Trustee Investment Strategy for Endoments and Foundations [Hardcover]

In this increasingly sophisticated and litigious financial world there can be a growing gap of comprehension, exacerbated by mathematics and jargon, between trustees who are responsible and agents who are accountable.

This book aims to fill that gap. The book draws on the author's own experience and research and that of generations of investment professionals and academics to explain the fundamentals of investment strategy. 

Key features are therefore:

• Foreword by George Keane (founder and former president of Commonfund, won the first ever Lifetime Achievement Award from Foundation & Endowment Money Management) one of the icons of endowment fund management in the US
• Aimed at professional trustees
• An holistic approach to strategy
• Avoidance of jargon and mathematics
• Focus on principles underlying asset strategy

Foreword ix

Preface xi

Acknowledgments xvii

1 Introduction 1

1.1 Endowment fund characteristics 2

1.2 Constraints on endowments 4

1.3 History rhymes 6

1.4 The US endowment experience 8

1.5 Structure of the book 12

2 Language of Return 17

2.1 Economic return 17

2.2 Investment return 18

2.3 ‘Other income’ not return 20

2.4 Income, capital and ‘total return’ 21

2.5 Real and nominal return 23l“A