In this issue
- Latest 5-year endowment performance
- Where are the women?
- NACUBO and the NMS Forum
———————————————
Five-year endowment performance:
Behind the NACUBO numbers
This February has been a rough one for weather in much of the USA, but two events this month should bring a little sunshine our way.
First, NACUBO rolled out their annual endowment study: the semi-official league tables for endowment investors. Then, next week, NACUBO and TIAA will host their conference in New York where presenters and attendees will ponder the numbers.
In between, we have Nancy Szigethy’s always engaging NMS Investment Forum in Scottsdale, Arizona. It’s at the Hyatt Regency Gainey Ranch, February 9-12, 2019 – an event which draws top endowment and foundation leaders for camaraderie and Arizona sunshine.
Scottsdale is only a quick drive up the I-10 from our new home in Tucson. So, if you’re planning to attend NMS, shoot me an email at skorina@charlesskorina.com and say hello. You never know which Hyatt lounge I might find myself in this weekend.
Endowment performance: a few observations
Our SEER report (Skorina’s Enhanced Endowment Report) is enhanced because we disclose performance of individual endowments, which NACUBO is not permitted to do.
This update offers 5-year investment returns for 61 endowments for FY2018. We consider the 5-year return the most meaningful for comparing the performance of endowments and their chief investment officers.
We’ll publish our complete list of CIOs and more detailed commentary when all the returns are in and computed by our clever but overworked staff.
We recruit chief investment officers for a living, so we avidly follow all the US universities and colleges with AUM over $1 billion (and many with less) – and we advise board members, families, and management on investment performance and executive compensation.
Where are the women?
Considering the number of highly-qualified female investment professionals we encounter every day, they are still a distinct minority in the top jobs. Something is obviously not working in the hiring and promotion process.
Our SEER list below includes 15 women among the 56 individual (non-OCIO) chief investment officers.
That’s 26 percent, which doesn’t sound too bad. But the picture is much worse in the larger universe of big-endowment CIOs. There, the percentage is only about 15 percent, and that’s down over recent years.
But we can at least highlight those 15 in their own list, which we’ve added down below.
Two Charts: 5-year investment returns and women CIOs
Fiscal year end June 30, 2018 closed on a high note for institutional investors, with mostly solid returns all around.
Unfortunately, the fourth quarter of 2018 was an unexpected downer. That does not impact these numbers, but it’s a story we will be following closely in future newsletters.
Now, on to the charts!
5-year endowment investment returns June 30, 2018
Rnk |
Institution 5-year endowment investment returns June 30, 2018 |
Pres/CEO/CIO |
AUM FY18 $000
|
5-yr Rtn % |
– |
– |
– |
– |
– |
1 |
Massachusetts Institute of Technology |
Alexander, Seth |
16,529,432 |
12.03 |
2 |
Bowdoin College |
Volent, Paula |
1,628,165 |
11.80 |
3 |
Princeton University |
Golden, Andrew |
25,917,199 |
11.79 |
4 |
Yale University |
Swensen, David F. |
29,351,100 |
11.61 |
5 |
Dartmouth College |
Ruth, Alice A. |
5,494,203 |
10.60 |
6 |
Williams College |
Chilton, Colette D. |
2,749,653 |
10.60 |
7 |
University of Alberta * |
Ritter, Ron |
1,090,429 |
10.46 |
8 |
University of Notre Dame |
Malpass, Scott C. |
10,727,653 |
10.38 |
9 |
University of Toronto * |
Smith, Daren |
1,925,509 |
10.30 |
10 |
McGill University * |
Leblanc, Sophie |
1,256,358 |
10.00 |
11 |
University of Pennsylvania |
Ammon, Peter H. |
13,777,441 |
9.90 |
12 |
U British Columbia * |
Silgardo, Rajiv |
1,477,886 |
9.65 |
13 |
University of Virginia |
Durden, Robert |
6,953,380 |
9.60 |
14 |
Rice University |
Thacker, Allison K. |
6,277,506 |
9.60 |
15 |
Carnegie Mellon University |
Kennedy, Charles (Chuck) A. |
2,385,986 |
9.60 |
16 |
Rockefeller University |
Falls, Amy C. |
2,194,255 |
9.40 |
17 |
Stanford University |
Wallace, Robert |
26,464,912 |
9.40 |
18 |
Tulane University |
Crigler, Jeremy T, |
1,384,371 |
9.40 |
19 |
Columbia University |
Holland, Peter |
10,869,245 |
9.20 |
20 |
Duke University |
Triplett, Neal F. |
8,524,846 |
9.20 |
21 |
Brown University |
Dowling III, Joseph L. |
3,603,848 |
9.20 |
22 |
University North Carolina, Chapel Hill |
King, Jonathan |
3,432,911 |
9.20 |
23 |
University of Oklahoma |
Johnson, Bradley J. |
1,735,527 |
9.10 |
24 |
Amherst College |
Geissler, Mauricia |
2,377,537 |
