Endowment Portfolio Performance Summary December 31, 2015
Endowment Portfolio Performance Summary December 31, 2015 Investment Objective: The Calgary Foundation takes a long term, total return approach to earn a real rate of return sufficient to preserve the purchasing power of the Foundation's invested assets. The real return goal shall consist of a spending rate and administrative cost assumption of operating the Foundation.
The long term target of real rate of return objective over moving ten year periods is equal to the aggregate of the Foundation's prevailing Capital Preservation and Spending Policy Rate, which is determined by a weighted average formula. As of March 31, 2014 the Capital Preservation & Spending Policy Rate is 4.0% and provision for operation cost recovery is approximately 1.0%.
Target Asset Allocation: Asset Class Canadian money market Canadian bonds High yield bonds Total Fixed Income Canadian large cap equities Canadian small cap equities Global equities Emerging Markets Total Equity Real estate Infrastructure Private Equity Total Alternatives TOTAL
Investment Committee Members: Kay Best (ex-officio) Ali Bhojani (ex-officio) Bob Gibson (ex-officio) Blaine Lennox Paul Moynihan Elizabeth Peters Wes Peters, Chair Blake Walker
Policy Mix 2.0% 18.0% 5% 25% 17.5% 5% 17.5% 5.0% 45.0% 10% 10% 10% 30% 100%
Investment Managers: TD Asset Management: Universe Bond & U.S. Equities Mawer and Sionna Investment Management: Canadian Equities Mawer: International Equities Lazard: International Equities Guardian Capital: High Yield Bond QV Investors: Canadian Small Cap Equities Vontobel Investment Management: Emerging Markets Equities LaSalle Investment Management: Private Equity Canadian Real Estate GI Partners: Private Equity US Mid Market Buyout Pomona Capital: Private Equity US Secondaries Walton Street: Private Equity US Real Estate TDR Capital: Private Equity European Mid-Market Buyout UBS: Global Infrastructure
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Endowment Portfolio Performance Summary December 31, 2015 Annualized Compound Returns 14.0% 12.5% 12.0%
Benchmark
10.7%
10.0%
8.0%
Total
12.0%
9.2%
9.4%
9.3%
9.1%
7.2%
6.8%
8.9%
7.1%
6.7% 5.7%
6.0%
4.5% 4.0% 2.0% 0.0% 1 year
2 years
3 years
4 years
5 years
7 years
10 years
Quarter & Annual Returns 25.0% Total 19.2%
20.0% 15.0% 11.7%
13.9% 10.6%
9.9%
10.0% 5.0%
Benchmark
8.4%
6.8% 4.5%
3.8% 2.3%
0.0% -0.9%
-0.6%
-5.0% Qtr End December 31, 2015
December 31, 2015
December 31, 2014
December 31, 2013
December 31, 2012
December 31, 2011
Estate Calgary Foundation Policy Benchmark (as of October 1, 2015): 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.
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The long term target of real rate of return objective over moving ten year periods is equal to the aggregate of the Foundation's prevailing Capital Preservation and Spending Policy Rate, which is determined by a weighted average formula. As of March 31, 2014 the Capital Preservation & Spending Policy Rate is 4.0% and provision for operation cost recovery is approximately 1.0%.
Target Asset Allocation: Asset Class Canadian money market Canadian bonds High yield bonds Total Fixed Income Canadian large cap equities Canadian small cap equities Global equities Emerging Markets Total Equity Real estate Infrastructure Private Equity Total Alternatives TOTAL
Investment Committee Members: Kay Best (ex-officio) Ali Bhojani (ex-officio) Bob Gibson (ex-officio) Blaine Lennox Paul Moynihan Elizabeth Peters Wes Peters, Chair Blake Walker
Policy Mix 2.0% 18.0% 5% 25% 17.5% 5% 17.5% 5.0% 45.0% 10% 10% 10% 30% 100%
Investment Managers: TD Asset Management: Universe Bond & U.S. Equities Mawer and Sionna Investment Management: Canadian Equities Mawer: International Equities Lazard: International Equities Guardian Capital: High Yield Bond QV Investors: Canadian Small Cap Equities Vontobel Investment Management: Emerging Markets Equities LaSalle Investment Management: Private Equity Canadian Real Estate GI Partners: Private Equity US Mid Market Buyout Pomona Capital: Private Equity US Secondaries Walton Street: Private Equity US Real Estate TDR Capital: Private Equity European Mid-Market Buyout UBS: Global Infrastructure
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Endowment Portfolio Performance Summary December 31, 2015 Annualized Compound Returns 14.0% 12.5% 12.0%
Benchmark
10.7%
10.0%
8.0%
Total
12.0%
9.2%
9.4%
9.3%
9.1%
7.2%
6.8%
8.9%
7.1%
6.7% 5.7%
6.0%
4.5% 4.0% 2.0% 0.0% 1 year
2 years
3 years
4 years
5 years
7 years
10 years
Quarter & Annual Returns 25.0% Total 19.2%
20.0% 15.0% 11.7%
13.9% 10.6%
9.9%
10.0% 5.0%
Benchmark
8.4%
6.8% 4.5%
3.8% 2.3%
0.0% -0.9%
-0.6%
-5.0% Qtr End December 31, 2015
December 31, 2015
December 31, 2014
December 31, 2013
December 31, 2012
December 31, 2011
Estate Calgary Foundation Policy Benchmark (as of October 1, 2015): 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.
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