Every year I do a table that updates endowment and pension returns over the year prior. Since most funds fiscal year ends June 30th, we should have results trickling in in the next month or two. For a primer on why these funds are going to never ever hit their 8% target read these two pieces: 8%? Try 4% and What if 8% is Really 0%? I also liked Bogle – The Lessons of History. ( I was considering titling this post “The Revenge of 60/40” in reference to an old post from 2009).
US Stocks: 5.45%
Foreign Stocks: -13.38%
US 10 Year: 16.28%
REITs: 12.65%
Commodities: -10.74%
60/40: 10.41%
Ivy buy and hold allocation from book: 2.15%
Median public pension: 1.15%
CalPers: 1%
Stanford: 1.0%
Yale: 4.7%
Harvard: -0.1%
Penn: 1.6%
MIT: 8.0%
Duke: 1.0%
UVa: 5.1%
Here is also a cool list of outsourcing firms for endowment management from Charles Skorina:
Skorina’s Ultimate Outsourcer List, Vers 2.0 – July, 2012
N.B.: AUM amounts represent discretionary only unless otherwise noted
| Agility (Perella Weinberg)Christopher Bittman,CIO | New York, NY(303) 813-7910 | >$2 bncbittman@pwpartners.com |
| Angeles Investment AdvisorsLeslie B. Kautz, Principal | Santa Monica, CA(310) 393-6300 | $38 bn, $1.4 bil discretionlkautz@angelesadvisors.com |
| BalentineJeff Adams, President | Atlanta, GA404-537-4800 | $1.4 bnjadams@balentine.com |
| BlackRockNancy Everett, Mgn Dir | New York, NY212-810-5092 | $55 bnnancy.everett@blackrock.com |
| BNY Mellon Asset MgmtCynthia Steer, Mgn Dir | New York, NY(212) 635-7261 | $238 bn full, partial, advisorycynthiafryer.steer@bnymellon. |
| Cambridge AssociatesDeirdre Nectow, Mgn Dir | Boston, MA(617) 457-1781 | $7.3 bn discretionary, $115 bn totaldnectow@cambridgeassociates. |
| Clearbrook FinancialFred Weiss, Mgn Dir | Princeton, NJ(212) 683-6686 | $30 bn advisoryfweiss@clrbrk.com |
| CommonfundSarah E. Clark, Mgn Dir | Wilton, CT203-563 -5000 | $12 bn discretion, $8 bil outsourcedsclark@cfund.org |
| CornerStone PartnersDon Laing, Senior Partner | Charlottesville, VA(434) 296-1400 | >$3 bndlaing@cstonellc.com |
| Covariance Capital Management (TIAA-CREF)Shannon Morton, Mgn Dir | Houston, TX(713) 770-2000 | $1 bnsmorton@covariancecapital.com |
| Fiduciary Management AssociatesRobert L. Hudon, Jr., Mrktg | Chicago, IL(312) 334-0253 | $2 bnrhudon@fmausa.com |
| Fiduciary Research & ConsultingJohn Boich, Pres & CIO | San Francisco, CA(415) 671-4020 | $7 bnjohn@fiduciaryresearch.com |
| Fund Evaluation Group (FEG)Gary Price, Mgn Principal | Cincinnati, OH(513) 977-4400 | $1.9 bngprice@feg.com |
| Global Endowment ManagementStephanie Lynch, Partner | Charlotte, NC(704) 333-8282 | $3.5 bnslynch@globalendowment.com |
| Goldman SachsKane Brenan, Mgn Dir | New York, NY(212) 855-9851 | AUM not availablekane.brenan@gs.com |
| Hall Capital PartnersRick Grand-Jean, Mgn Dir | San Francisco, CA(415) 288-0544 | $22.4 bn, $2.7 bn institution discretionrgrandjean@hallcapital.com |
| Hewitt EnnisKnuppStephen T. Cummings, Principal | Chicago, IL(312) 715-1700 | $13.4 bns.cummings@ennisknupp.com |
| HighVistaBrian Chu, Partner | Boston, MA(617) 406-6500 | >$3.5 bnbchu@highvista.com |
| Hirtle CallaghanNicole Kraus, Director Institutional | W. Conshohocken, PA(610) 943-4192 | $22 bnnkraus@hirtlecallaghan.com |
| InvestureAlice Handy, CIO | Charlottesville,VA(434) 220-0280 | $8.5 bnahandy@investure.com |
| J.P. Morgan Asset MgmtMonica Issar, Head E & F Group | New York, NY(212) 464-2852 | $2.0 trillion, $23 bn outsourcemonica.issar@jpmorgan.com |
