Perspectives | Articles
Potential regulations on donor-advised funds (DAFs) and their effect on the philanthropic sector was the most-cited concern among community foundations in this year’s Council on...
Perspectives | Insights Blog
Commonfund has been partnering with boards and investment committees to design and implement investment structures that support and maintain intergenerational equity, the purchasing power of their...
Perspectives | Insights Blog
In this infographic, we report the key highlights from the 2023 Council on Foundations-Commonfund Study of Foundations. For the year ended December 31, 2023, participating foundations reported a...
Perspectives | Insights Blog
Last month, Commonfund OCIO hosted an inaugural convening of institutionally-related foundations (IRFs) - foundations that are a separate entity and serve as administrative and often fundraising...
Perspectives | Insights Blog
Commonfund Institute’s Investment Stewardship Academy (“ISA”), an intensive workshop for institutional investors and leaders that has been convening since 1993, came together on Yale’s campus in New...
Perspectives | Articles
Commonfund Institute aims to lift up and provide insight into how significant policy developments may impact nonprofit institutional investors. In the prior article, we covered implications of the...
Perspectives | Insights Blog
Summer 2024 is finally here, and Commonfund has curated a list of illuminating books to make your sunny days even brighter! Perfect for beach days or cozy retreats, these selections celebrate the...
Perspectives | Insights Blog
Earlier this year, in partnership with the National Association of College and University Business Officers (NACUBO), Commonfund released the 2023 NACUBO-Commonfund Study of Endowments (NCSE),...
Perspectives | Insights Blog
Commonfund Institute provides analysis and thought leadership across the non-profit institutional investing space. But investments don’t happen in a vacuum – they are part of the institutional...
Perspectives | Insights Blog
Earlier this year, Commonfund Institute released the 2023 Commonfund Benchmarks Study® of Independent Schools (CSIS), reporting on key investment governance trends and insights over the July 1, 2022...
Perspectives | Insights Blog
For the first time since the inception of the Study, the FY2023 Commonfund Benchmarks Study® of Independent Schools (CSIS) report asked respondents to identify the top concerns for their...
Perspectives | Insights Blog
The FY2023 Commonfund Benchmarks Study® of Independent Schools (CSIS) prompted survey respondents to select the main purpose of their school’s endowment for the first time.
Perspectives | Insights Blog
Commonfund Forum 2024 brought together 500+ attendees representing institutions with $890 billion in endowed assets in a 2.5-day conference. The event, themed “With Intention”, featured a...
Perspectives | Insights Blog
Commonfund recently hosted its 26th annual Commonfund Forum, March 10th-12th, in Orlando, Florida. The event brought together institutional investors to engage in a three-day conference to explore...
Perspectives | Insights Blog
For fiscal year 2023, independent schools reported an average return (net of fees) on their endowment assets of 9.2 percent. In this infographic, we report the key highlights from the 2023 Commonfund...
Perspectives | Insights Blog
For fiscal year 2023, U.S. higher education endowments reported an average return (net of fees) on their endowment assets of 7.7 percent. In this infographic, we report the key highlights from the...
Perspectives | Insights Blog
Documenting a Period of Unprecedented Change The NACUBO-Commonfund Study of Endowments (NCSE) for fiscal year 2023 marks the 50th consecutive year that NACUBO has published a Study of the endowments...
Perspectives | Insights Blog
Commonfund Institute is excited to share our staff-curated reading list this winter, filled with stories that warm the heart and spark imagination. We extend our warmest wishes for a season filled...
Perspectives | Insights Blog
For over 50 years, Commonfund has been working with boards and committee members on designing and implementing an investment structure that supports maintaining intergenerational equity or the...
Perspectives | Insights Blog
On September 27, 2023, Commonfund Institute hosted a webinar, “Highlights of the 2022 CCSF: A Deep Dive with Foundation Leaders.” The panel featured Elizabeth McGeveran, Director of Investments at...
Perspectives | Insights Blog
In a period where individual giving was down, historic levels of inflation put pressure on markets and the real economy, private and community foundations were asked to provide more resources to...
