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Industry elite
It isn't easy to grapple with shaky funding ratios and onerous spending demands as market returns soften, yet some fund managers do an impressive job of beating the odds.
但观察者 - 当事人告诉金融时报记者，当事人担心年轻工人在资金退休时担心“代际战争”时，毫无于不有，仍然是令人沮丧的。Delphi的命运是45亿美元的养老金计划，这是令人难以置信的，43亿美元的资金，以及其工人的退休保障，在空中非常大。
The Delphi filing -- and its CEO's intemperate rhetoric -- offered a reminder, if one was needed, of the critical mission of the company pension plan. Now more than ever, U.S. corporate and public pension funds find themselves in parlous straits. In corporate boardrooms, city halls and state capitols, pension managers are grappling with shaky funding ratios even as they anticipate only modest asset appreciation in coming years.
然而,一群精英的养老基金经理正在运行their funds with imagination, sophistication and verve. They're overhauling asset allocation, refining spending policies and, always, carefully monitoring risk. And in safeguarding the retirements of millions of American workers, these pension fund executives perform a vital service. Their counterparts at foundations and endowments serve a no-less-critical role, financing higher education and supporting a vast range of cultural, social and scientific activities conducted by thousands of nonprofits, from local dance troupes to world-class teaching hospitals.
为了认识到杰出养老金，基金会和养老管理人员的成就，上个月的机构投资者在纽约大都会俱乐部的一个晚宴上宣布，其第二届年度奖项卓越的投资管理。亚博赞助欧冠在选择四名获奖者和13名决赛选手时，编辑在其他因素中称重，提名人的创新和投资业绩，资产配置，责任管理和风险控制的成就记录。
Our 2005 winners: Donald Foley, senior vice president, treasurer and director of taxes, ITT Industries; Peter Gilbert, chief investment officer, Pennsylvania State Employees' Retirement System; Laurance (Laurie) Hoagland Jr., CIO, William and Flora Hewlett Foundation; Jack Meyer, president and CEO, Harvard Management Co.
Last year's winners: Gary Findlay, executive director, Missouri State Employees' Retirement System; William Quinn, president, American Beacon Advisors; Linda Strumpf, CIO, Ford Foundation; and David Swensen, CIO, Yale University.
这是一个困难的环境,即使是最敏捷terous manager. True, funding may be be a little less wobbly today. Ratios for corporations have increased -- an average of 90.5 percent for the 100 largest U.S. corporate plans at the end of 2004, up from 88.8 percent a year earlier, according to consulting firm Milliman USA; for state plans, they were up to 83 percent at the end of 2004, from 77 percent at the end of 2003, according to consulting firm Wilshire Associates.
但比率仍远离他们的牛市高度为130％的公司，公共计划的112％。更重要的是，他们仍然低于95％的比例，专家称养老金计划需要在健全的金融基础上。
Moreover, pension fund managers face uncertain contributions from employers; they must ensure future payment of obligations that can be estimated but never known; often, too, their boards have imposed constraints on their investment strategies.
依靠公共吉尔萨德的机构 - 以及他们自己的内部资源 - 面临自己的挑战。基金会通常抵销每年5％的总资产，这意味着如果他们要在长途运输方案上维持实际支出，他们至少必须满足这种性能障碍，加上通货膨胀。非营利组织无法借鉴联邦资助，越来越依赖基础，为他们提供批判性的财政支持。
Colleges and universities have also become more reliant on investment returns as they have sought to broaden their capital bases and provide adequate resources to support their operating budgets.
In that context, Massachusetts Institute of Technology treasurer and CIO Allan Bufferd, an award finalist, points with pride to his institution's much-improved funding ratio. This critical gauge of the endowment's financial health measures the ratio of total investments to MIT's operating expenses. For the fiscal year ended June 30, 2005, MIT's ratio stood at 3.9-to-1, up from 1.6-to-1 in fiscal year 1990.
Over the past 15 years, Bufferd notes, MIT's investments have helped fund major capital renovations, graduate student fellowships and faculty chairs as well as the considerable expense of need-blind admissions. Says Bufferd, "A world-class university must have the financial resources necessary to provide new and expanded facilities and to respond to opportunities in science and technology."
