatry at Northwestern University’s Feinberg School of Medicine in Chicago. Given the market devastation in January 2009, “I thought that it might make sense to have a psychologist in the chair position,” jokes Burke, a member of the Denison class of 1971 and a trustee since 1997.

It was no joke when Denison’s return came in at a dismal –19.6 percent for the academic fiscal year ended June 30, 2009. Yet the small, Granville, Ohio–based liberal arts school — with just 2,185 undergraduates — emerged from the market meltdown in better shape than Harvard University, whose once-$36.9 billion endowment lost 27.3 percent, or Yale University, which saw its $22.9 billion fund fall by 24.6 percent. Even more unexpected: Tiny Denison continued to outperform Harvard, Yale and many of the U.S.’s largest educational endowments over the next four years.

丹尼斯并不孤单。一组二级中型捐赠组，5亿美元至10亿美元的资产从2007年6月至2012年6月学校教育较大的同行。高级表演者的年度回报率从1.86％到5.36％，最靠近哈佛（每年增长1.24％）和耶鲁（上涨1.83％）。据华盛顿州的大学和大学商业人员（Nacubo）协会（Nacubo）协会称，中期恒星出售了超过10亿美元的资产超过10亿美元的中位数回报。

乍一看，随着在正确的地方的结果的情况下，很容易解雇在命运2008-'09财年期间的中型禀赋 - 即正确的资产课程 - 正确的资产课程。根据Nacubo的说法，进入金融危机，捐赠5亿美元至10亿美元资产的资产达到10亿美元的资产，以及私募股权，对冲基金和其他比较的替代品，而不是他们的较大的弟兄们。对于大型捐赠的“2008 - 2009年是一场灾难”，基于波士顿的高级策略的联合创始人和CiO，共同创造者和Cio，其中设法捐赠36亿美元。赫罗德是哈佛商学院的财务和银行业教授，指出，大禀赋可能会有更多的风险来获得高回报，“有时候有成本的时间。”

Charles Skorina，创始人兼主席的同名旧金山的高管搜索公司专门从事金融服务和资产管理，表示，较小的学校的成功通常被忽视，因为他们的回报通常没有以任何突出的方式报告。他的观点得到了2012年10月由Vanguard集团的报告，发现，从2009年到2011年，投资者近十倍可能看到一个关于十大最大捐赠的故事的可能性超过了一个关于任何其他人的故事。2013年上半年，Skorina挖掘了2012年Nacubo-Commonfund研究的捐赠（NCSE），以确定顶级的中型表演者 - 他与他的数据分享亚博赞助欧冠。“为什么这么多较小的禀赋，带着更多谦虚的资源，在重量之上冲突，为什么没有人注意到？”他问。

遵循金融危机的五年一直挑战所有大学和大学捐赠，该捐赠者只能淘汰低单位返回。仍然是加利福尼亚州米兰省Del Rey的替代投资咨询公司Cliffwater的Stephen Nesbitt认为，更多的中型学校一直在定位自危机以来最大的学校。“中型禀赋已经有点困倦，”2008年是一个叫醒的电话，解释了Nesbitt，他们咨询了十几个捐赠的资产，平均为7.5亿美元。因此，学校正在为其捐赠分配更多资源：建立专业的投资办事处，改变赔偿以吸引和保留投资人员，升级投资委员会和招聘顶级谘询咨询。

It turns out that great contacts and investment committees are not exclusive to the Ivy League. “How you structure your committee, who you recruit — that’s a very important, often forgotten element,” says John Griswold, executive director of Wilton, Connecticut–based Commonfund Institute, the educational arm of Commonfund, which manages $25 billion for 1,400 nonprofit organizations. “If you don’t get the governance process right, it’s going to be very difficult.”

The benefits of being smaller often go unnoticed. Having fewer assets can work in an endowment’s favor, as Paula Volent has observed in her 13 years as senior vice president of investments at Bowdoin College in Brunswick, Maine. “Small endowments are often by necessity entrepreneurial,” explains Volent, who worked in the Yale Investments Office under its longtime CIO, David Swensen, first as an MBA student in 1996, then as a full-time staffer from 1997 through 2000 before moving to Bowdoin. Small staffs need to be generalists, and that gives them a lot of market knowledge and close relationships with asset managers, she says. In addition, when a top asset manager offers a $5 million allocation in its fund to an investor, for example, a smaller school can make good use of an investment that would be too little to put a dent in the portfolio of a multibillion-dollar institution.

