STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES. WASHINGTON AND LEE UNIVERSITY The General Endowment Fund. Approved May 2007

Save this PDF as:
 WORD  PNG  TXT  JPG

Size: px
Start display at page:

Download "STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES. WASHINGTON AND LEE UNIVERSITY The General Endowment Fund. Approved May 2007"

Transcription

1 STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES WASHINGTON AND LEE UNIVERSITY The General Endowment Fund Approved May 2007 This statement is issued by the investment committee of the board of trustees for guidance in the investment of the assets of the General Endowment Fund (hereafter referred to as the Fund ). The investment committee has also articulated the fundamental investment principles (Attachment A) that provide the foundation for this statement. This statement shall remain in effect until modified by the investment committee as conditions warrant. The responsibility for ensuring the implementation of the policy and guidelines set forth in this statement rests with the investment committee. The policy and objectives provided herein apply to the overall managed endowment fund; specific guidelines for individual accounts managed by investment advisors may be attached. The investment committee will also use this statement as a guide in the monitoring and evaluation of any commingled pools in which the fund may invest. A. Financial and Investment Objectives 1. The university's financial objective for the Fund is to preserve and enhance its real (i.e., inflation-adjusted 1 ) purchasing power while providing a relatively predictable, stable, and constant stream of earnings in line with spending needs. 2. The university s primary investment objective for the Fund is to attain a real total return in excess of spending from endowment over the long term. A secondary investment objective is to earn long-term returns that equal or exceed the mean return earned by an appropriate universe of university and college endowments. B. Spending Policy The Board-approved regular spending formula for the Endowment Fund provides for: 1. Spend the lesser of either the prior-year allocation incremented by a Consumer Price Indexbased inflator or 6% of the three-year average of market values at December 31, which is then tested against a ceiling related to the current market value. 1 The index to be used in all calculations of inflation is the CPI(U).

2 Washington and Lee University Statement of Investment Policies and Objectives Page 2 of 6 C. Long-Term Asset Allocation 1. The Fund s investment asset allocation should reflect a proper balance of the university s investment objective, risk tolerance, and need for liquidity. The investment committee understands that, based on historical returns, a high allocation to equities is required to support the university s spending, while preserving or enhancing the purchasing power of the Fund. A high commitment to equities may result in higher short-term volatility and also may result in periods of diminished purchasing power. However, the asset allocation aims to mitigate some portfolio volatility by diversifying and allocating funds to asset classes whose returns are less correlated over time. 2. To achieve its investment objectives, the Fund s assets are divided into two primary components: a fixed income fund and a diversified equity fund. 3. The main purpose of the fixed income fund is to provide a hedge against the effects of a prolonged economic contraction. Secondary purposes are to reduce the overall volatility of the Fund s returns, to provide liquidity, and to contribute to overall return. 4. The purpose of the diversified equity fund is to provide appreciation of principal and, to a lesser extent current income, to support spending requirements and, potentially, the increased purchasing power of the Fund. The diversified equity fund may be invested in public equities, private equities, hedge funds, real estate, natural resources (oil and gas, timber, etc.), and other equity investments or equity substitutes. 5. The policy portfolio s allocation to cash should normally be zero, but this does not preclude maintaining a cash reserve for operational spending or pending subsequent investment.

3 Washington and Lee University Statement of Investment Policies and Objectives Page 3 of 6 6. a. The short-term target allocations (2-3 year time frame; established in February 2007) for the Fund s policy portfolio are as follows: ALLOCATION ALLOCATION RANGE TARGET EQUITY Global Equity U.S. Common Stocks % 15.0 % Global ex-u.s. Common Stocks Emerging Markets Equity Venture Capital Private Equity Subtotal Global Equity % 50.0 % Hedge Funds % 20.0 % Real Assets Real Estate % 7.5 % Natural Resources Subtotal Real Assets % 17.5 % Total Diversified Equity Fund % 87.5 % FIXED INCOME U.S. Fixed Income % 8.3 % Non-U.S. Fixed Income Subtotal Fixed Income % 12.5 % CASH % 0.0 % TOTAL FUND %

4 Washington and Lee University Statement of Investment Policies and Objectives Page 4 of 6 b. The long-term target allocations (5-10 year time frame; established in February 2007) for the Fund s policy portfolio are as follows: ALLOCATION ALLOCATION RANGE TARGET EQUITY Global Equity U.S. Common Stocks % 10.0 % Global ex-u.s. Common Stocks Emerging Markets Equity Venture Capital Private Equity Subtotal Global Equity % 50.0 % Hedge Funds % 20.0 % Real Assets Real Estate % 7.5 % Natural Resources Subtotal Real Assets % 17.5 % Total Diversified Equity Fund % 87.5 % FIXED INCOME U.S. Fixed Income % 8.3 % Non-U.S. Fixed Income Subtotal Fixed Income % 12.5 % CASH % 0.0 % TOTAL FUND %

5 Washington and Lee University Statement of Investment Policies and Objectives Page 5 of 6 7. For purposes of performance measurement, the returns of the Fund will be measured against a custom benchmark composed (where possible) of indexes that serve as reasonable proxies for the asset classes contained in the policy portfolio. However, the performance of individual managers within those asset classes may be measured against more specific style or sector indexes, as appropriate. The total Fund is thus expected to outperform the performance of a blended benchmark comprised of the returns of the following investable indexes in the weightings indicated: PERFORMANCE BENCHMARK 1 Total Fund Sub-Fund (%) (%) Diversified Equity Fund Russell 3000 Index MSCI EAFE Net Index MSCI EM Net Index Venture Capital/Private Equity Russell % Hedge Funds T-Bills + 6% NCREIF Property Index Wilshire REIT Index Natural Resources to be determined Total Diversified Equity Fund Fixed Income Fund Lehman Brothers Treasury Long Index Citigroup Non-U.S. World Gov t Bond Index Total Fixed Income Fund Total Fund The following are the full names of the indexes abbreviated above: Morgan Stanley Capital International (MSCI) Europe, Australasia and Far East (EAFE) Net and Emerging Markets (EM) Net Indexes, and National Council of Real Estate Investment Fiduciaries (NCREIF) Property.

