Endowment Portfolio Performance Summary March 31, 2015
Endowment Portfolio Performance Summary March 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 Dale Ens (ex-officio) Bob Gibson , Chair Blaine Lennox
Vern Malcom John McCormick Elizabeth Peters Wes Peters 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 & Global Equities Mawer and Sionna Investment Management: Canadian 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 Bentall Kennedy: 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 March 31, 2015 Annualized Compound Returns 18.0% Total
15.6%
16.0%
Benchmark
14.0% 14.0%
13.1% 12.3%
12.0%
10.0%
10.7%
10.2%
10.6%
10.6% 9.1%
8.4%
8.1%
8.0% 6.4%
7.6% 6.7%
6.0% 4.0% 2.0% 0.0% 1 year
2 years
3 years
4 years
5 years
7 years
10 years
Quarter & Annual Returns 20.0%
18.1%
Total
18.0%
Benchmark
16.0% 14.4%
14.0%
13.1%
12.0% 10.2%
10.0% 8.0% 6.0%
10.6%
10.9%
11.9%
7.6% 6.0% 5.0%
4.0% 2.0%
1.0%
1.8%
0.0% Estate
Qtr End March March 31, 2015 March 31, 2014 March 30, 2013 March 30, 2012 March 31, 2011 31, 2015
Benchmark is weighted performance of each index related to its asset class . Benchmark (since July 1, 2014) = 17.5% S&P/TSX Comp Capped + 5.0% BMO NB Small Cap + 17.5% MSCI World ex Canada + 5.0% MSCI Emerging Markets + 18.0% FTSE TMX Canada Universe Bond + 5.0% ML HY Bond (Cdn Iss. C$) + 10% Real Estate (CPI + 4%) + 10% Private Equity (8% Absolute return) + 10% Infrastructure (8% Absolute return) + 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 Dale Ens (ex-officio) Bob Gibson , Chair Blaine Lennox
Vern Malcom John McCormick Elizabeth Peters Wes Peters 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 & Global Equities Mawer and Sionna Investment Management: Canadian 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 Bentall Kennedy: 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 March 31, 2015 Annualized Compound Returns 18.0% Total
15.6%
16.0%
Benchmark
14.0% 14.0%
13.1% 12.3%
12.0%
10.0%
10.7%
10.2%
10.6%
10.6% 9.1%
8.4%
8.1%
8.0% 6.4%
7.6% 6.7%
6.0% 4.0% 2.0% 0.0% 1 year
2 years
3 years
4 years
5 years
7 years
10 years
Quarter & Annual Returns 20.0%
18.1%
Total
18.0%
Benchmark
16.0% 14.4%
14.0%
13.1%
12.0% 10.2%
10.0% 8.0% 6.0%
10.6%
10.9%
11.9%
7.6% 6.0% 5.0%
4.0% 2.0%
1.0%
1.8%
0.0% Estate
Qtr End March March 31, 2015 March 31, 2014 March 30, 2013 March 30, 2012 March 31, 2011 31, 2015
Benchmark is weighted performance of each index related to its asset class . Benchmark (since July 1, 2014) = 17.5% S&P/TSX Comp Capped + 5.0% BMO NB Small Cap + 17.5% MSCI World ex Canada + 5.0% MSCI Emerging Markets + 18.0% FTSE TMX Canada Universe Bond + 5.0% ML HY Bond (Cdn Iss. C$) + 10% Real Estate (CPI + 4%) + 10% Private Equity (8% Absolute return) + 10% Infrastructure (8% Absolute return) + 2.0% FTSE TMX Canada 30-Day T-Bill
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