Volent says she learned everything she knows about endowment management from Swensen. But for the five years following the financial crisis, the pupil bested the teacher: Bowdoin’s endowment had an annualized return of 3.10 percent. As schools like Bowdoin apply the lessons learned from the Yale model and their own individual circumstances, the results have been impressive. “There’s been a view that [midsize endowments] have to be more aggressive,” observes Cliffwater’s Nesbitt, who began consulting with Denison after being introduced to the school in 2005 by Jack Meyer, former head of Harvard Management Co. “If there was a skill gap between the largest and midsize endowments, it has closed significantly.”

美国大学的大学依靠养老基金来帮助涵盖运行高等教育机构的陡峭年度成本。最大的学校拥有最大的禀赋，并旨在通过雇用他们可以找到的最聪明的投资专业人士来保持这种方式。最聪明的是耶鲁·斯文文，他于1985年以来，康涅狄格州纽黑文队领导投资办公室。

斯文森hallma的开发了一个投资风格rk is seeking out the newest untried investments, then adding these emerging alternative asset classes to Yale’s increasingly diversified portfolio. His 2000 book,开创性的组合管理：一种非传统的机构投资方法, was a runaway bestseller among endowments, foundations, pensions and asset managers of every stripe. Swensen’s success — decades of consistently high returns — became the model for other schools to copy. It also became the bogey to beat.

Following the Yale model, schools large and small began to heap alternative investments into their endowment portfolios. For the fiscal year ended June 30, 2002, institutions with more than $1 billion allocated about a quarter of their portfolios to domestic equity, compared with 40 percent at midsize schools, according to NCSE. By the end of 2012, the biggest schools had halved that allocation, to 12 percent, while the midsize schools cut it even more, down to 18 percent. At the same time, allocations to alternatives, already high at 44 percent at the largest schools, increased to 61 percent; midsize schools brought their alternatives allocation from 23 percent in 2001–’02 to 48 percent in 2011–’12.

It all came crashing down when the financial crisis slammed schools in the 2009 fiscal year. The largest schools, whose allocations to illiquid private partnerships averaged 40 percent of their portfolios, were hit the hardest, caught without enough liquid assets to meet their obligations to the schools’ operating budgets, scholarships and other necessities. Smaller schools, which had about a quarter of their assets tied up, had more room to maneuver. In the five years since then, the Yale investment model has been turned on its head.

Though much has changed in the 28 years since Swensen took up the CIO reins at Yale, one thing in particular has provided an opportunity for smaller schools to add alpha to their portfolios: the increasing importance of manager selection to portfolio performance. In 1986, Gary Brinson, L. Randolph Hood and Gilbert Beebower’s seminal paper “Determinants of Portfolio Performance” established the long-held theory that asset allocation was responsible for 90 percent of fund returns. Last year Swensen, writing in Yale’s annual endowment report, officially acknowledged the end of that theory. As more investors have crowded into the newest asset classes, observes the report, opportunities for returns have diminished. Yale’s research shows that in the 20 years ended June 30, 2012, only 20 percent of Yale’s outperformance (relative to the average endowments monitored by investment consulting firm Cambridge Associates) was attributable to portfolio asset allocation, whereas nearly 80 percent resulted from the value added by active managers.

If hiring top asset managers has become the key to endowment success, securing a talented CIO to head the endowment office is also critical. In October 2008, three months before psychology professor Burke took over the leadership of the investment committee at Denison, the school recruited its first CIO, aiming to professionalize its endowment management. Adele Gorrilla, a graduate of the Wharton School of the University of Pennsylvania and a Goldman Sachs Group alum, was hired away from her post as director of investments at the University of Minnesota just as the financial system was crashing. “The assets had grown to a point where the committee could only do so much, and we needed to get a full-time, talented staff,” Burke explains.

丹尼森对健康禀赋的需求特别令人痛苦，因为它的96％的本科生接受了学校资助的某种奖学金或经济援助。“危机导致了一些巨大的机会，”Gorrilla说，委员会与委员会和两名投资专业人士和一支分析师一起工作。

The Denison CIO has a different take on using the Swensen model. Whereas most endowment watchers point to it as an asset allocation recipe that includes a boatload of alternative investments with a lower than average level of liquidity, Gorrilla views Swensen chiefly as a role model for endowment leadership: “If it means you are being a leader and first in all ways in endowment investing, then it will never be dead.” In early 2009, Denison hired new managers and continued to put money into real estate and energy, coinvesting in private investments with existing managers. “We saw that Adele and her team could dive in and hunt down good managers,” reports Burke. “She does the whole thing now,” he adds. Today the committee’s major responsibility to the board is to oversee the asset allocation, with help from Nesbitt’s Cliffwater.