6 Washington and Lee University Statement of Investment Policies and Objectives Page 6 of 6 D. Short-Term (Strategic) Asset Allocation 1. The policy portfolio serves as a guide to long-term target asset allocations and the committee will tend to balance the portfolio toward those target allocations generally through the deployment of new cash inflows. 2. However, at times the investment committee may also decide to overweight/underweight certain asset classes relative to long-term target allocations on the basis of relative valuations and current investment opportunities. E. Guidelines for Diversified Equity Fund Managers 1. The investment objective for the diversified equity fund is to exceed the equity benchmark composite (as defined in C.7 above) by 1% (100 basis points) over a full market cycle, net of fees. In pursuit of this objective, the performance of each equity manager will be measured against an appropriate equity index and against an appropriate manager peer group. 2. Equity managers may at their discretion hold investment reserves of either cash equivalents or bonds (including convertible issues) without limitation in terms of asset size or period of time, but with the understanding that performance will be measured against common stock indexes as described in Paragraphs C.7 and E.1 above. Under certain conditions specific managers may be given more limited directions by the investment committee. To the extent that cash equivalents are used, their quality should be governed by the guidelines set forth in Attachment B. F. Guidelines for Fixed Income Fund Managers 1. The structure of the fixed income fund portfolio is to provide protection from economic contraction through the use of U.S. Treasuries and agency bonds (subject to limitations set forth in Attachment C), international sovereign debt instruments, and corporate bonds. The performance of each fixed income fund manager will be measured against an appropriate bond manager universe. G. Guidelines for Transactions 1. Except under unusual circumstances, all transactions should be entered into on the basis of best execution, which means best realized net price. Notwithstanding the above, commissions may be designated for payment of services rendered to the Fund in connection with its management.

7 Washington and Lee University Statement of Investment Policies and Objectives Page 7 of 6 H. Monitoring of Objectives and Results 1. All objectives and policies remain in effect until modified by the investment committee, which intends to review them at least annually for their continued appropriateness. 2. The deployment of both individually managed portfolios and total Fund assets will be monitored for consistency of investment philosophy, return relative to objectives, and investment risk as measured by asset concentration, exposure to extreme economic conditions, and market volatility. The investment committee, in-house investment staff, and external investment consultant will be engaged in proactively seeking information concerning existing investment managers and current market trends. Individually managed portfolios will be monitored on an on-going basis, but results will be evaluated on a rolling three/five-year basis. Total Fund results will also be evaluated on a rolling three/five-year basis. In addition, however, the investment committee will regularly review the performance and practices of external managers to confirm that its expectations for each manager are being met. 3. External managers will report the following information quarterly: total return net of all commissions and fees; additions to and withdrawals from the account; current holdings at cost and at market; and purchases and sales for the quarter. Regular written communications outlining the manager's evolving investment strategy are also expected and managers should be available for periodic consultation with the investment committee. In addition, managers are required to inform the committee of any material change in firm ownership, organizational structure, key personnel, account structure (i.e., number and size of accounts, including minimum account size) and investment philosophy.

8 Attachment A FUNDAMENTAL INVESTMENT PRINCIPLES The University s Statement of Investment Policies and Objectives is based on certain investment principles the investment committee of the board of trustees regards as fundamental and constant. The committee s intent is to manage the university s endowment assets in accordance with these principles, regardless of cyclical ebbs and flows in the capital markets, and this documentation of these principles is intended to ensure continuity of purpose and implementation regardless of changes in the composition of the committee. 1. TIME HORIZON. On the one hand, the endowment s investment time horizon should be infinite, since the University is expected to exist in perpetuity. On the other hand, the purpose of the endowment is to provide a steady and sustainable distribution of funds to the operating budget, which means that large fluctuations in endowment market value over shorter time periods are highly undesirable. In setting asset allocation policy, the committee will attempt to mediate between these conflicting time horizons. 2. SPENDING. The ideal endowment spending policy ensures a balancing of priorities, whereby the current needs of the University are not sacrificed in the interests of the future, nor are future needs sacrificed to those of the present. 3. ALLOCATION TO EQUITIES. A high allocation to equities is required to support spending while preserving the purchasing power of the endowment. The committee understands that a high commitment to equities may result in periods of diminished purchasing power and higher short-term volatility. 4. DIVERSIFICATION. By allocating funds to asset classes whose returns are not highly correlated over time, the University aims to mitigate some of the volatility inherent in equities and thereby provide greater stability in spending distributions than might be possible with a more concentrated portfolio. Although such diversification means the University may not reap all of the benefits of equity bull markets, it is intended to also avoid the full brunt of bear markets. The investment committee strives to be on the forefront of changes in the investment market. Additionally, the University seeks to invest with investment managers who are perceived to be the best and the brightest in their field in the opinion of the investment committee. 5. REBALANCING. In order to reap the benefits of diversification and maintain a relatively constant risk exposure, portfolio holdings will likely be rebalanced using normal cash flow to ensure that the actual portfolio asset allocation does not deviate materially from policy target allocations. The investment committee will review asset allocations at each meeting and rebalance as appropriate. 6. PURPOSE OF THE ALLOCATION TO FIXED INCOME. The primary purpose of the fixed income portfolio is to help maintain spending distributions from the endowment during a period of prolonged economic contraction, without having to sell equities at depressed prices to do so. To realize this objective, the bond portfolio must consist predominantly of high-

9 quality issues that are unlikely to generate superior returns during most periods. 7. PURPOSE OF THE ALLOCATION TO INFLATION-HEDGING ASSETS. The primary purpose of the allocations to real estate and natural resources is to hedge the portfolio against unanticipated inflation, which can dramatically decrease the endowment s purchasing power and its ability to sustain spending. Portfolio diversification is an important secondary consideration. 8. HIRING MANAGERS. Investment managers are hired to fulfill specific roles in the portfolio. They are evaluated by the investment committee among a broad universe of comparable candidates and relative to their likely effect on the structure of the endowment s portfolio as a whole. The committee recognizes that managers should not be selected on the basis of recent performance, but on their longer-term record and also on the basis of other dimensions, such as personnel, research capabilities, back office systems, and fees, to name a few. 9. FIRING MANAGERS. Similarly, managers should not be terminated for poor performance over a few years. Terminations within a period of at least three years should be predicated on something other than performance; for example, fundamental changes in the manager s personnel or organization; a failure to fulfill the mandate for which the manager was hired; evidence of illegal or unethical behavior; or a decision by the University to cease investing in the manager s asset class. 10. INVESTMENT POLICY REVIEW. It is expected that the investment committee plans to review the endowment s investment policy annually. While it is not anticipated that the investment policy will be changed frequently, the committee should review the policy periodically to ensure that the endowment is capitalizing on available market opportunities.

