THE PHILADELPHIA FOUNDATION, INC. INVESTMENT POLICY. APPROVED November, 2009

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1 THE PHILADELPHIA FOUNDATION, INC. INVESTMENT POLICY APPROVED November, 2009 I. MISSION The mission of The Philadelphia Foundation s (the Foundation) investment funds is to support current operations through a total return investment strategy and a spending policy set to maintain, and ideally increase, the purchasing power of the endowment, without putting the principal value of these funds at imprudent risk. The level of the Foundation s grantmaking over time will be a function of: 1. An increasing body of assets as new contributions are added to existing endowment funds. 2. Successful investment performance using "total return" as the accepted measurement. 3. A conservative payout policy. II. INVESTMENT GOALS Investment goals for all investment funds of the Foundation, including both Trust and Corporate Assets, are to: 1. Meet payout requirements of Endowment Funds, calculated in accordance with a spending policy as established by the Board of Managers, currently 5%. 2. Provide sufficient liquidity to meet distribution requirements. 3. Earn a total return of 5% in excess of inflation as measured by the Consumer Price Index over a five-year time horizon. 4. Earn competitive returns relative to capital market measures, including broad market indices, as well as funds with similar objectives. 5. Investment goals and performance are to be computed net of investment management and independent investment consultant fees. III. SPENDING POLICY 1 of 5

2 Distributions will be made in accordance with a spending policy. The expected annual cash payout is 5% of the average market value, using a 20-quarter trailing average. This payout rate is established by the Board of Managers annually, for the following year. The cash payout includes cash required for the Foundation s grantmaking and for administrative costs. IV. ASSET ALLOCATION STRATEGY The general policy shall be to diversify investments to provide a balance that will enhance total return while avoiding undue risk concentration in any single asset class or investment category. Asset Class Target Allocation* Range Index Benchmarks Total Equity 52% Large Cap Domestic Mid/Small Cap Domestic International EAFE Emerging Markets 20% 7% 20% 5% % % S&P 500 Russell 2000 MSCI EAFE MSCI Emerging Markets Free Total Fixed Income 19% Domestic Fixed Income* 8% 5-11% Barclays Capital Aggregate Treasury Inflation Protected Sec High Yield Fixed Income Global Fixed 4% 4% 1-5% 2-6% 2-6% Barclays U.S. TIPS Index Merrill Lynch HY Bond Index Citigroup World Gvt Bond Index Alternative Investments 29% Private Real Estate Hedge Funds 18% 0-10% 12-24% NCRIEF Real Estate HFRI Fund of Funds Private Equity** Commodities (Liquid Real Assets) 5% 0-10% 1-5% S & P % DJ/UBS Commodity Index Cash/Short Term 0% 90 T-Bills *Includes Community Investing Assets **Note that private equity performance figures are not meaningful until near the end of a partnership s life (8 to 12 years) The above reflects a 2013 portfolio re-allocation. 2 of 5

3 V. INVESTMENT GUIDELINES 1. The use of commingled funds/mutual funds is highly encouraged. 2. Equity holdings shall be readily marketable securities traded on the major stock exchanges, including NASDAQ. International equity investments of similar quality and marketability will be permitted. 3. Fixed income investments shall be readily marketable securities, including debt instruments of the U.S. Government and its agencies, corporations, and foreign denominated securities, so that the average portfolio quality is not less than AA. 80% of the bond portfolio value must be rated A or better. 4. Short term funds (under one year in maturity) shall be issues of high quality and marketability. 5. In order to enhance portfolio results, the Foundation may elect to invest in alternative investment strategies such as hedge funds, private equity or real estate. These investments are intended to raise portfolio returns and/or lower total portfolio volatility. In most cases, these investments will be implemented via limited partnerships. Therefore, investment restrictions are established by the offering documents for each partnership. When investing in hedge funds, the Foundation will invest in fund of funds only, to effectively diversify manager risk in this asset class. VI. ADMINISTRATIVE AND REVIEW PROCEDURES 1. The Investment Committee will review all policies, objectives and guidelines annually. Any changes will be presented to the Board of Managers for approval. 3 of 5

4 2. Each Investment Manager will keep the Investment Committee informed of any significant changes in the decision-making process, investment management style or personnel. 3. By the 15th of the month following the end of the quarter, each Investment Manager will provide reports on portfolio structure, performance and strategy. VII. INVESTMENT RESPONSIBILITY 1) The Investment Committee is responsible for: (a) Overseeing the investment of trust assets. (b) Establishing a recommended investment policy. (c) Selecting and de-selecting Investment Managers as needed and reporting such actions to the Board. (d) Setting performance objectives and monitoring performance of Investment Managers in meeting these objectives. (e) Reviewing investment policy and recommending changes as required. (f) Review investment objective and expected returns and the portfolio s probability of supporting the annual spending policy. 2) Independent Investment Managers will be responsible for: (a) Implementing the mandated strategy for the asset class under management, as directed by the investment committee. (b) Acting in a prudent manner with respect to the investment of assets under management. 4 of 5

5 3) Independent Investment Consultants will be responsible for: (a) Reporting monthly investment performance by manager account and asset class. (b) Analyzing trends in manager performance, asset allocation and other objectives and making recommendations to the Investment Committee regarding same. (c) Evaluating and proposing strategies relevant to the future of the portfolio. (d) Assisting in the selection of investment managers. (e) Modeling portfolios and calculating investment results under selected scenarios. (f) Assisting in education of Board of Managers and donors about the Foundation s investment strategy and performance. 4) The Foundation Staff will be responsible for: (a) Managing the investment activity to ensure sufficient Cash Flow to meet annual distribution requirements. (b) Rebalancing portfolio in disciplined manner. (c) Working with the independent investment consultants to compile information on investment return and performance for the Investment Committee's review. (d) Staffing Investment Committee to ensure necessary action items are brought to the Committee and so that Committee decisions are implemented. 5 of 5

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