“They have a very good team approach,” says Nesbitt, describing how the staff, investment committee and outside advisers work together. “Part of their solution was organizational, delegating greater authority to staff, staff pulling the trigger and flexible decision making.”

对有了五年Gorrilla是谦虚4.1 percent return, the second highest among midsize endowments for the 2007–’12 period. “It’s still a function of the trust of the committee and relationship they have with the internal team and the market environment,” she says. “It’s not something you just turn on like a switch.”

As endowments grow into the midsize range, it is not unusual for trustees to hand the reins of fund management to CIOs like Gorrilla and Carleton College’s Jason Matz. Despite this trend, however, there are still successful endowments run by investment committees with help from consultants or an investment director without discretion. Four such schools appear on the list of top midsize endowments: No. 1-ranked Cooper Union for the Advancement of Science and Art, in New York; Colorado College (No. 5) in Colorado Springs; Vassar College (No. 9) in Poughkeepsie, New York; and Mount Holyoke College (No. 11) in South Hadley, Massachusetts. Their success is a function of superior teamwork and access to top managers.

Mount Holyoke’s committee chairman, Betsy Palmer, agrees with Bowdoin’s Volent that being small has its advantages. “One of the advantages we have is that we don’t have to identify quite as many good managers as Harvard and Yale,” notes Palmer, speaking of the now-$623 million Holyoke endowment.

1976年，毕业于所有女性教育的最后一个堡垒之一，帕尔默，帕尔默，他也是山上霍利诺伊州受托人，强调了一个包括至少两个受托人的高度职能委员会的重要性。然而，与大多数人不同，该委员会由九名妇女和一名男子组成，当前学生的父母。“这是一个非常适合一起工作的小组，”帕尔默，哥伦比亚商学院毕业生和北美营销和伦敦投资经理Lindsell火车的客户服务负责人。“与妇女主导的委员会，这是一个不同的文化。”亚慱体育app怎么下载作为主席，帕尔默认为她的角色是确保听到每一个观点，并且所有董事会成员都参与并产生广泛意见。

The other element in Mount Holyoke’s success is its relationship with longtime consultant Cambridge Associates and a team that includes a Holyoke alumnus. The committee is currently trying to streamline the manager-hiring process, handing more discretion to its consultant. “I think the key driver for us has been manager selection,” Palmer says, referring to the endowment’s 2.6 percent annualized return over five years. With help from committee contacts, the school was early into funds at Kensico Capital Management Corp. in Greenwich, Connecticut; London-based Cedar Rock Capital; and Jack Meyer’s Convexity Capital Management in Boston.

与此同时，Vassar禁止了五年后的2.7％的年度回报率。1988年班的亨利约翰逊于2009年成为董事长，当时杰弗里戈德斯坦留下了Vassar的董事会和私募股权公司Hellman＆Friedman（自从重新进入），为此 - 财政部长Timothy Geithner工作。“我们没有一个CIO，而是一个非常活跃和有效的委员会，”Johnson表示，纽约信托信托公司国际主席委员会委员会主席委员会说。一个自我描述的“经济援助小孩”，约翰逊指出了提供奖学金支付的回报的重要性。“在投资故事中迷失的事情之一就是大学在为此从未如此更大的需求和成本时会努力努力，”他说。

Johnson credits much of Vassar’s success to an investment committee that includes Christianna Wood, former senior investment officer at the California Public Employees’ Retirement System; Steven Tananbaum, managing partner and CIO of GoldenTree Asset Management; Robert Tanenbaum, a partner in Maryland real estate firm Lerner Enterprises and an owner of the Washington Nationals baseball team; and John Arnhold, chairman and CIO of New York–based First Eagle Investment Management.

约翰逊对Vassar回归的来源非常清楚。“我认为戴夫·斯文文所说和经常被遗忘的伟大事物之一是，耶鲁型号为耶鲁斯建造了耶鲁斯，”他指出。“它对每个人都不适合。”没有医院或主要体育计划，以产生收入，只有8亿美元的资产，Vassar不能带到更大的学校的风险。With help from Anne Casscells of Menlo Park, California– and New York–based Aetos Capital on marketable alternatives, which make up close to a quarter of the total portfolio, and Commonfund’s Susan Carter on the private portfolio, targeted at 10 percent, Vassar has taken a more conservative view on sources of return.

尽管团队的顾问,包括Russell Investments for long-only asset allocation, Johnson believes that endowment portfolios are largely in the hands of economic fate. “In a period of robust growth and stability in the global economy, schools like Harvard and Yale will thrive,” he says. “In periods of uncertainty schools that are more defensive will do well.”