10 Attachment B Appropriate Cash Equivalent Investments 1. "Cash equivalent investments" are defined as fixed income instruments with maturities of one year or less. 2. Permissible cash equivalent instruments are: a. Direct obligations of the United States. b. Obligations unconditionally guaranteed as to payment of principal and interest by the United States government. c. Negotiable certificates of deposit, bankers' acceptances and floating rate notes issued by, or time deposits placed with, banks meeting the following criteria: i. U.S. chartered banks must have debt ratings of "A" or higher, ready access to world capital markets, a demonstrated record of profitability (including the avoidance of recent major loan losses), and a sizeable ongoing C.D. issuance or deposit collection program. ii. Foreign chartered banks must be domiciled in nations with strong economies, established capital markets, and central banks able to exercise effective control of domestic monetary movements. Instruments must be recognized as direct obligations of such banks, not as obligations of their subsidiaries. d. A1-P1 Commercial Paper issued by large companies domiciled in the U.S. or abroad. Instruments issued by state-owned companies must be guaranteed by the government owner. e. Repurchase Agreements secured by U.S. government and Federal Agency obligations, such obligations to be priced at least 102% of market value. f. Money Market Funds of commercial banks and other major investment advisors.

11 Attachment C Appropriate Fixed Income Securities for Hedging Against the Effects of Prolonged Economic Contraction 1. The fixed income portfolio can include: a. U.S. Treasuries of varying durations; b. Agency securities of Government Sponsored Enterprises, which cannot exceed 50% of the Laddered Treasuries portfolios; c. International sovereign debt; and d. Corporate bonds.

12 Attachment D Why Diversify the Equity Fund and Fixed Income Fund? Among endowment funds, historically there have been two main approaches to investment policy that have proven successful: 1. The first is to maintain a high allocation to common stocks and to maintain that allocation through thick and thin, trimming spending from the endowment during those periods when portfolio value declines severely. 2. The other approach is to diversify the portfolio among several asset classes, whose returns are not highly correlated over time, with the idea that although the institution may not reap all the benefits of a bull market in stocks, it is also intended to not bear the full brunt of bear markets. By diversifying among asset classes and rebalancing towards target allocations, the investment committee strives to maintain a higher degree of stability in the endowment and therefore to provide stability in providing support of the University s operations. Under the University s investment policy, asset class diversification (approach #2 above) is the governing principle.

13 Attachment E Benefits Achieved Through Portfolio Diversification Increasingly institutional investors are diversifying their portfolios by investing in different kinds of equity investments. Diversification has the following benefits: - Reducing the variability of returns of the total portfolio. It has this effect because returns on different kinds of investments do not always move in tandem (i.e., are not perfectly correlated). The addition of asset classes whose returns are not highly correlated with those of existing portfolio investments can result in a reduction in total portfolio volatility even if the additions are themselves more volatile. Reducing the variability of returns helps to stabilize the spending stream. - Improving returns. If two portfolios have exactly the same arithmetic (simple) average return, one with less variability of return will have a higher compound growth rate. A portfolio with the same arithmetic average return as a less volatile portfolio will have a lower compound average return, as illustrated by the following example: Return Arithmetic Average Compound Average Year 1 Year 2 Return Return Portfolio #1 0% 40% 20% 18.3% Portfolio #2 40% 0% 20% 18.3% Less Volatile Portfolio 20% 20% 20% 20.0% The greater the variability of returns, the wider the gap between the arithmetic average and the compound average return.

14 Portfolio variability and returns are dependent on the correlation of asset classes in the portfolio. A portfolio s variability will be lower, and the compound average return (median growth rate) higher the lower the correlation among asset classes. The arithmetic average return (expected return) remains the same, regardless of the correlation. The following example illustrates this relationship using a two asset class portfolio: 50% Asset A / 50% Asset B Expected Expected Median Return (%) Risk (%) Growth Rate (%) Asset A 12.0% 20.0% 10.0% Asset B Correlation Arithmetic Average Return Portfolio Variability Compound Average Return

STATEMENT OF POLICY AND INVESTMENT OBJECTIVES. The University of North Carolina at Pembroke Endowment Board. and

STATEMENT OF POLICY AND INVESTMENT OBJECTIVES. The University of North Carolina at Pembroke Endowment Board. and STATEMENT OF POLICY AND INVESTMENT OBJECTIVES The University of North Carolina at Pembroke Endowment Board and The University of North Carolina at Pembroke Foundation, Inc. December 1, 2010 TABLE OF CONTENTS

More information

UNIVERSITY OF VERMONT STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES

UNIVERSITY OF VERMONT STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES UNIVERSITY OF VERMONT STATEMENT OF INVESTMENT POLICIES AND OBJECTIVES I. INTRODUCTION This statement is issued by the Investment Subcommittee (the ISC ) of the Board of Trustees of the University of Vermont

More information

INVESTMENT POLICY STATEMENT

INVESTMENT POLICY STATEMENT INVESTMENT POLICY STATEMENT Revised June 2015 1 P a g e 1. Statement of Purpose The Board of Directors of the Campanile Foundation has adopted this Investment Policy Statement in recognition of their responsibility

More information

University of Miami Growth Pool Statement of Investment Policy

University of Miami Growth Pool Statement of Investment Policy University of Miami Growth Pool Statement of Investment Policy Introduction December 2014 This document presents the investment process of the University of Miami s Growth Pool ( Growth Pool ), including

More information

Long Term Investment Pool (LTIP) Investment Policy Statement Level 1

Long Term Investment Pool (LTIP) Investment Policy Statement Level 1 Long Term Investment Pool (LTIP) Level 1 CONTENTS I. OVERVIEW II. FINANCIAL GOALS OF THE LTIP III. INVESTMENT OBJECTIVES OF THE LTIP IV. INVESTMENT STRATEGIES OF THE LTIP V. PORTFOLIO REBALANCING VI. ASSET

More information

INVESTMENT POLICY. Wharton County Junior College Endowment Fund PURPOSE

INVESTMENT POLICY. Wharton County Junior College Endowment Fund PURPOSE Endowment Fund INVESTMENT POLICY PURPOSE This document is the official policy governing the investment practices of the Wharton County Junior College Endowment Fund (the WCJCEF or Endowment ). The policies

More information

COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL

COMMUNITY FOUNDATION OF GREATER MEMPHIS, INC. INVESTMENT GUIDELINES FOR MONEY MARKET POOL INVESTMENT GUIDELINES FOR MONEY MARKET POOL discretionary Money Market Pool is expected to pursue their stated investment strategy and follow the investment guidelines and objectives set forth herein.

