Why Notre Dame’s Scott Malpass Is Still Smiling

日益增长的经济不确定性在自由落体的边缘和市场上有全世界的投资者。即使是长期投资者喜欢Scott Malpass，巴黎圣母院的Cio，谨慎踩踏。但是，目前在他的第26年前往天主教大学的投资办公室，正粘在投资原则上，这些原则在于他进化了Notre Dame投资模型，并在几十年内施加了一个强大的12.2％的年度回报。

Malpass attributes much of his success to the highly motivated, 38-member team he has built, most of them Notre Dame alumni. In fact, half of his current employees were once students in a finance class he teaches. “It’s a very close team,” explains Malpass. “I hire my best students, and it works well for me to bring in young people and train them.” He also points to the advantage of working with only two investment committee chairs during his tenure. “They have felt that stability, consistency and institutional memory are really important.” The fund, now approaching the $10 billion milestone, is a far cry from the $453 million the new CIO started with in 1988. The endowment had a 19.7 percent investment return for its most recent fiscal year, ended June 30, 2014.

Earlier this month Senior Writer Frances Denmark caught up with Malpass in Chicago, a 90-minute drive from his office in South Bend, Indiana, to learn how he has been navigating the increasingly treacherous investment landscape since he last spoke with亚博赞助欧冠, a year ago (see “25年后，斯科特Malpass仍然是Notre Dame MVP“）。

亚博赞助欧冠机构投资者:你担心世界的状态吗？

Malpass：我总是担心宏和难以预测的外源事件。作为投资者，人们需要保持平衡，并侧重于拥有优质的组合和良好的流动性，以便在发生时利用位错。世界上有很大的变化，这使得这使得这些原则更重要。

People are more bearish on China these days. Are you?

中国并没有像他们想要的每个人都想的那么快，但我希望他们将继续随着时间的推移提供改革，这将导致更多的外国投资。从出口导向的经济到更具国内经济的过渡将需要时间，并不容易，但他们正在追求政策来协助这种运动。

Will Europe become attractive to investors again?

欧洲继续受到挑战通过不同的观点在the euro zone on what policies will be most affective for long-term recovery. The Europeans will continue to muddle through and be tentative for the next few years, which means economic growth will be very slow.

What are the opportunities and challenges in allocating capital with a $10 billion portfolio versus one that is $400 million?

资产增长肯定会在校园中庆祝，因为它会影响我们可以在各种计划上花费的金额。当我开始时，我们每年花费2000万美元和预算的11％。现在我们每年花3亿美元，预算的25％到30％。因此，捐赠分布对校园产生了更大的影响。

但大小就可以仍然可以进入较小的投资基金而产生一些挑战 - 占有一大分配但不是太大的基金 - 因为我们制作了很多真正的小型，尤基-Y投资，特别是在信用区，风险投资。我们并不害怕做5000万美元的基金，并在风险方面投入500万美元，让我们说。在信贷方面，特别是在过去几年中，我们有银行摆脱了不完整的贷款和较小的资金筹集到两三，三亿。现在我们是100亿美元，所以我们想把它拿多少钱？

Yes, there are some challenges. The advantages are outweighing any negatives in terms of us doing more co-investing now. We love to do more directs in general, particularly in real estate, where the pension community has always done a lot more directs, but捐赠haven’t as much because of their smaller size. We can get into any partnership now. So there’s a lot of advantages of size, and I think those will continue and far outweigh the advantages of being much smaller.

Notre Dame Portfolio现在有45％的私募股权，房地产和其他长锁定资金的资产，以及对冲基金的额外25％。你如何管理这些锁定？金融危机是否强迫你改变？

It was a time to press on that issue. A lot of us had uncalled commitments approaching 30 percent of the fund, probably. Some were higher. We’re at 15 percent now, so despite a lot of commitments, we’ve had a lot of liquidity back and structurally feel good about it. It felt good at 30, to be honest, but it was hard to know how that was going to play out had things not improved and the Fed not stepped in like it did.

在危机之后，机构的流动性更加流动性，收紧了他们的流动性政策，重点关注锁定和费用及其管理人员 - 特别是对冲基金经理 - 更加强硬。当然，我们have. We used that period to negotiate some new share classes with different fee arrangements, different structures for liquidity and better alignment of our interests. It’s hard to do that when things are going really well; you’re better able to do that when there’s distress. I was pleased that we were able to accomplish that with a lot of our hedge fund managers. It’s unfortunate that it took that kind of crisis to have that kind of leverage, even for a long-term good partner like us, but for the very, very top tier managers, that’s the way it had been.