Perspectives | Insights Blog
Last month, I had the pleasure of attending the NACUBO Annual Meeting in Orlando, FL, where nearly 2,000 representatives from higher education institutions across North America came together to share...
Perspectives | Articles
Affirmative action, a practice used since the 1960s to edge toward equity and address historical and ongoing injustice through higher education attainment, was struck down last month by the Supreme...
Perspectives | Insights Blog
Diversity, equity, and inclusion are priorities throughout the asset management industry and the broader nonprofit landscape. Worker support policies like paid leave are often available in business...
Perspectives | Insights Blog
Interning at Commonfund Institute has been a constant process of learning. Since starting my internship in early June, my knowledge has increased as my formal study of economics at UChicago connects...
Perspectives | Articles
In June 2023, the Commonfund Institute hosted 36 nonprofit leaders on the campus of Yale University for our premier educational event – the Investment Stewardship Academy (ISA). Much has changed...
Perspectives | Insights Blog
Commonfund OCIO recently hosted a roundtable luncheon in Seattle, WA, for local nonprofit leaders. During our time together, we discussed how institutions can attain intergenerational equity in their...
Perspectives | Insights Blog
Commonfund Institute is excited to share our must-reads for summer 2023. These books are the perfect partner for some fun in the sun, or some time relaxing in the shade. We hope you have a great...
Perspectives | Insights Blog
The Investment Stewardship Academy, Commonfund Institute’s three-day intensive academic program is set to resume in-person June 20-23 for the first time since 2019.
Perspectives | Articles
A deep dive into independent school endowment's trends FY2005-FY2022, including analysis of asset allocation, performance, spending and contributions, plus a perspective on future developments....
Perspectives | Articles
The Commonfund Benchmarks Study® of Independent Schools (CSIS) report provides and analysis of the investment and governance policies and practices of U.S. independent day and boarding schools. For...
Perspectives | Insights Blog
For fiscal year 2022, independent schools reported an average return (net of fees) on their endowment assets of -11.3 percent. In this infographic, we report the key highlights from the 2022...
Perspectives | Insights Blog
Women's History Month 2023 | Celebrating Women Who Tell Our Stories Women’s History Month is an annual declared month that highlights the contributions of women to events in history and contemporary...
Perspectives | Insights Blog
Commonfund recently hosted its 25th annual Commonfund Forum, February 13-15th, in Boca Raton, Florida. The event brought together institutional investors to engage in a three-day conference to...
Perspectives | Insights Blog
Commonfund recently hosted its 25th annual Commonfund Forum in Boca Raton, Florida. The event, themed “Still We Rise”, brought together 500+ attendees representing institutions with almost $850...
Perspectives | Insights Blog
Commonfund Institute is excited to share our most recent picks for our annual winter reading list, gathered from our Commonfund colleagues. We send you our warmest wishes for the holidays and can’t...
Perspectives | Insights Blog
The 2021 Council on Foundations—Commonfund Study of Investment of Endowments for Private and Community Foundations® (CCSF) marked our tenth year in collaboration with the Council on Foundations. The...
Perspectives | Articles
Even before the pandemic, the college/university business model was under scrutiny. With rising tuition costs outpacing living wages, and student debt burdens crippling students, institutions of...
Perspectives | Insights Blog
The current inflationary environment is not something we’ve seen since the 1980s. For higher education institutions who rely on inflation data to accurately budget and plan for the next year,...
Perspectives | Insights Blog
Since 2001, the CASE Commonfund College and University Foundation Award has recognized individuals who have contributed to the advancement of the college and university foundation field.
Perspectives | Insights Blog
The Commonfund community was saddened to learn of the recent passing of Laurie Hoagland. Laurie served as a member of the Commonfund Board from 2000-2012 and was Board Chair from 2010-2012.
Perspectives | Insights Blog
Commonfund recently hosted its 24th annual Commonfund Forum in Orlando, Florida. The event brought together 200+ institutional investors from the U.S., the Virgin Islands, and Canada in a 2.5 day...