More information

Endowment Policies, Guidelines, and Objectives

Endowment Policies, Guidelines, and Objectives Tower Foundation of San Jose State University Endowment Policies, Guidelines, and Objectives Purpose of the Endowment Policy Statement This statement is issued by the Finance and Investment Committee (the

More information

Statement of Investment Policy, Objectives, & Guidelines

Statement of Investment Policy, Objectives, & Guidelines Statement of Investment Policy, Objectives, & Guidelines A. GENERAL INFORMATION The name of Church Endowment Fund, full address, (hereafter Endowment Fund or Fund ) hereby adopts this Statement of Investment

More information

AMERICAN REGISTRY OF INTERNET NUMBERS INVESTMENT POLICY STATEMENT January 2014

AMERICAN REGISTRY OF INTERNET NUMBERS INVESTMENT POLICY STATEMENT January 2014 AMERICAN REGISTRY OF INTERNET NUMBERS INVESTMENT POLICY STATEMENT January 2014 Introduction This statement of investment policy has been adopted by the Board of Trustees of the American Registry of Internet

More information

The Statue of Liberty Ellis Island Foundation Endowment. Investment Policy Policy 6-1

The Statue of Liberty Ellis Island Foundation Endowment. Investment Policy Policy 6-1 The Statue of Liberty Ellis Island Foundation Endowment New York, New York Investment Policy Policy 6-1 Revised: January 2012 Investment Policy Statement for the Management of the Assets of The Statue

More information

Investment Policy Statement. Sample XYZ Foundation NOT FOR CLIENT USE. Approved on <<date>>

Investment Policy Statement. Sample XYZ Foundation NOT FOR CLIENT USE. Approved on <<date>> Sample XYZ Foundation Approved on By Board of Directors This investment policy statement should be reviewed and updated at least annually. Any change to this policy should be communicated in writing

More information

ENDOWMENT FUND. Investment Policy Statement

ENDOWMENT FUND. Investment Policy Statement ENDOWMENT FUND Investment Policy Statement Amended ) January 20, 2010 Amended January 19, 2012 Amended Table of Contents I. INTRODUCTION... 3 II. GENERAL INFORMATION... 3 III. INVESTMENT PLAN... 4 A. SPENDING

More information

SAMPLE INVESTMENT POLICY STATEMENT

SAMPLE INVESTMENT POLICY STATEMENT SAMPLE INVESTMENT POLICY STATEMENT 2003 Prepared by: Jay D. Ahlbeck, CLU, ChFC JDA & Associates Securities and Advisory Services offered through Mutual Service Corporation, a Registered Investment Advisor,

More information

CFA Institute Contingency Reserves Investment Policy Effective 8 February 2012

CFA Institute Contingency Reserves Investment Policy Effective 8 February 2012 CFA Institute Contingency Reserves Investment Policy Effective 8 February 2012 Purpose This policy statement provides guidance to CFA Institute management and Board regarding the CFA Institute Reserves

More information

Investment Policy & Investment Guidelines. July 1, 2015

Investment Policy & Investment Guidelines. July 1, 2015 Investment Policy & Investment Guidelines July 1, 2015 Investment Policy Statement Topics 1. 2. 3. 4. 5. 6. 7. 8. Investment Objectives Liquidity Responsibilities & Legal Asset Class Definitions Policy

More information

Short/Intermediate Term Investment Fund

Short/Intermediate Term Investment Fund Texas Tech University System INVESTMENT POLICY STATEMENT Short/Intermediate Term Investment Fund Dates Approved or Amended: -- Initial adoption of policy statement...02-26-2010 -- Comprehensive rewrite...03-02-2012

More information

Request for Proposal (RFP) Investment Advisory Services

Request for Proposal (RFP) Investment Advisory Services Request for Proposal (RFP) Investment Advisory Services THE WIKIMEDIA FOUNDATION Wikipedia is the world's largest and most popular encyclopedia. It is online, free to use for any purpose, and free of advertising.

More information

The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust. Amended June 16, 2015

The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust. Amended June 16, 2015 The Master Statement of Investment Policies and Objectives of The Lower Colorado River Authority Retirement Plan and Trust Amended June 16, 2015 Introduction The Lower Colorado River Authority ( LCRA )

More information

Policies, Procedures and Guidelines

Policies, Procedures and Guidelines Policies, Procedures and Guidelines Complete Policy Title: Statement of Investment Policies and Objectives Investment Pool Policy Number (if applicable): Approved by: Board of Governors Date of Original

More information

INDEPENDENT SCHOOL DISTRICT #877 POLICY. Buffalo-Hanover-Montrose. POLICY TITLE Investments OPEB CODE NO. 705.1

INDEPENDENT SCHOOL DISTRICT #877 POLICY. Buffalo-Hanover-Montrose. POLICY TITLE Investments OPEB CODE NO. 705.1 INDEPENDENT SCHOOL DISTRICT #877 POLICY Buffalo-Hanover-Montrose INDEX TITLE Noninstructional Operations and Business Services SERIES NO. 700 POLICY TITLE Investments OPEB CODE NO. 705.1 I. Purpose The

More information

CAL POLY POMONA FOUNDATION, INC. POLICIES AND PROCEDURES

CAL POLY POMONA FOUNDATION, INC. POLICIES AND PROCEDURES CAL POLY POMONA FOUNDATION, INC. POLICIES AND PROCEDURES No. 130 Policy Old No.: 1991-1 Date: 04/25/91 Reference: 229-III-A; 230-II-C; 275-II-D Revision: 05/29/96; 09/04/96; 277-IV-C; 300-II-D; 348-III-E;

More information

Investment Policy Statement. For. NDSU Development Foundation. Endowment

Investment Policy Statement. For. NDSU Development Foundation. Endowment Investment Policy Statement For NDSU Development Foundation Endowment May 2012 Table of Contents Page Introduction 3 Goals and Objectives 4 Investment Program Policies 5 Roles and Responsibilities 11 2

More information

Sample Investment Policy. Introduction

Sample Investment Policy. Introduction Sample Investment Policy Introduction This statement of investment policy was adopted by the Board of Directors of Organization Name on Date, to provide for the creation of, and guidelines for the management

More information

California State University, Fresno Foundation INVESTMENT POLICY STATEMENT

California State University, Fresno Foundation INVESTMENT POLICY STATEMENT INVESTMENT POLICY STATEMENT 1. Purposes of the Investment Policy Statement The purposes of this Investment Policy Statement for the management of the Foundation funds under management authority of the

More information

LOYOLA UNIVERSITY EMPLOYEES RETIREMENT PLAN TRUST INVESTMENT POLICIES AND OBJECTIVES

LOYOLA UNIVERSITY EMPLOYEES RETIREMENT PLAN TRUST INVESTMENT POLICIES AND OBJECTIVES 1. Background LOYOLA UNIVERSITY EMPLOYEES RETIREMENT PLAN TRUST INVESTMENT POLICIES AND OBJECTIVES This Statement of Investment Policies and Objectives governs the investment of assets of the Loyola University

More information

Virginia College Savings Plan Statement of Investment Policy and Guidelines For. Virginia529 prepaid SM

Virginia College Savings Plan Statement of Investment Policy and Guidelines For. Virginia529 prepaid SM Virginia College Savings Plan Statement of Investment Policy and Guidelines For Virginia529 prepaid SM TABLE OF CONTENTS I. Purpose & Responsibilities... 1 II. Asset Allocation and Rebalancing... 2 III.