替代投资的制度化如何影响您的投资方法？

当我开始时，风险投资仍然有点山寨行业，私募股权公司正在提高我们从未投资的大量买断基金。我们总是希望投资中的小型市场公司或小型买断。我们必须努力寻找人和网络，而且今天更加国际，更全球。我们通过继续建立我们的团队，流程和我们的采购能力，并利用网络强烈寻找想法来实现。有几十万，可能是你可以投资的私营公司，所以有很多好公司，很多机会。我们早在一些地区。更容易知道尝试与谁一起工作。在今天的一些替代领域之前，这比以往任何时候都更加困难。

几乎所有的投资团队都是Notre Dame Alum。当IBM持续雇用在内部时，您如何避免避免被描述为IBM问题的内容？他们有很有才华的人，但他们都讲了相同的语言。

正如Cio一样，我不断试图保持警惕。别忘了，我们在世界各地的流动。我们的合作伙伴都在世界各地。他们的网络比我们的网络非常不同。所以很多，我们只是在非常不同的信息流中。此外，即使核心投资团队都是校友，它们都有非常不同的经历。他们中的许多人首先要做其他事情并回来。并非所有是财务和会计专业。到目前为止，我还没有发现是一个问题。

您以敏锐的兴趣为您对新兴市场投资而闻名。拨号今天在哪里？

我相信一项基金在未来20年内的新兴市场战略将是基金所做的主要决定之一。我们大约是18％的新兴市场，大约有一半的公众，半私密。发展中国家与发达国家之间存在重大转变。我们早早开始，1992年，甚至在那之前和周围的时候都在这样做。你没有做得很好新兴市场for quite a while, but we have in the past ten years.

您是否有进入新兴市场的方法发生变化？

Our approach has definitely changed. We went from more global approaches to regional approaches, now to country approaches. As we build our team and have been able to get out and spend time in these markets, we have developed a great institutional memory and knowledge about the major emerging markets.

A couple of years ago, we took this a step further and put everybody in regional teams. We set out to visit 42 emerging markets, from the largest to some of the smaller ones, including some of what is called frontier markets. We put together a white paper for our board laying out what markets we thought we wanted to spend more time in or would be able to franchise in — maybe what markets we were not going to spend as much time in because they’re too small, they’re not developed enough — a hierarchy of how we should spend our time, because, as you know, it’s very confusing. There’s a lot to do. They’re a long way away. There are cultural differences and issues you have to be mindful of. We did a cost-benefit analysis of spending time in different places.

这是我们对理解景观的最佳事情之一。你不断学习。我们仍然位于美国和印第安纳州。我们不居住在中国或巴西或印度，所以它需要大量的旅行。

这个项目的结果是什么？

在我们思考这些市场在接下来的十年，15日，20年，20年，并给了我们现在可以反应的基础，这是一个很好的重置。随着事情的变化，我们有我们认为是顶级市场的看法。And as markets evolve or open up, we plug them in. We developed a matrix with a number of different indicators that we probably wouldn’t have been as knowledgeable about had we not had that very focused, intense project, which took over a year and involved the entire team.

在普通内部投资团队会议上，每隔一周举行几个小时，我们已经将每个人分配到六个区域中的一个，所以我们可以及时了解宏问题和经理问题。我们继续在这些市场中找到非常有趣的人。我认为我们花了我们的时间在那里为巴斯而真正的爆炸，我们更有可能遇到会遇到符合我们寻找的各种标准的人。

你在哪里关注最受关注的？

我们正在考虑这一点。但交易的一部分是规模：你在哪里可以获得真正的投资？你在哪里可以找到合适的合作伙伴？所以前三名将是中国，印度和巴西。然后非洲作为一个大陆，但更多的撒哈拉以南非洲。

我们已经透过了俄罗斯。我们在90年代和一个人中度过了很多时间，以为可能有一个真正的开放和真正的创业文化发展。亚慱体育app怎么下载但是，当然，没有发生并且已经被关闭了。今天我们没有在那里度过。

那些将是三大，但到目前为止，中国是我们最大的。我们在中国有大约8％，公共和私人。还有其他一切都是1或2％。否则没有大加权。它正在展开，但它正在发展，我们正在看，我们将继续参观这些地方。我们已经谈到了海外开设办事处，部分是更好地涵盖新兴市场。这将是一个正在进行的对话，因为它非常复杂。但这是一个很大的问题，以及我们继续审查的事情。

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Follow Frances Denmark on Twitter at@Francesdenmark..