| MakenaBill Miller, Partner & COO | Menlo Park, CA(650) 926-0510 | $16 bnbmiller@makenacap.com |
| MercerSue Crosby, Partner | New York, NY(212) 345-9264 | $51 bnsue.crosby@mercer.com |
| Mangham AssociatesJoel R. Mangham, Principal | Charlottesville, VA(434) 973-2223 | $2.3 bnjoel@manghamassociates.com |
| Morgan Creek Capital ManagementMark Yusko, CEO & CIO | Chapel Hill, NC(919) 933-4004 | $8 bnmyusko@morgancreekcap.com |
| Morgan Stanley (Graystone Consulting)Franco Piarulli, Mgn Dir | New York, NY(914) 225-7254 | $22 bnfranco.piarulli@morganstanley. |
| NEPCSteve Charlton, Partner | Cambridge, MA(617) 374-1300 | $2.6 bnscharlton@nepc.com |
| New Providence Asset MgLance Odden, Mgn Dir | New York, NY(646) 292-1200 | $2.4 bnlance@newprov.com |
| Northern TrustThomas R. Benzmiller, MD | Chicago, IL(312) 557-3322 | $40 bn discretion, $20 bn advisorytb58@ntrs.com |
| Okabena AdvisorsChristine K. Galloway, CEO | Minneapolis, MN(612) 217-6225 | $1.3 bncgalloway@okabena.com |
| Pacific Global AdvisorsDavid A. Oaten, Mgn Dir | New York, NY(212) 405-6400 | $20 bndavid.oaten@pacificga.com |
| Partners CapitalWill Fox, America Bus Dev | Boston, MA & UK(617) 292-2570 | $2.8 bn US office, $7.5 bn globallywill.fox@partners-cap.com |
| Post Rock AdvisorsCarol B. Einiger, President | New York, NY(212) 838-7100 | AUM not availableeiniger@postrockadvisors.com |
| Pyramis Global AdvisorsMichael Barnett, EVP institutional sales | Smith?eld, RI(401) 292-4741 | $6.7 bn discretionary, $180 bn globalmichael.barnett.pyr@pyramis. |
| Rocaton Investment AdvisorsJohn Hartman, MD Bus Dev | Norwalk, CT(203) 621-1723 | $520 mil discretion, $300 bn advisoryjohn.hartman@rocaton.com |
| Rockefeller FinancialMichael R. Marsh, Dir Nonprofit Invest Services | NY & D.C.(202) 719-3012 | $10 bn discretionary, $34 bn totalmmarsh@rockco.com |
| Russell InvestmentsJoseph Gelly, Jr., Mgn Dir Outsourcing | Seattle, WA(206) 505-7877 | $83.5 bnjgelly@russell.com |
| Salient PartnersJohn A. Blaisdell, CEO | Houston, TX(713) 993-4675 | $17 bnjblaisdell@salientpartners.com |
| SECOR Asset ManagementTony Kao, Mgn Principal | New York, NY(212) 980-7350 | $7.5 bn global pension advisorytony@secor-am.com |
| Segal RogerscaseyPeter Gerlings, Sr VP Institu | Darien, CT(617) 355-5035 | >$10 bn discretionarypgerlings@segalrc.com |
| SEIPaul Klauder, VP Bus Dev | Oaks, PA(610) 676-2225 | $59 bnpklauder@seic.com |
| Spider Management CompanyStephen Kneeley, CEO | Richmond, VA(804) 289-6010 | $2.9 bnskneeley@richmond.edu |
| Spruce Private InvestorsJohn Bailey, CEO | Stamford, CT(203) 428-2600 | $3.2 bnjbailey@spruceinvest.com |
| State Street Global AdvsrsKathleen Mann, Sr Mgn DirMatt Kelley, VP Outsourcing | Boston, MA(617) 664-2141(617) 664-2433 | $41 bnkathleen_mann@ssga.commatthew_kelley@ssga.com |
| Strategic Investment GroupDeborah Boedicker, Partner | Arlington, VA(703) 236-1620 | $30.3 bn, 70% discretionarydboedicker@strategicgroup.com |
| Towers WatsonTom Brust, Head Bus Dev | New York, NY(917) 538-3899 | $50 bntom.brust@towerswatson.com |
| The Fund for FoundationsMike Winter, Mgn Member | W.Conshohocken(610) 684-8200 | $9.2 bn full discretionmwinter@tiff.org |
| UBS AGWilliam Drobny, Head Institutional Marketing | Chicago, IL(312) 525-7100 | $12.8 bnwilliam.drobny@ubs.com |
| Wilshire AssociatesJulia K. Bonafede, President Consulting | Santa Monica, CA(310) 451-3051 | $9.7 bn discretion, $720 bn totaljbonafede@wilshire.com |
| Wurts & AssociatesJeffrey C. Scott, CIO | Seattle, WA(206) 622-3700 | $1.3 bnjscott@wurts.com |