More information

STATEMENT OF INVESTMENT POLICY, OBJECTVES AND GUIDELINES FOR THE MINERALS, METALS AND MATERIALS SOCIETY

STATEMENT OF INVESTMENT POLICY, OBJECTVES AND GUIDELINES FOR THE MINERALS, METALS AND MATERIALS SOCIETY STATEMENT OF INVESTMENT POLICY, OBJECTVES AND GUIDELINES FOR THE MINERALS, METALS AND MATERIALS SOCIETY It is intended that this statement be reviewed and updated at least annually. Any change to the policy

More information

Statement of Investment Policies and Goals

Statement of Investment Policies and Goals Statement of Investment Policies and Goals University of Ottawa Long Term Portfolio 1. Purpose of the Statement of Investment Policies and Goals The Statement of Investment Policies and Goals (the SIPG

More information

Investments - Endowment Funds

Investments - Endowment Funds Investments - Endowment Funds Original Implementation: Unpublished Last Revision: January 26, 2016 GENERAL Endowment funds represent private funds given to the university by individuals and institutions

More information

Sample Foundation Investment Policy http://www.t-tlaw.com/cf-17.htm

Sample Foundation Investment Policy http://www.t-tlaw.com/cf-17.htm Sample Foundation Investment Policy http://www.t-tlaw.com/cf-17.htm I. Introduction. The purpose of this statement is to establish guidelines for the prudent investment of the Foundation s assets. In the

More information

ANDERSON UNIVERSITY INVESTMENT POLICY

ANDERSON UNIVERSITY INVESTMENT POLICY ANDERSON UNIVERSITY INVESTMENT POLICY I. General Investment Objectives A. The primary objective for investment of all funds of the university is to provide an adequate flow of resources sufficient to meet

More information

The Michigan Tech Fund STATEMENT OF INVESTMENT POLICY

The Michigan Tech Fund STATEMENT OF INVESTMENT POLICY The Michigan Tech Fund STATEMENT OF INVESTMENT POLICY APPROVED JULY 31,2013 TABLE OF CONTENTS Executive Summary... 2 Introduction and Purpose... 3 Scope of Policy... 4 Delegation of Responsibilities...

More information

R.B. RESOLUTION NO BASIC INVESTMENT POLICIES AND OBJECTIVES OF THE EAST BAY MUNICIPAL UTILITY DISTRICT EMPLOYEES' RETIREMENT SYSTEM

R.B. RESOLUTION NO BASIC INVESTMENT POLICIES AND OBJECTIVES OF THE EAST BAY MUNICIPAL UTILITY DISTRICT EMPLOYEES' RETIREMENT SYSTEM R.B. RESOLUTION NO. 6713 Introduced by: BASIC INVESTMENT POLICIES AND OBJECTIVES OF THE EAST BAY MUNICIPAL UTILITY DISTRICT EMPLOYEES' RETIREMENT SYSTEM Joe ~~'3 Seconded by: fra...n ~ \...la.,\~ WHEREAS,

More information

Statement of Investment Policies and Procedures

Statement of Investment Policies and Procedures Statement of Investment Policies and Procedures Adopted by the Investment Committee, February 2008 Approved by Diocesan Council, September 2008 Revised by Diocesan Council, October 2012 Revised by Diocesan

More information

Dartmouth College Endowment Investment Policy Statement Updated August 2013

Dartmouth College Endowment Investment Policy Statement Updated August 2013 Introduction and Purpose of the Endowment This Investment Policy Statement ( IPS ) applies to the endowment of Dartmouth College (the College ), referred to throughout this document as the Total Return

More information

PERSI Choice 401(k) Plan Investment Policy

PERSI Choice 401(k) Plan Investment Policy PERSI Choice 401(k) Plan Investment Policy I. Plan Objective The Public Employee Retirement System of Idaho (PERSI) sponsors the PERSI Choice Plan (the "Choice Plan" or "Plan") for the benefit of its members.

More information

Investment Policy Statement

Investment Policy Statement Investment Policy Statement Prepared on: February 04, 2013 Prepared for: Sample Individual Client 432 Elm St Chicago IL 60630 Executive Summary Client Name: Sample Individual Client Client Type: Individual

More information

INVESTMENT TERM GLOSSARY

INVESTMENT TERM GLOSSARY A Accrued Interest - Interest that has been earned but not yet credited to a bond or other fixed-income investment, such as a certificate of deposit. Active Management The use of professional investment

More information

RUTGERS POLICY. Revisions: 7/1/2013; 10/10/2013 (Updated title); 9/3/2014 (Changes in roles and investment portfolio definitions)

RUTGERS POLICY. Revisions: 7/1/2013; 10/10/2013 (Updated title); 9/3/2014 (Changes in roles and investment portfolio definitions) RUTGERS POLICY Section: 40.2.19 Section Title: Fiscal Management Policy Name: Investment Policy for the Short Term Investments Formerly Book: N/A Approval Authority: Senior Vice President for Finance and

More information

Putnam Stable Value Fund

Putnam Stable Value Fund Putnam Stable Value Fund Offering Statement 3 15 16 Goal 2 What is Putnam Stable Value Fund? 2 Investment strategy 2 Risks of the Fund 5 Eligibility 6 Fund provisions 7 Fees and Expenses 9 Putnam Fiduciary

More information

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

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

More information

INVESTMENT POLICY STATEMENT. Creighton University 403(b) Retirement Plan

INVESTMENT POLICY STATEMENT. Creighton University 403(b) Retirement Plan INVESTMENT POLICY STATEMENT For Creighton University 403(b) Retirement Plan November 2008 Cornerstone Advisors Asset Management, Inc. 74 West Broad Street, Suite 340 Bethlehem, PA 18018 TABLE OF CONTENTS

More information

INVESTMENT POLICY STATEMENT

INVESTMENT POLICY STATEMENT INVESTMENT POLICY STATEMENT Investment Options Dated : August 2015 Profile Name United Bank of Michigan 900 East Paris Avenue SE Grand Rapids, MI 49546 Primary Contact Eric Soya 616.559.4534 Advisor Devenir

More information

Renaissance Charitable Foundation Inc.