Perspectives | Articles
In the 2021 Commonfund Benchmarks Study® of Independent schools we continue to see the allocation to marketable alternative strategies decline, raising questions about why and whether it will...
Perspectives | Insights Blog
Commonfund recently hosted its 24th annual Commonfund Forum, March 16-18th, in Orlando, Florida. The event brought together institutional investors to engage in a three-day conference to explore...
Perspectives | Articles
There’s a lot to consider in each annual Commonfund Benchmarks Study® of Independent Schools, e.g., asset allocation, spending, gifts and donations, responsible investing and more. This year is no...
Perspectives | Insights Blog
On January 17, 2022, the nation will celebrate the legacy and leadership of Rev. Dr. Martin Luther King Jr. Dr. King—a graduate of Morehouse College—was a Baptist minister, a peace seeking civil...
Perspectives | Articles
As a leading Outsourced CIO firm serving nonprofit organizations, we consistently re-evaluate our organization and processes looking for opportunities to improve how we work and serve our clients. To...
Perspectives | Insights Blog
On November 9, 2021, Commonfund Institute held its first virtual Investment Stewardship Academy session since the program began nearly 30 years ago. The course focused on committee decision-making...
Perspectives | Articles
Climate change is a source of concern around the world—from environmental scientists to government policymakers to ordinary citizens. In a more figurative sense, the climate for responsible investing...
Perspectives | Insights Blog
The fourth blog in the “Six Ps of Investment Stewardship” series addresses People, specifically how boards function within an organization. To learn more about the first four principles in the series...
Perspectives | Insights Blog
The effects of COVID-19 have been felt across the entire nonprofit sector and the independent schools’ community is no different. For the Commonfund Benchmarks Study® of Independent Schools (CSIS)...
Perspectives | Insights Blog
Many educational institutions are facing unpredictable financial challenges as a result of the COVID-19 pandemic. Costs associated with implementing technologies for virtual learning, decreased...
Perspectives | Insights Blog
For the third straight year, Commonfund Benchmarks Study® of Independent Schools (CSIS) participants reported average new gifts to endowment declined, this year falling to an average of $1.2 million...
Perspectives | Articles
On average over the past decade, independent schools participating in the Commonfund Benchmarks Study® of Independent Schools have maintained an asset allocation that stays within a few percentage...
Perspectives | Insights Blog
There are fundamental principles of effective endowment management that we have organized into what we call “the 6 Ps of Investment Stewardship”– Purpose, Policy, Process, Portfolio, People and...
Perspectives | Insights Blog
In the midst of a global pandemic, many non-profit business models are being challenged which has put significant pressures on staff, governing boards and committees. These pressures on time and...
Perspectives | Insights Blog
This year has been incredibly difficult. One of the most contentious and turbulent presidential elections and transitions in American History. COVID-19 and the consequential social and economic...
Perspectives | Articles
William Massy has spent his entire career at the intersection of academia and administration, as a microeconomist; professor, dean and CFO at Stanford University; author; and now, an independent...
Perspectives | Articles
The Council on Foundations has acted to support its members, their nonprofit partners, and the people and communities hit hardest by the impacts of COVID-19 by asking members to sign a pledge of...
Perspectives | Insights Blog
The central document guiding the management of a nonprofit institution’s endowment—essentially, the strategic plan of the investment committee—is the investment policy statement (IPS). The IPS should...
Perspectives | Articles
The Commonfund Higher Education Price Index® (HEPI) is an inflation index for colleges and universities. It has been calculated since 1983 and includes inflation data going back to 1961. Commonfund...
Perspectives | Insights Blog
Six key words – Purpose, Policy, Process, Portfolio, People, and Perspective – form a framework for effective endowment stewardship. As trustees, investment committee members, and senior management...
Perspectives | Articles
In recent years, responsible investing has received mounting levels of attention from all quarters of the investment management field, from institutional investors large and small to global asset...
Perspectives | Articles
"Instead of just optimizing for skill, why don’t we optimize for luck? " Optimize Luck originated in a group discussion I facilitated for the Investment Institute, a membership organization for...