Wallace Weitz was a value investor, even before he opened the doors of Weitz Investment Management in Omaha, Nebraska, in 1983. Today, Weitz oversees $5.3 billion in mutual funds just five miles down the road from Warren Buffett’s Berkshire Hathaway, whose shares he has held for 35 years. According to Chicago-based data provider Morningstar, the $913 million Weitz Partners III Opportunity Fund delivered an annualized return of 15.87 percent for the five years ended August 31, 2013, putting it in the No. 1 position in its midcap fund universe.

Weitz also oversees a $650 million pool of assets unrelated to his firm. As chairman of the Carleton College investment committee since July 2003, the 1970 graduate — who met his wife at the Northfield, Minnesota, school and sent their three children there — has had a hand in his alma mater’s top performance. Carleton’s 2.6 percent annualized return for the five years ended June 2012 placed it above the 1.2 percent median for schools the same size.

Back in 2000, when Weitz took a seat on the investment committee, the small liberal arts college was heavily invested in technology stocks. As with many endowments that had tech-laden portfolios, Carleton put up outsize returns, peaking at 24.7 percent in 2000, compared with a 12 percent median return for the Nacubo universe that year. Then the tech bubble burst in March 2000, and Carleton’s endowment dropped from $681 million in fiscal year 2000 to a low of $452 million three years later. “We held the stocks too long and were at the bottom of the rankings for a few years, then had average returns for five years,” recalls Weitz. “It was traumatic after being at the top of the charts.”

The lesson wasn’t lost on Weitz. After looking at options like outsourcing the endowment, and speaking with D. Ellen Shuman, then CIO at Carnegie Corp. and a Yale endowment alumna, in 2004 the school hired its first CIO, Jason Matz. Carleton also hired consulting firm Hammond Associates (acquired by Mercer in 2009), whose mandate spanned the two-year transition to an investment office. To make the new model work, the investment culture had to change from being committee-led to handing discretion for manager selection and portfolio rebalancing to Matz and Andy Christensen, head of private markets. Committee members “who wanted to touch and feel the managers got off the board,” explains Matz.

“我们可以帮助杰森有勇气依靠风倾斜，勇气做不受欢迎的事情，”威特兹说。“这包括让他掩盖以重新平衡正在工作的策略，并为那些不受欢迎的人添加更多的策略。”

With the freedom to reallocate the portfolio, Matz brought it more in line with larger schools but stopped well short of an oversize chunk in private, illiquid partnerships. He cut public equity from 61 percent in March 2004 to 35 percent in June 2013. Private equity was increased from 12 percent to 18 percent, fixed income dropped from 20 percent to 7 percent, and marketable alternatives were raised from 8 percent to 29 percent (now spread among nine hedge funds). A real-asset portfolio was launched that is 10 percent of the total.

在回报方面必须有一个平衡，并且需要做每个学校最好的事情，警告Weitz。20个中型学校中的大部分依赖于其年度经营预算的30％的捐赠。“如果你在错误的比赛中竞争，你可能会达到错误的地方，”他说。但Weitz承认，避免在学校的竞争中避免鉴于排名的压力很难U.S. News & World Report’s annual “best colleges,” in which one of the criteria is “endowment per student.”

弗伦文模型有更好的积分，适用于较小的学校。Weitz指出，资产类别有条纹，斯文文擅长重新平衡。“这一切都是关于重新平衡，以利用讨价还价，”他说。“这不仅仅是如果你有一个诺亚的资产类别，你赢了。”

For his part, Matz believes that Carleton’s success — its ability to bounce back from a steep 19.2 percent loss in 2002 to the top of the charts by June 2012 — rests on manager selection. “If you’re not able to source superior managers who put the intent of the client ahead of themselves, if you’re not in the network, you’re probably going to get into trouble,” says Matz, pointing to the fact that only one of Carleton’s then-14 hedge funds gated the school’s assets that it had in that fund in 2008.