由于我们的决赛和获奖者明确，有不同的投资卓越路径。一系列资产配置和投资策略可以产生一流的性能。
正如它所发生的那样，我们的四个获奖者都对对冲基金进行了重大赌注：Foley的ITT的养老金计划投资于对冲基金的12％;Hoagland在资产类别中保留了赫沃利特基金会的20％;利用便携式alpha战略，吉尔伯特在对冲基金资金中占宾夕法尼亚州资产的22％。
HMC had a 12 percent allocation to absolute-return funds as of June 30, but the percentage tells only part of the story: Until he stepped down at the end of September, CEO Meyer ran HMC as though it were a hedge fund. Back in the spring of 2005, the impresario investor described the challenges of delivering alpha in a market crowded with hedge fund competitors. "All of those yummy, easy trades that we could do in the 1990s -- they're all gone," Meyer said. "So yes, it's going to be more difficult."
Managers who avoid hedge funds often keep a stake in other alternative assets. At the Oregon Public Employees Retirement System, investments director Ronald Schmitz, a finalist, holds 8.6 percent of plan assets in alternatives, mostly in buyout funds and distressed debt. The San Francisco Employees' Retirement System shuns hedge funds, but executive director Clare Murphy, another finalist, keeps 10.3 percent of assets in venture capital, private equity and distressed debt.
The 17 managers honored by II are all at the top of their game. But along with their peers, they confront a basic challenge: Market returns are likely to be modest in coming years, while spending pressures will be acute.
出于这个原因,观察家想知道养老金计划have any realistic hope of reaching full funding status in the near future. Notes Gabriella Barschdorff, vice president at J.P. Morgan Asset Management's strategic investment advisory group: "Under average assumptions, we find that organic growth for pension liabilities will be about 8 percent. So to stay even, your assets need to grow by 8 percent as well." But if you start out from an underfunded position, she adds, "you'll need something north of that to improve your funded status." She estimates that the median plan will need to grow its assets 10 to 11 percent every year for ten years to reach full funding.
"We project that stocks will average a return of about 7 percent for the next ten or 15 years, and aggregate bond returns will be about 5 percent," Barschdorff says. "Reaching full funding is going to be a real challenge." But some pension managers, like our honorees, ought to be up to the task.
HOAGLAND: Mixing it up
Over the course of a 42-year career in finance, Laurance (Laurie) Hoagland Jr. has earned a reputation for intellectual generosity that matches his renown for investing acumen. In 1991, Hoagland -- now chief investment officer of the William and Flora Hewlett Foundation -- set aside a lucrative career as co-founder of Anderson, Hoagland & Co., a St. Louisbased investment management firm, to take charge of Stanford University's then$1.87 billion endowment. The lanky, debonair investment manager was the first CEO of the newly created Stanford Management Co.
During his nine-year tenure at Stanford, his alma mater, Hoagland shepherded the university's portfolio to an average annualized return of 18.4 percent; by the time he left in August 2000, at the end of the fiscal year, the endowment totaled $8.58 billion. Hoagland took charge of the Hewlett Foundation's assets in January 2001. From the moment he arrived, he began to methodically overhaul the organization's portfolio, which was heavily invested in shares of Hewlett-Packard Co. and spin-off Agilent Technologies. He transformed a single-asset portfolio into a multiasset portfolio without breaking stride.
"Any foundation that remains a single-stock foundation is likely at some time to pay a very, very high price," says Hoagland, 68. After graduating from Stanford he attended Oxford University on a prestigious Marshall scholarship, receiving his master's degree in philosophy, politics and economics. He also has an MBA from Harvard Business School. "My main objective was to get the diversification done and get the risks off the table," he says.
在过去的四年中，Hoagland已经做到了，积极进入国际市场，将50％的投资组合的股权暴露从投资组合的50％降至21％，并建立20％的对冲基金分配20％。他还在欧洲和亚洲寻求私募股权和房地产基金的不寻常直接投资。（在加入惠莱特之前，他花了四个月的四个月，伊朗，秘鲁，突尼斯和乌兹别克斯坦，在其他国家。到公共调查。惠华一直处于美国基金会的顶部四分位数，为单，三年和十年。
惠利现在作为美国的第七大基础排名，管理层近69亿美元。Beyond the 20 percent dedicated to absolute-return strategies, which are market-neutral, Hoagland uses swaps and derivatives -- which do not require significant cash outlays -- to overlay all or part of the absolute-return portfolio with U.S. stock or bond exposure. As much as he appreciates hedge funds, he's not inclined to miss out on market, or beta, returns.