Perspectives | Insights Blog
A critically important asset for many nonprofit organizations is their endowment, sometimes referred to by a different name such as long-term investment fund. So important is this pool of financial...
Perspectives | Articles
In this Council on Foundations-Commonfund Study of Foundations viewpoint, it's about analyzing and interpreting the data we've collected. What do they tell us? What trends are emerging? How are...
Perspectives | Articles
The Surprising Outcomes When Diverse Groups and Homogeneous Groups Tackle the Same Problem In late 2018, Commonfund established a Diversity Office with the objective of benefiting from the strengths...
Perspectives | Articles
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...
Perspectives | Insights Blog
Fifty-six healthcare organizations participated in the 2016–2017 Commonfund Benchmarks Study® of Healthcare Organizations. These organizations reported an average investable asset pool of $2.1...
Perspectives | Insights Blog
Three days after becoming Executive Director of the Commonfund Institute, I found myself at Yale University in New Haven giving welcoming remarks at our annual educational program. Although I will...
Perspectives | Articles
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...
Perspectives | Articles
Since our founding in 1971, a core element of the Commonfund mission has been to provide insights on a broad range of governance, policy and investment challenges. An engaged governing board is...
Perspectives | Insights Blog
It was another taxing weekend (literally) at Commonfund as we digested 1,097 pages of the conference agreement for the tax reform bill (the “Tax Act”) and its implications for our country and for the...
Perspectives | Insights Blog
UPDATE: Since this blog was published there have been further developments related to the Tax Cuts and Jobs Act. Please see our post Tax Cuts and Jobs Act: CPI Plus More for our latest thinking. With...
Perspectives | Insights Blog
Like nearly everything in the financial markets, risk is cyclical. History repeats itself. The echoes of past crises are always heard in present ones, yet new crises are rarely predicted and not...
Perspectives | Articles
In a series of articles, we have addressed two recent investment “fatigues” experienced by institutional investors: Active vs. Passive; and Global (ACWI) vs. US benchmarks. In this article, we tackle...
Perspectives | Articles
How much does investment management cost? Fiduciaries, donors and stakeholders at endowed institutions have a strong interest in finding a good answer to this question, particularly in this era of...
Perspectives | Articles
How long is the long term? A year ago, private and community foundations appeared to many observers to have recovered from the losses suffered in the 2008–09 global financial crisis. Double-digit...
Perspectives | Articles
Most things function a lot better when all the moving parts work together—nonprofit institutions included. The synergies afforded by collaboration across organizational boundaries may be the most...
Perspectives | Articles
How long is the long term? A year ago, endowments appeared to many observers to have recovered from the losses suffered in the 2008-09 global financial crisis. Double-digit investment returns had...
Perspectives | Articles
Impact investing is showing growth around the world. According to the most recent J.P. Morgan/Global Impact Investing Network Impact Investor Survey, the number of institutional investors engaging in...
Perspectives | Articles
It is often said that we live in a world of change, but it is surprising how slowly that change can occur. Seven years after the onset of the Great Recession, many business school students are still...
Perspectives | Articles
For investors building multi-manager portfolios, a look at an alternative hedge fund beta. Approaches to stock selection vary widely across the hedge fund universe, even among managers practicing the...
Perspectives | Articles
Investment returns of less well-diversified portfolios have flourished in the accommodative market environment created by central banks. But what will happen when rates rise? In the last five years,...
Perspectives | Articles
On campus, the thinking about operating asset management is changing with the times. In the wake of the 2008 financial crisis and Great Recession, liquidity was the primary concern on university...
Perspectives | Articles
How have cultural, religious and social service institutions’ investment portfolios changed in response to the financial and market environment that has prevailed over the last several years? While...
Perspectives | Articles
Investing according to environmental, social and governance principles is maturing into a distinct discipline. Robust research results dispute the conventional wisdom about performance trade-offs. If...
Perspectives | Articles
Facing cost pressures and a new regulatory regime, healthcare organizations — especially those in the small and mid-sized range — should consider adopting the principles of the endowment model....
Fiscal Year-End and Mid-Year 2024 Market and Investment Review