经理选择也是Bowdoin的关键，Cio Volent已经在投资组合中雕刻了一个特殊的地方，了解了她称之为农场团队。在一个正式的现在为期十岁的计划中，她投资了小型新兴的经理，主要是对冲基金脱离了较大的公司。“一个大学可能无法做到这一点，”志愿的笔记。“这对他们来说是一个舍入错误。”虽然许多大型对冲基金已成为制度化，但较小的管理人员都是亨格尔。“这是我们的回报，”她补充道。

当她于2000年雇用时，志愿者是第一批投资专业人士。随着Bowdoin Portfolio成长，学校增加了员工，最近在纽约开设卫星办公室，以覆盖房地产，对冲基金和私募股权;每周两天可以找到巨型。“如果你是哈佛大学，投资经理一直都会来看你，”她解释道。“如果你在缅因州的不伦瑞克，你不会看到流程。”像大部分中型中型禀赋一样，Bowdoin负责提供学校的年度经营预算的30％，使流动资金成为最重要的关注点。“我们的重点是资本保存和访问真正的好经理，”莫斯特说。

Unlike schools with CIOs or committee-led investment programs, some midsize institutions have chosen to outsource portfolio management. Although outsourcing has been gaining popularity, only two of the top 20 midsize endowments outsource their investment offices: Middlebury College (No. 4) and the University of Colorado Foundation (No. 20).

Outsourcing sends a strong signal that schools want to follow the traditional Yale model, which requires greater resources than a midsize endowment can muster. The number of outsourced CIOs, or OCIOs, has grown with the demand. What started as a trickle in 2003, when Alice Handy left her CIO position at the University of Virginia to found Investure, has almost a decade later reached a flood, with some 50 firms identifying themselves as OCIOs, according to Darien, Connecticut–based consulting firm Casey, Quirk & Associates. Among the latest OCIOs are Matthew Wright, who vacated Vanderbilt University’s CIO spot earlier this year to set up Disciplina Group in Nashville, and Shuman, who with Nina Scherago, former deputy CIO at the Investment Fund for Foundations, is currently in the process of building out Edgehill Endowment Partners in New Haven.

OCIO业务已经成为很有竞争力services vary widely. Whereas the early firms followed Handy’s original model of individualized attention to a small group of schools and foundations, today’s OCIOs will accept all or just a portion of endowment portfolios and include the largest money managers, such as J.P. Morgan Asset Management, where $40 billion in endowment and foundation assets are overseen by practice head Monica Issar. According to research conducted by Commonfund, by June 30, 2012, 38 percent of colleges and universities were outsourcing some or all of their endowment portfolios, for fees that ranged from 0.3 percent to 1.0 percent of their assets under management.

The University of Colorado Foundation officially became outsourced in 2009, when its CIO, Christopher Bittman, was hired by New York–based Perella Weinberg Partners to start an OCIO practice. Colorado’s 1.86 percent five-year return on what are now $770 million in assets just squeaked ahead of Yale’s 1.83 percent return but is solidly above the 1.7 percent median return for the largest endowments. Bittman, who has remained in his Denver office, recently picked up a new client, the ASU Foundation for a New American University, which oversees the $553 million Arizona State University endowment. According to Virginia Foltz, treasurer and CFO of the ASU Foundation, the seven-member ASU investment committee felt its time might be better spent discussing the higher-level concepts of asset allocation, spending and investment policy and global market impacts rather than the day-to-day management of the fund. Foltz’s own time is constrained by multiple roles that include responsibility for the organization’s financial operations, including reporting, treasury, debt management, risk management, planning and budgeting, payroll and benefits, gift reporting, building operations and oversight of six subsidiary organizations. She also points to the increasing need for nimble investment decision making.

Vermont’s Middlebury, with a 3.5 percent annualized return over the five-year period, was an early adopter of the outsourcing model when it selected Handy to be its OCIO. Churchill Franklin, an emeritus Middlebury board and investment committee member who now holds a nonvoting seat on the committee, continues to be pleased with the decision. “You can only make this kind of change at certain points,” says Franklin, CEO of Acadian Asset Management in Boston. That point was reached at Middlebury when the head of the investment committee moved on to become chairman of the board of trustees.

根据2013年初的Greenwich Associates Report的报告称，外包仍然是学校的一项非常困难的决定。根据日常控制的投降，对30个捐赠和基金会的研究发现了30个捐赠和基金会的研究投资过程。其他担忧包括对成本的不确定性，关于监督和监测的担忧，可能缺乏收费，担心违反信托责任，基金与OCIO之间的地理距离以及潜在的利益冲突以及潜在的利益冲突。

Regardless of whether smaller schools go the OCIO, investment office or committee route, Carleton’s Weitz is sanguine about their chances to outperform, as long as their investment teams avoid getting carried away with the latest hot idea and stick with quality investments, even if they are not working at the time. “I don’t despair of keeping up investmentwise with the Harvards,” he says. “There’s more to endowments than investment size.”

也许是最大的声乐信徒，中型学校的能力与他们自己的耶鲁模特版本是Cliffwater的Ne​​sbitt。“你现在在Midlevel上有很多好的人才，”他解释道。“如果20人组比在未来五年的常规比赛中更好，那就不会让我感到惊讶。”•

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