Endowment Portfolio Performance Report AWS
Endowment Portfolio Performance Report *As of September 30, 2017 Investment Objective The Calgary Foundation takes a long term, total return approach to earn a real return sufficient to preserve the purchasing power of the Foundation's invested assets and minimize grant disbursement volatility. The real return goal shall consist of a spending policy rate (4%) and a provision for operation cost recovery (1%). It is the Calgary Foundation's policy to distribute and spend no more than the fund's real return over the long term.
It is the Calgary Foundation's goal to maximize financial support to the charitable community by retaining the purchasing power of the fund's capital gifts. The current long term nominal rate of return target is equal to the aggregate of the Foundation's prevailing spending policy rate (4%), a provision for operation cost recovery (1%), and an inflation assumption (2%).
Calgary Foundation Investment Committee Kay Best (ex-officio) Jim Brownlee Bob Gibson (ex-officio) Michele Horne Gordon Hoy
Blaine Lennox Paul Moynihan Elizabeth Peters, Chair Blake Walker
Chief Investment Officer
Sara Banks Investment Administrator
Lauren Frosst, MBA Community Investment Associate
Cash & Cash Equivalents Mawer Investment Management Canadian Fixed Income TD Asset Management High Yield Bonds Guardian Capital LP Canadian Large Cap Equities Mawer Investment Management, Sionna Investment Managers Canadian Small Cap Equities QV Investors Inc. EAFE Equity Lazard Asset Management, Mawer Investment Management, US Equity TD Asset Management Emerging Markets Vontobel Asset Management Real Estate LaSalle Investment Management, Crestpoint Real Estate Investments, Walton Street Capital Infrastructure UBS Global Asset Management, New American Bridges, Partners Group Private Equity Pomona Capital, GI Partners, TDR Capital
Calgary Foundation Asset Mix * Cash & Cash Equivalents 1.9%
8.0% 1.9% 3.9%
16.2%
5.9%
Canadian Fixed Income 16.2% High Yield Bonds 5.3% Canadian Large Cap Equities 21.7%
5.4%
5.3%
Canadian Small Cap Equitites 6.0% EAFE Equity 13.8%
Calgary Foundation Contact Information Dan Langlois, MBA, CFA
Calgary Foundation Investment Managers*
[email protected] (403) 802-7715 [email protected] (403) 802-7319 [email protected] (403) 802-7301
US Equity 11.8%
11.8% 21.7%
Emerging Markets 5.4% Real Estate 5.9%
13.8%
6.0%
Infrastructure 3.9% Private Equity 8.0%
Endowment Portfolio Performance Summary September 30, 2017
Annualized Gross Returns 12.0% 10.0% 8.0%
9.8%
9.1%
11.2%
10.4% 8.8%
7.0%
9.5%
9.1%
9.0%
8.3%
8.0% 7.0%
6.9%
5.7%
6.0%
Total Benchmark
4.0% 2.0%
0.0% 1 year
2 years
3 years
4 years
5 years
7 years
10 years
Quarter and Annual Gross Returns 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
17.2% 15.5%
10.6% 10.7%
9.1%
14.4% 9.4%
7.0% 5.3%
Total Benchmark
3.2% 1.1% 1.3%
Qrt. End Sept-17
Yr End Sept-17
Yr End Sept-16
Yr End Sept-15
Yr End Sept-14
Yr End Sept-13
Calgary Foundation Policy Benchmark: 17.5% S&P/TSX Capped Comp, 5.0% BMO NB Small Cap Wtd Blended, 9.0% S&P 500, 8.5% MSCI EAFE, 5.0% MSCI Emerging Markets, 18.0% FTSE TMX Canada Universe Bond, 5.0% BA/ML HY Bond (Cdn Iss. C$), 10% Real Estate (CPI + 4%), 10% Private Equity (8% Absolute return), 10% Infrastructure (8% Absolute return), and 2.0% FTSE TMX Canada 30-Day T-Bill. The above returns are reported in nominal values.
It is the Calgary Foundation's goal to maximize financial support to the charitable community by retaining the purchasing power of the fund's capital gifts. The current long term nominal rate of return target is equal to the aggregate of the Foundation's prevailing spending policy rate (4%), a provision for operation cost recovery (1%), and an inflation assumption (2%).
Calgary Foundation Investment Committee Kay Best (ex-officio) Jim Brownlee Bob Gibson (ex-officio) Michele Horne Gordon Hoy
Blaine Lennox Paul Moynihan Elizabeth Peters, Chair Blake Walker
Chief Investment Officer
Sara Banks Investment Administrator
Lauren Frosst, MBA Community Investment Associate
Cash & Cash Equivalents Mawer Investment Management Canadian Fixed Income TD Asset Management High Yield Bonds Guardian Capital LP Canadian Large Cap Equities Mawer Investment Management, Sionna Investment Managers Canadian Small Cap Equities QV Investors Inc. EAFE Equity Lazard Asset Management, Mawer Investment Management, US Equity TD Asset Management Emerging Markets Vontobel Asset Management Real Estate LaSalle Investment Management, Crestpoint Real Estate Investments, Walton Street Capital Infrastructure UBS Global Asset Management, New American Bridges, Partners Group Private Equity Pomona Capital, GI Partners, TDR Capital
Calgary Foundation Asset Mix * Cash & Cash Equivalents 1.9%
8.0% 1.9% 3.9%
16.2%
5.9%
Canadian Fixed Income 16.2% High Yield Bonds 5.3% Canadian Large Cap Equities 21.7%
5.4%
5.3%
Canadian Small Cap Equitites 6.0% EAFE Equity 13.8%
Calgary Foundation Contact Information Dan Langlois, MBA, CFA
Calgary Foundation Investment Managers*
[email protected] (403) 802-7715 [email protected] (403) 802-7319 [email protected] (403) 802-7301
US Equity 11.8%
11.8% 21.7%
Emerging Markets 5.4% Real Estate 5.9%
13.8%
6.0%
Infrastructure 3.9% Private Equity 8.0%
Endowment Portfolio Performance Summary September 30, 2017
Annualized Gross Returns 12.0% 10.0% 8.0%
9.8%
9.1%
11.2%
10.4% 8.8%
7.0%
9.5%
9.1%
9.0%
8.3%
8.0% 7.0%
6.9%
5.7%
6.0%
Total Benchmark
4.0% 2.0%
0.0% 1 year
2 years
3 years
4 years
5 years
7 years
10 years
Quarter and Annual Gross Returns 20.0% 18.0% 16.0% 14.0% 12.0% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0%
17.2% 15.5%
10.6% 10.7%
9.1%
14.4% 9.4%
7.0% 5.3%
Total Benchmark
3.2% 1.1% 1.3%
Qrt. End Sept-17
Yr End Sept-17
Yr End Sept-16
Yr End Sept-15
Yr End Sept-14
Yr End Sept-13
Calgary Foundation Policy Benchmark: 17.5% S&P/TSX Capped Comp, 5.0% BMO NB Small Cap Wtd Blended, 9.0% S&P 500, 8.5% MSCI EAFE, 5.0% MSCI Emerging Markets, 18.0% FTSE TMX Canada Universe Bond, 5.0% BA/ML HY Bond (Cdn Iss. C$), 10% Real Estate (CPI + 4%), 10% Private Equity (8% Absolute return), 10% Infrastructure (8% Absolute return), and 2.0% FTSE TMX Canada 30-Day T-Bill. The above returns are reported in nominal values.