Renaissance Charitable Foundation Inc. Charitable Foundation Inc. Revised July 2008 I. Statement of Purpose The intent of this is to establish guidelines that will govern the investment activities of ( RCF ) and any Registered Investment Advisor

More information

ROWAN UNIVERSITY INVESTMENT POLICY

ROWAN UNIVERSITY INVESTMENT POLICY ROWAN UNIVERSITY INVESTMENT POLICY I. OBJECTIVE The purpose of this Investment Policy is to establish policies and guidelines that govern the investment objectives for the Rowan University. These investment

More information

Good Practice Checklist

Good Practice Checklist Investment Governance Good Practice Checklist Governance Structure 1. Existence of critical decision-making bodies e.g. Board of Directors, Investment Committee, In-House Investment Team, External Investment

More information

THE FLORIDA STATE UNIVERSITY FOUNDATION. Statement of Investment Policy and Objectives. Revised October 15, 2015 (effective July 1, 2015)

THE FLORIDA STATE UNIVERSITY FOUNDATION. Statement of Investment Policy and Objectives. Revised October 15, 2015 (effective July 1, 2015) Page 1 THE FLORIDA STATE UNIVERSITY FOUNDATION Statement of Investment Policy and Objectives Revised October 15, 2015 (effective July 1, 2015) I. Introduction This Statement of Investment Policy and Objectives

More information

Glossary of Investment Terms

Glossary of Investment Terms online report consulting group Glossary of Investment Terms glossary of terms actively managed investment Relies on the expertise of a portfolio manager to choose the investment s holdings in an attempt

More information

YOLO COMMUNITY FOUNDATION. INVESTMENT POLICY STATEMENT governing ENDOWMENT FUNDS and EXPENDABLE FUNDS

YOLO COMMUNITY FOUNDATION. INVESTMENT POLICY STATEMENT governing ENDOWMENT FUNDS and EXPENDABLE FUNDS YOLO COMMUNITY FOUNDATION INVESTMENT POLICY STATEMENT governing ENDOWMENT FUNDS and EXPENDABLE FUNDS ** Adopted June 2, 2004** This Investment Policy Statement replaces any previous statement and is effective

More information

Operating and Endowment Fund

Operating and Endowment Fund Operating and Endowment Fund Statement of Investment Objectives, Policies and Governance (MAPP 2.26) December, 2014 TABLE OF CONTENTS Section 1 Purpose and Background 1.1 Introduction... 1 1.2 Description

More information

University Of New Brunswick. Investments Committee. Statement of Investment Objectives and Policy

University Of New Brunswick. Investments Committee. Statement of Investment Objectives and Policy University Of New Brunswick Statement of Investment Objectives and Policy TABLE OF CONTENTS Title Page 1. Introduction and Purpose... 3 2. Goals and Objectives... 3 3. General... 3 4. Description of Business

More information

Delaware County Community College Statement of Policies and Procedures, Objectives and Guidelines for Investing Operating Funds

Delaware County Community College Statement of Policies and Procedures, Objectives and Guidelines for Investing Operating Funds College Policy SUBJECT: Investment Policy NUMBER: ORIGINAL DATE OF ISSUE: REVISED: 6.5 2/13/13 9/16/15 Delaware County Community College Statement of Policies and Procedures, Objectives and Guidelines

More information

SEI Income Portfolio. Investment Policy Statement

SEI Income Portfolio. Investment Policy Statement SEI Income Portfolio Investment Policy Statement INTRODUCTION An Investment Management Program will determine the right mix of investments for your personal situation in order to meet your long-term investment

More information

INVESTMENT POLICY STATEMENT

INVESTMENT POLICY STATEMENT INVESTMENT POLICY STATEMENT I. EXECUTIVE SUMMARY The Investment Policy Statement ( IPS ) has been adopted by the Board of Directors ( Board ) of Gompers Habilitation Center to direct the prudent oversight

More information

Children s Organ Transplant Association, Inc. Investment Policy Statement

Children s Organ Transplant Association, Inc. Investment Policy Statement Children s Organ Transplant Association, Inc. Investment Policy Statement For Patient Accounts Smith Memorial Account Administrative Account Endowment Funds Updated August 13, 2011 Document Prepared by:

More information

Commonwealth of Pennsylvania State Employees Retirement Board. Private Equity Statement of Investment Policy. Adopted April 21, 2004

Commonwealth of Pennsylvania State Employees Retirement Board. Private Equity Statement of Investment Policy. Adopted April 21, 2004 Commonwealth of Pennsylvania State Employees Retirement Board Private Equity Statement of Investment Policy Adopted April 21, 2004 Amended January 27, 2016 Private Equity Statement of Investment Policy

More information

Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP)

Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP) Extended Strategy Descriptions for The Boeing Company Voluntary Investment Plan (VIP) Strategy descriptions are effective December 12, 2014, unless otherwise noted. U.S. Large Companies Fund The fund invests

More information

RULES AND REGULATIONS FOR THE INVESTMENT ACCOUNT

RULES AND REGULATIONS FOR THE INVESTMENT ACCOUNT September 10, 2015 RULES AND REGULATIONS FOR THE INVESTMENT ACCOUNT IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and

More information

Total-Return Investment Pool (TRIP) Asset Allocation & Investment Policy Review and Recommendations

Total-Return Investment Pool (TRIP) Asset Allocation & Investment Policy Review and Recommendations ATTACHMENT 2 Total-Return Investment Pool (TRIP) Asset Allocation & Investment Policy Review and Recommendations May 27, 2015 Office of the Chief Investment Officer Contents For Discussion at Committee

More information

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1

PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 PowerShares Smart Beta Income Portfolio 2016-1 PowerShares Smart Beta Growth & Income Portfolio 2016-1 PowerShares Smart Beta Growth Portfolio 2016-1 The unit investment trusts named above (the Portfolios

More information

Basic Investment Education

Basic Investment Education Disclaimer: The information provided below is for information purposes only - it is not investment advice. If you have any questions about your own personal financial situation, you should consult with

More information

YMCA OF HAMILTON/BURLINGTON/BRANTFORD STATEMENT OF INVESTMENT POLICY & PROCEDURES

YMCA OF HAMILTON/BURLINGTON/BRANTFORD STATEMENT OF INVESTMENT POLICY & PROCEDURES YMCA OF HAMILTON/BURLINGTON/BRANTFORD STATEMENT OF INVESTMENT POLICY & PROCEDURES A. INTRODUCTION This Statement of Investment Policy (the Statement ) replaces the Statement of Investment Policy and Procedures

More information

MML SERIES INVESTMENT FUND

MML SERIES INVESTMENT FUND This Prospectus describes the following Funds. MML SERIES INVESTMENT FUND MML Money Market Fund seeks to maximize current income, preserve capital and maintain liquidity by investing in money market instruments.

