Concentration risk
Endowment portfolios can accumulate concentration over time, whether through cap-weighted funds, correlated managers, or long-term holdings. That risk is often invisible until it matters.
Spending requirements
The portfolio needs to generate a total return that outpaces both spending and inflation across generations. That’s a structural requirement, not a preference.
Governance and ethics
Endowments and foundations often have views shaped by their mission. But with an ETF or mutual fund, you can’t exclude companies or industries on ethical grounds. And proxy ballots are voted by the fund manager, without regard for your organization’s values.
We construct portfolios directly and hold individual stocks in separately managed accounts. Your organization owns each position. That means full transparency, precise ethical exclusions, and the preservation of shareholder voting rights.
Equities are selected through in-house research: proprietary quantitative equity strategies, or customized portfolios built on fundamental conviction. Fixed income and diversified funds may round out the allocation based on your spending needs and time horizon. Every holding is chosen for a reason. Here’s what that makes possible:
Your organization holds stocks directly, preserving the board’s right to vote proxies. For institutions with a mission, that’s not a detail. It’s a form of stewardship.
Companies or sectors can be excluded based on ethical, religious, or institutional guidelines. Because we hold individual stocks rather than funds, restrictions are applied precisely without disrupting the broader strategy.
Your investment committee can review the portfolio at the individual security level. No layers of funds obscuring what you own, what it costs, or why it’s there.
Holding individual stocks means the portfolio isn’t tied to the weightings of an index. Whether through equal-weighted models or hand-selected positions, your portfolio avoids the structural concentration embedded in cap-weighted indices.
Portfolios are rebalanced on a regular cycle. New endowment accounts can be invested into the current model immediately. There is no legacy positioning to inherit and no need to time your entry.
Our equity strategies are designed to outperform their benchmark, whether through systematic factor selection or fundamental research. Every position is held for an evidence-based reason.
We structure engagements around the level of involvement your investment committee needs. Your board can retain decision-making authority, delegate execution, or outsource the full investment function through an OCIO arrangement.
We advise your investment committee on asset allocation, security evaluation, and portfolio strategy. Your board retains final decision-making authority.
Suitable for committees with investment expertise and capacity for active oversight.
We manage and rebalance the portfolio within guidelines established by your Investment Policy Statement. Your committee sets the strategy; we execute and report.
Suitable for committees that want strategic control with professional execution.
We take full responsibility for the investment program: asset allocation, portfolio construction, rebalancing, and ongoing oversight. All within the governance framework your board defines.
Suitable for organizations that want to delegate the investment function to a dedicated fiduciary.
Across all engagements, we are a fee-only fiduciary. No commissions. No third-party compensation.
Universities, hospitals, museums, cultural institutions, and other organizations managing perpetual capital. Your portfolio must balance spending obligations with long-term purchasing power preservation. And your investment strategy should reflect the values and mission your endowment was created to support.
Family and independent foundations navigating grantmaking obligations alongside long-term growth. We help manage the portfolio within the regulatory framework that governs private foundations: distribution requirements, spending discipline, and investment policies that serve both current grants and future generations.
Investment committees, consultants, and organizations with an existing investment program can access our quantitative equity strategies as a standalone allocation. For allocators using multiple managers, that adds an independent return source and reduces overall portfolio correlation.
Whether you’re exploring an OCIO, refining an existing program, or starting fresh, we’ll follow up with a conversation about how we can help.