"I'm greedy," Hoagland says with a laugh, "because I like absolute return as a way to generate alpha, but I don't want to give up the beta. So we try and roll it all up into one neat package." -- Loch Adamson
FOLEY: Man of action
谁需要索引者？唐纳德福利在积极的经理完全投资ITT Industries在养老金资产中投入了45亿美元。
"We don't have a fear of doing things that are out of the ordinary," says Foley, 54, ITT's senior vice president, treasurer and tax director. "We're getting a lot more value than could be gained through passive strategies."
截至9月30日的财政年度，ITT的计划返回21％。超过三年，它归还平均年产19.7％;五年以上6.4％。咨询公司Milliman USA的说法，该计划截至2004年12月31日截至2004年12月31日，该计划返还16.3％，手中击败了100个最大的企业计划平均值的12.2％。在2004年12月止三年内，ITT的计划率获了10％，而平均值7％。
虽然许多养老基金一直在推动他们的房地产赌注，但ITT在资产类别中没有存在，自2000年以来并没有。Foley看到房地产“作为固定收入的代理，但流动性较小。”他说，他更喜欢将钱放入高收益债券或私募股权。ITT也在替代方案中投注：12％的投资组合处于对冲基金，私募股权的8％。Foley最大的筹码是美国股票上，占投资组合的48％;16％的人被分配给国际股票和相同的债券。
Foley joined ITT as vice president and treasurer in 1996 and rose to his current position in February 2003. Before ITT he worked at International Paper Co. as assistant treasurer; earlier he was in finance at General Electric Co. and Mobil Corp. He earned his MBA in finance from New York University in 1980.
“我有很多经验和大量的学术知识，所有这些都借给了我一种信心感，”Foley说。“但它并不令人震惊或过度自信。”- Steven Brull.
GILBERT:Iron-man investor
彼得吉尔伯特的酷风度令人欺骗。270亿美元的宾夕法尼亚州雇员退休系统的CIO有一个竞争力的驱动器，推动了他在铁人三项冠军。根据Wilshire Associates的说法，他截至6月30日截至6月30日止年度，截至6月30日止年度，将其放置在大型公共养老金计划中的最佳十分足之中。在过去的十年中，它已经恢复了一个平均年化的10.1％，以获得高分子排名。
吉尔伯特的投资组合与复杂的捐赠或基金会有比典型的公共养老金计划更有共同之处。加入1993年加入退休系统后，吉尔伯特意识到宾夕法尼亚州计划的人口统计学相当成熟;它的负现金流量类似于必须每年支付5％的资产的基础。“似乎有意义的是，他们的资产拨款是比传统国家养老金计划更好的模型，当时当时更年轻，并且具有非常积极的现金流量，”吉尔伯特，58号。
Today the fund invests 34 percent of its assets in U.S. equities, 22 percent in foreign equities, 16 percent in fixed income, 8 percent in inflation-hedging assets such as commodities, 7 percent in real estate and 12 percent in alternatives, including venture capital, buyouts and distressed debt; the rest is in cash. That's not so unusual. But included in the U.S. equity portfolio are 22 percent of total fund assets invested in hedge funds as part of a portable alpha strategy; the returns are overlaid; beta is acquired through swaps and futures. An additional 3 percent of assets will be invested in hedge funds early next year, with returns linked to small- and midcap equity allocations. Derivatives are used to create a position equal to about 5 percent of fund assets in the Goldman Sachs commodity index; the cash that's freed up is invested in intermediate Treasury inflation-protected securities.
After earning a BA from Wesleyan University in 1969 and a master's in science management from Columbia University in 1976, Gilbert worked as an executive in nonprofit and governmental mental health agencies before joining New York City's Comptroller's Office as a research director in 1980. He rose through the ranks and served as the comptroller's representative to the city's pension board of trustees. "That gave me access to some of the best and most brilliant minds in the investment world," he recalls. Among them: Jack Meyer, who recently resigned as president and CEO of Harvard Management Co. (see page 68), and Marvin Damsma, the widely admired director of trust investments at BP America. Before Gilbert joined the Pennsylvania system in Harrisburg, he spent three years as director of New York City's pension unit, overseeing assets of more than $46 billion.