More information

Investment Policy Statement

Investment Policy Statement Investment Policy Statement SCOPE OF THIS INVESTMENT POLICY This statement of investment policy reflects the investment policy, objectives, and constraints of the Village of Orland Park Police Pension

More information

INVESTMENT POLICY STATEMENT. For. The Animation Guild 401(k) Plan

INVESTMENT POLICY STATEMENT. For. The Animation Guild 401(k) Plan INVESTMENT POLICY STATEMENT For The Animation Guild 401(k) Plan Effective TABLE OF CONTENTS Investment Policy Statement Page Purpose...1 Statement of Plan Investment Objectives...2 Roles & Responsibilities...3

More information

STATEMENT OF INVESTMENT POLICY FOR ONTARIO SAILING ASSOCIATION ENDOWMENT FUNDS

STATEMENT OF INVESTMENT POLICY FOR ONTARIO SAILING ASSOCIATION ENDOWMENT FUNDS STATEMENT OF INVESTMENT POLICY FOR ONTARIO SAILING ASSOCIATION ENDOWMENT FUNDS Effective April 1, 2012 As Approved by the Ontario Sailing Board, February 21 st, 2012 1 of 11 Table of Contents Section 1

More information

Investment, 590 University Policy

Investment, 590 University Policy Investment, 590 Responsible Office Office of Business and Finance POLICY Issued: 08/30/2013 Revised: 07/01/2016 Standards and disciplines adopted so that the Board of Trustees and its Finance Committee

More information

Statement of Investment Policy. Alabama College Education Savings Program (ACES) Trust Fund. The CollegeCounts 529 Fund

Statement of Investment Policy. Alabama College Education Savings Program (ACES) Trust Fund. The CollegeCounts 529 Fund Statement of Investment Policy Alabama College Education Savings Program (ACES) Trust Fund The CollegeCounts 529 Fund Approved by the Board of Directors November 19, 2014 1 Authority and Purpose The Alabama

More information

Prospectus Socially Responsible Funds

Prospectus Socially Responsible Funds Prospectus Socially Responsible Funds Calvert Social Investment Fund (CSIF) Balanced Portfolio Equity Portfolio Enhanced Equity Portfolio Bond Portfolio Money Market Portfolio Calvert Social Index Fund

More information

Investment Information

Investment Information Investment Information The Miami Foundation offers an exceptional selection of investment pools that you may choose from. Each pool is carefully constructed and diversified to meet a range of philanthropic

More information

Your Investment Policy Statement. Your Investor Profile

Your Investment Policy Statement. Your Investor Profile Your Investment Policy Statement Date: 03/21/10 Prepared for : John Sample Address: Province: Postal Code: 123 Any Street Ontario A1B 2C3 Phone: (123) 456-7890 Prepared by: Dealer Address: Province: Postal

More information

401(k) Savings Plan Investment Fund Profiles Detailed Information on the JPMorgan Chase 401(k) Savings Plan Investment Funds

401(k) Savings Plan Investment Fund Profiles Detailed Information on the JPMorgan Chase 401(k) Savings Plan Investment Funds 401(k) Savings Plan Investment Fund Profiles Detailed Information on the JPMorgan Chase 401(k) Savings Plan Investment Funds Effective December 31, 2013 Please Note: Any significant subsequent updates

More information

PORTFOLIO OBJECTIVES

PORTFOLIO OBJECTIVES Save The Investor. Save The World. www.matsonmoney.com 5955 DEERFIELD BOULEVARD MASON, OHIO 45040 P: (513) 204-8000 F: (513) 204-8005 PORTFOLIO OBJECTIVES Aggressive Growth Strategy - Page 2 Long - Term

More information

Writing your charity s investment policy A guide

Writing your charity s investment policy A guide Writing your charity s investment policy A guide www.cfg.org.uk www.charityinvestorsgroup.org.uk Contents Introduction What is this guide for?... 1 Who is this guide for?... 1 Why have a written investment

More information

Los Angeles County Employees Retirement Association Private Equity Objectives, Policies, and Procedures. Adopted: April 23, 1997

Los Angeles County Employees Retirement Association Private Equity Objectives, Policies, and Procedures. Adopted: April 23, 1997 Private Equity Objectives, Policies, and Procedures Adopted: April 23, 1997 Last Revised: February 10, 2016 Page 2 Table of Contents A. DOCUMENT PURPOSE 3 B. INVESTMENT OBJECTIVE AND STRATEGY 3 C. DEFINITIONS

More information

THE UNIVERSITY OF TEXAS SYSTEM LONG TERM FUND INVESTMENT POLICY STATEMENT

THE UNIVERSITY OF TEXAS SYSTEM LONG TERM FUND INVESTMENT POLICY STATEMENT THE UNIVERSITY OF TEXAS SYSTEM LONG TERM FUND INVESTMENT POLICY STATEMENT Purpose The Long Term Fund (the "LTF"), succeeded the Common Trust Fund in February 1995, and was established by the Board of Regents

More information

ENDOWMENT FUND POLICIES AND GUIDELINES

ENDOWMENT FUND POLICIES AND GUIDELINES ENDOWMENT FUND POLICIES AND GUIDELINES FOR ST. GEORGE EPISCOPAL CHURCH THE VILLAGES, FLORIDA SECTION A Investment Policy Statement 1 2 3 4 5 6 7 8 9 10 11 12 13 Purpose This Investment Policy Statement

More information

Statement of Investment Policies and Objectives. University of Rochester Retirement Plan. April 2014

Statement of Investment Policies and Objectives. University of Rochester Retirement Plan. April 2014 Statement of Investment Policies and Objectives University of Rochester Retirement Plan April 2014 Contents Purpose 1 Philosophy 2 Delegation of Responsibilities 3 Investment Structure and Investment Option

More information

G o r g e C o m m u n i t y F o u n d a t i o n

G o r g e C o m m u n i t y F o u n d a t i o n INVESTMENT POLICY Established August 2001 INTRODUCTION The purpose of this statement is to communicate to the Foundation s Investment Committee and Investment Advisor a clear understanding of the investment

More information

SCHEDULE A Specific Investment Plan. for. Association of Canadian Archivists Foundation (the Corporation )

SCHEDULE A Specific Investment Plan. for. Association of Canadian Archivists Foundation (the Corporation ) SCHEDULE A Specific Investment Plan for Association of Canadian Archivists Foundation (the Corporation ) Twenty-sixth day of April, 2010 This is a specific investment plan ( Specific Investment Plan )

More information

INVESTMENT POLICY STATEMENT Valued Client

INVESTMENT POLICY STATEMENT Valued Client INVESTMENT POLICY STATEMENT Valued Client August 17, 2010 PREPARED BY: John Ohl Bay Colony Advisors 91 Main St STE 308 Concord, Massachusetts 01742 (978) 369-7200 John@baycolonyadvisors.com www.baycolonyadvisors.com

