be_ixf;ym_201912 d_12; ct_200

Spending Policy

Taking a Fresh Look at Spending Models

Posted by Commonfund on May 14, 2019

Topic: Industry Knowledge | Spending Policy

Investors have limited control over the returns their portfolios generate. They do however have more control over their spending. That doesn't make it easy. Commonfund experts take a look a various spending models in this Forum 2019 session.

Read now

Viewpoint: Looking Back, Moving Forward – A Decade of Insight from CSIS

Posted by Commonfund Institute on Mar 19, 2019

Topic: Industry Knowledge | Spending Policy

Fiscal 2009 was an epochal year. In March, the stock market decline wrought by the financial crisis and Great Recession reached its nadir as investors sensed the worst had passed. With the turn in the equity market, the seeds were sown for the bull market that continued to and through fiscal 2018. Thus, 10 years on, it is useful to look back on the period that began in FY2009 to understand the trends that can be discerned from a decade of data based on the Commonfund Study of Independent Schools (CSIS).

Read Now

Are You Ready for the Next Crisis?

Posted by Timothy T. Yates, Jr., Deborah Spalding on Sep 18, 2018

Topic: Investment Strategy | Spending Policy

Ten years ago Lehman Brothers failed, representing the largest bankruptcy in history, and accelerating a global financial crisis that would knock many non-profit portfolios backward. The good news is that markets have been relatively calm since the fall of 2008. The bad news is that another crisis will inevitably upset the financial markets. And so on the 10-year anniversary of Lehman, we should ask ourselves, are we ready for the next financial pothole? At Commonfund, we are working with clients to develop a road map, or “crisis playbook"...

Read now

Viewpoint:
The Long of It

Posted by Commonfund Institute on Sep 17, 2018

Topic: Governance and Policy | Spending Policy

Endowments, like the organizations they support, are generally intended to operate in perpetuity. To accomplish this goal, those responsible for endowments—trustees or directors—make decisions based not on myopic thinking or daily machinations in the financial markets, but on the unique...

Read Now

Viewpoint: The Gift of (Relative) Calm

Posted by Commonfund Institute on Aug 16, 2018

Topic: Governance and Policy | Spending Policy

The calamities known as the financial crisis and Great Recession are now a decade in the past. But far from fading into history, the memories remain fresh. And we are reminded of those days regularly (headline from a recent New York Times: “Biggest Banks Easily Pass Fed Stress Test").

Read Now

The Four P’s of Investment Decisions:
Lessons from the Commonfund Institute

Posted by Cathleen M. Rittereiser on Jul 12, 2018

Topic: Industry Knowledge | Spending Policy

Three days after becoming Executive Director of the Commonfund Institute, I found myself giving welcoming remarks at our annual program. The agenda focused on the key responsibilities and decisions fiduciaries make, starting with policy decisions and leading into execution. The most important lessons I learned ...

Read now

Inflation Expectations are Rising. How Can Investors Protect Portfolios?

Posted by Ivo C. Nenin, Kristofer Kwait on May 14, 2018

Topic: Investment Strategy | Real Assets | Spending Policy

In March, capital markets entered their tenth year of post-crisis recovery. For diversified portfolios, these have been some of the most profitable times, characterized by strong returns, positive correlations between equities and bonds and robust illiquidity premiums from private programs . . .

Read Now

10 Key Takeaways from
Commonfund Forum 2018

Posted by Commonfund Institute on Apr 2, 2018

Topic: Industry Knowledge | Spending Policy

Commonfund recently hosted its 20th annual Commonfund Forum in Orlando, Florida. The event brought together 400 institutional investors from the U.S., Puerto Rico, the Virgin Islands, Canada, Chile and the United Kingdom in a 2.5 day conference. Sessions explored cyclical and tactical investment trends and, importantly, strategies to help institutions support their missions. More than 60 experts from investment firms, academia, public policy and think tanks convened in general sessions, major addresses and breakout sessions. Here are 10 key takeaways from Commonfund Forum 2018.

Read now

Viewpoint:
Being Objective

Posted by Commonfund Institute on Feb 22, 2018

Topic: Governance and Policy | Industry Knowledge | Spending Policy

Every year, the NACUBO-Commonfund Study of Endowments® (NCSE) reports new data—on investment returns, asset allocation, risk management, donations and gifts, and much more. But some data points are relatively static. In this Viewpoint we will dive deeper into long-term return objectives and the investment policies that support the objectives of the endowment.

Read Now

A Gap In Reality

Posted by Timothy T. Yates, Jr. on Feb 13, 2018

Topic: Asset Allocation | Investment Strategy | Outsourced Investing | Spending Policy

With the release of the annual NACUBO-Commonfund Study of Endowments (NCSE) comes the obligatory comparison of 1-year returns. “How did we do relative to the 12.2 percent average return” is a question frequently asked at many committee meetings and while it is certainly important to understand what peers are doing, the most recent 1-year return may be the most overrated number in the 127 page study.

Read now