“关于这项业务的最大一件事是这是一个不断的智力挑战，”他说。
Gilbert likes physical challenges as well: He began competing in triathlons when he turned 50. In July he and his wife, Linda, competed in an iron-man competition in Lake Placid, New York. Both finished third in their age group in the race, which required them to swim 2.4 miles, bike 112 miles and run 26.2 miles. "Every time I do it, I'm amazed," Gilbert says. "It's like a leap of faith." -- S.B.
THE HEAD OF THE CLASS
Here are the winners and finalists in Institutional Investor's second annual awards for excellence in investment management.
基础
Laurance (Laurie) Hoagland Jr., chief investment officer, William and Flora Hewlett Foundation
Stephanie Lynch, chief investment officer, Duke Endowment
William Petersen, chief investment officer, Alfred P. Sloan Foundation
D. Ellen Shuman, chief investment officer, Carnegie Corp. of New York
Corporate pension funds
Donald Foley, senior vice president, treasurer and director of taxes, ITT Industries
Sheila Berube, finance manager, treasury division, 3M Corp.
Lisa Hillman, manager of investments, United Parcel Service of America
Salim Shariff, managing director and chief investment officer; Richard Taggart, chief financial officer and chairman of the investment committee, Weyerhaeuser Co.
Public pension funds
Peter Gilbert, chief investment officer, Pennsylvania State Employees' Retirement System
罗伯特玛纳德，首席投资官，爱达荷州公共雇员退休系统
克莱尔墨菲，旧金山雇员退休系统执行董事
Ronald Schmitz，俄勒冈州俄勒冈州投资总监退休系统
捐赠
Jack Meyer, president and chief executive officer, Harvard Management Co.
Allan Bufferd，首席投资官和财务主管，马萨诸塞州理工学院
Andrew Golden, president, Princeton University Investment Co.
Michael McCaffery, president and chief executive officer, Stanford Management Co.
MEYER: Crimson and over
杰克迈耶不能停止为哈佛大学投资资金。哈佛管理公司的传奇总裁兼首席执行官，哈佛管理公司于9月底推行，仍在监督哈佛的固定收入组合作为划分店;他将继续管理学校捐赠的额定拨款，以其新的角色作为固定收入投资公司凸起资本管理的联合创始人兼首席执行官，预计将于2月推出第一个对冲基金。
Meyer, 60, will likely have his pick of investors. In the fiscal year ended June 30, the Harvard portfolio generated a return of 19.2 percent, taking the endowment to $25.9 billion. Under Meyer's leadership, the endowment has posted a stunning average annualized return of 16.1 percent over the past ten years, compared with a median return of 9.4 percent for large ($1 billion-plus) funds, as measured by consulting firm Wilshire Associates' Trust Universe Comparison Service. From Meyer's arrival at HMC in 1990 through 2005, Harvard's endowment assets essentially quintupled in size.
"I can't think of any other place where you can bring so many resources to bear in adding value across the full range of asset classes," Meyer says. "Harvard Management Co. was just a spectacular opportunity, and the staff is first-rate. In my next life I will have to be much more focused."
His replacement as HMC president and CEO, Mohamed el-Erian, will join the firm in early 2006 after wrapping up his job as head of emerging markets for bond giant Pacific Investment Management Co. "He's smart, open, energetic, modest and realistic," Meyer says of el-Erian. "I think Harvard has a winner."
Meyer arrived at HMC having already carved out a sterling reputation as chief investment officer of the Rockefeller Foundation, which then had about $2 billion in assets. He had also served as the deputy comptroller for New York City, helping to manage pension and treasury funds that totaled about $20 billion in assets.
哈佛MBA（1969年的班级）可能做得更多，以确保大学的健康，财富和学术能力比学校历史上的任何其他校友。但是Meyer因大学社区的一些人经常掌握，用于捍卫他的投资组合管理人员的奢侈补偿包。这种审查最终导致了人才的出源，包括现在作为Jonathon雅各逊的知名投资者，现在是Highfields Capital Management，以及Sowood资本管理的Jeff Larson。但他的经理成功的骄傲长期以来一直受到损失感的脾气暴躁。
“这不是我的想法，让他们进来然后看他们离开，”迈耶斯说。“所以从专业角度来看，它也很悲伤 - 以及个人的视角，因为他们都是美好的人，我错过了他们。”
现在它是迈耶的回合。- l.a.