More information

PENSION BENEFIT GUARANTY CORPORATION INVESTMENT POLICY STATEMENT OCTOBER 2015

PENSION BENEFIT GUARANTY CORPORATION INVESTMENT POLICY STATEMENT OCTOBER 2015 PENSION BENEFIT GUARANTY CORPORATION INVESTMENT POLICY STATEMENT OCTOBER 2015 I. INTRODUCTION The Pension Benefit Guaranty Corporation ( PBGC or the Corporation ) is a federal corporation created by the

More information

TIAA-CREF Asset Management. Asset allocation: Enhancing diversification for performance and risk management. Executive summary

TIAA-CREF Asset Management. Asset allocation: Enhancing diversification for performance and risk management. Executive summary August 2014 TIAA-CREF Asset Management Asset allocation: Enhancing diversification for performance and risk management Executive summary Many individual investors make asset allocation errors that hurt

More information

RULES AND REGULATIONS FOR THE INVESTMENT ACCOUNT

RULES AND REGULATIONS FOR THE INVESTMENT ACCOUNT August 15, 2014 RULES AND REGULATIONS FOR THE INVESTMENT ACCOUNT IMF staff regularly produces papers proposing new IMF policies, exploring options for reform, or reviewing existing IMF policies and operations.

More information

REAL ESTATE STATEMENT OF INVESTMENT POLICY

REAL ESTATE STATEMENT OF INVESTMENT POLICY REAL ESTATE STATEMENT OF INVESTMENT POLICY Amended February 26, 2016 2211 York Road, Suite 500 Oak Brook, IL 60523-2337 (630) 368-1010 www.imrf.org Table of Contents I. Purpose and Objectives... 3 II.

More information

Introduction to Managing a Nonprofit

Introduction to Managing a Nonprofit Introduction to Managing a Nonprofit Managing and working with nonprofit organizations can be both a challenging and a rewarding experience. Nonprofit organizations are distinct entities with many special

More information

Investment Offerings

Investment Offerings CHURCH OF THE BRETHREN PENSION PLAN Investment Offerings (Addendum to Participants Handbook) 1505 Dundee Ave. Elgin, IL 60120 800-746-1505 www.bbtpension.org 1 Dear Plan member, Brethren Pension Plan is

More information

The Power of Low-Correlation Investing. Wealth Strategies How to think about the core building blocks of your portfolio

The Power of Low-Correlation Investing. Wealth Strategies How to think about the core building blocks of your portfolio The Power of Low-Correlation Investing Wealth Strategies How to think about the core building blocks of your portfolio Smart Investing Begins with Planning Effective investment planning is concrete problem-solving.

More information

Deutsche Alternative Asset Allocation VIP

Deutsche Alternative Asset Allocation VIP Alternative Deutsche Alternative Asset Allocation VIP All-in-one exposure to alternative asset classes : a key piece in asset allocation Building a portfolio of stocks, bonds and cash has long been recognized

More information

Financial Wellness & Education. Understanding mutual funds

Financial Wellness & Education. Understanding mutual funds Financial Wellness & Education Understanding mutual funds Benefits of mutual funds Foresters Financial Services provides everyday families and individuals with financial solutions, guidance and tools,

More information

Investing 101. Small Steps Can Make a Difference. Investing 101. Investing 101

Investing 101. Small Steps Can Make a Difference. Investing 101. Investing 101 Small Steps Can Make a Difference Today s Agenda Saving vs. Investing Investment Basics: Cash Bonds Stocks Mutual Funds Asset Allocation 2 Today s Agenda What would you like to get out of today s session?

More information

GUIDE TO INVESTING IN MARKET LINKED CERTIFICATES OF DEPOSIT

GUIDE TO INVESTING IN MARKET LINKED CERTIFICATES OF DEPOSIT GUIDE TO INVESTING IN MARKET LINKED CERTIFICATES OF DEPOSIT What you should know before you buy What are Market Linked CDs? are a particular type of structured investment issued by third-party banks. A

More information

BRINKER CAPITAL OVERVIEW. Helping You Invest with Confidence

BRINKER CAPITAL OVERVIEW. Helping You Invest with Confidence BRINKER CAPITAL OVERVIEW Helping You Invest with Confidence PARTIALLY INVESTED PERIODIC INVESTMENT FULLY INVESTED Unwavering Focus on Investment Excellence For more than 25 years, Brinker Capital has been

More information

STATE OF ALASKA PUBLIC EMPLOYEES AND TEACHERS RETIREE MAJOR MEDICAL INSURANCE and HEALTH REIMBURSEMENT ARRANGEMENT EMPLOYEE BENEFIT TRUST FUNDS

STATE OF ALASKA PUBLIC EMPLOYEES AND TEACHERS RETIREE MAJOR MEDICAL INSURANCE and HEALTH REIMBURSEMENT ARRANGEMENT EMPLOYEE BENEFIT TRUST FUNDS PUBLIC EMPLOYEES AND TEACHERS Financial Statements (With Independent Auditors Report Thereon) PUBLIC EMPLOYEES AND TEACHERS Table of Contents Page Independent Auditors Report 1 Management s Discussion

More information

The Board of Trustees is responsible for the oversight of the investment operations of the Foundation. The Boards specific responsibilities are:

The Board of Trustees is responsible for the oversight of the investment operations of the Foundation. The Boards specific responsibilities are: STATEMENT OF INVESTMENT OBJECTIVES AND POLICIES FOR INVESTMENTS June 2016 This policy applies to funds invested by the Community Foundation of Utah (the Foundation ), including the Foundation s Endowments

More information

Capital Markets Review Q3 2010

Capital Markets Review Q3 2010 Capital Markets Review Q3 2010 Reviewing the quarter ended June 30, 2010 Ross Marino, CFP, ChFC 210-4 Avondale Ave. Wilmington, NC 28403 www.rossmarino.com Material prepared by Raymond James for use by

More information

INSTITUTIONAL TRUST & CUSTODY. Big Bank Capabilities, Mid-Market Focus SM. Investment Management

INSTITUTIONAL TRUST & CUSTODY. Big Bank Capabilities, Mid-Market Focus SM. Investment Management INSTITUTIONAL TRUST & CUSTODY Big Bank Capabilities, Mid-Market Focus SM Investment Management At U.S. Bank Institutional Trust & Custody, we are trusted investment advisors to corporations, municipalities,

More information

Investment options and risk

Investment options and risk Investment options and risk Issued 1 July 2015 The information in this document forms part of the Product Disclosure Statement for the Public Sector Superannuation accumulation plan (PSSap), eighth edition,

More information