9.02 |
25 |
University of Colorado Fdn |
OCIO: Agility (Perella Weinberg) |
1,360,521 |
8.93 |
26 |
University of Minnesota OIB |
Mason, Stuart |
1,420,000 |
8.90 |
27 |
University of Michigan |
Lundberg, Erik L. |
11,901,760 |
8.88 |
28 |
University of California Regents |
Bachher, Jagdeep S. |
11,008,035 |
8.80 |
29 |
University of Arkansas |
OCIO: Cambridge Assoc. |
1,199,303 |
8.70 |
30 |
California Institute of Technology |
Richland, Scott H. |
2,879,493 |
8.60 |
31 |
University of Washington |
Ferguson, Keith |
2,764,166 |
8.60 |
32 |
University of Rochester |
Phillips, Douglas W. |
2,257,557 |
8.60 |
33 |
University of Southern California |
Mazzocco, Lisa |
5,544,267 |
8.57 |
34 |
Northwestern *fiscal yr Aug 31 |
McLean, William H. |
11,087,659 |
8.50 |
35 |
Michigan State University |
Zecher, Phil |
2,907,967 |
8.40 |
36 |
Tufts University |
Dungan, Sally M. |
1,845,956 |
8.40 |
37 |
UTIMCO (U TX & TX A&M) |
Harris, Britt |
32,300,000 |
8.34 |
38 |
UCLA Fdn |
Barton, Justin |
2,522,638 |
8.26 |
39 |
University of Missouri |
Richards, Thomas “Tom” F. |
1,675,019 |
8.20 |
40 |
Middlebury College |
OCIO: Investure |
1,124,144 |
8.20 |
41 |
Pennsylvania State University |
(ret.) Pomeroy, John C. |
4,264,222 |
7.90 |
42 |
Indiana University Fdn |
Stratten, Gary A. |
2,397,369 |
7.90 |
43 |
Kansas University Endowment |
Clarke, James |
1,740,763 |
7.80 |
44 |
Syracuse University |
Rahnamay-Azar, Amir, CFO |
1,338,287 |
7.80 |
45 |
University of Wisconsin Fdn |
Van Cleave, Julie |
2,985,251 |
7.71 |
46 |
University of Iowa |
Bethea, Jim |
1,079,000 |
7.70 |
47 |
University of Minnesota Fdn |
Gorence, Doug |
2,300,000 |
7.70 |
48 |
Washington University, St. Louis |
Wilson, Scott |
7,594,159 |
7.60 |
49 |
Cornell University |
Miranda, Ken |
7,230,291 |
7.58 |
50 |
University of Illinois & Fdn |
Ellison, Ellen J. |
2,623,389 |
7.58 |
51 |
University of Georgia & Fdn |
Bull, Jason |
1,274,343 |
7.50 |
52 |
Wash State U *managed by investment committee & Mercer |
Pearson, Stacy, CFO |
1,024,067 |
7.40 |
53 |
Harvard University |
Narvekar, Nirmal |
38,303,383 |
7.31 |
54 |
Lehigh University |
Agatone, Kristin |
1,353,116 |
7.30 |
55 |
Ohio State University |
Lane, John C. |
5,211,434 |
7.20 |
56 |
Vanderbilt University |
Hall, Anders W. |
4,608,461 |
7.15 |
57 |
University of Florida Fdn |
Reeser, William S. |
1,734,661 |
7.10 |
58 |
University of Chicago |
Schmid, Mark |
7,928,485 |
6.87 |
59 |
Southern Methodist University |
Dahiya, Rakesh |
1,632,763 |
6.62 |
60 |
University of Nebraska Fdn |
Neale, Brian |
1,723,230 |
6.60 |
61 |
University of Utah |
Shear, Jonathan |
1,186,952 |
6.16 |
N.B: * Canadian University
————————————————–
Women chief investment officers at large US endowments
– |
Institution Women CIOs at large US endowments |
Pres/CEO/CIO |
AUM FY18 $000 |
– |
– |
– |
– |
1 |
Rice University |
Thacker, Allison K. |
6,277,506 |
2 |
University of Southern California |
Mazzocco, Lisa |
5,544,267 |
3 |
Dartmouth College |
Ruth, Alice A. |
5,494,203 |
4 |
New York University |
Jacobs, Kathleen E. |
4,266,000 |
5 |
University of Wisconsin Foundation |
Van Cleave, Julie |
2,985,251 |
6 |
Williams College |
Chilton, Colette D. |
2,749,653 |
7 |
University of Illinois & Foundation |
Ellison, Ellen J. |
2,623,389 |
8 |
Amherst College |
Geissler, Mauricia |
2,377,537 |
9 |
Boston University |
Hunnewell, Clarissa |
2,197,808 |
10 |
Rockefeller University |
Falls, Amy C. |
2,194,255 |
11 |
Wellesley College |
Kuenstner, Deborah Foye |
2,105,212 |
12 |
Tufts University |
Dungan, Sally M. |
1,845,956 |
13 |
Bowdoin College |
Volent, Paula |
1,628,165 |
14 |
Lehigh University |
Agatone, Kristin |
1,353,116 |
15 |
McGill University * |
Leblanc, Sophie |
1,256,358 |
N.B: * Canadian University
————————————————–
Women chief investment officers at large US endowments
– |
Institution |
Pres/CEO/CIO |
AUM FY18 $bn |
– |
– |
– |
– |
1 |
Rice University |
Thacker, Allison K. |
6,277,506 |
2 |
University of Southern California |
Mazzocco, Lisa |
5,544,267 |
3 |
Dartmouth College |
Ruth, Alice A. |
5,494,203 |
4 |
New York University |
Jacobs, Kathleen E. |
4,266,000 |
5 |
University of Wisconsin Foundation |
Van Cleave, Julie |
2,985,251 |
6 |
Williams College |
Chilton, Colette D. |
2,749,653 |
7 |
University of Illinois & Foundation |
Ellison, Ellen J. |
2,623,389 |
8 |
Amherst College |
Geissler, Mauricia |
2,377,537 |
9 |
Boston University |
Hunnewell, Clarissa |
2,197,808 |
10 |
Rockefeller University |
Falls, Amy C. |
2,194,255 |
11 |
Wellesley College |
Kuenstner, Deborah Foye |
2,105,212 |
12 |
Tufts University |
Dungan, Sally M. |
1,845,956 |
13 |
Bowdoin College |
Volent, Paula |
1,628,165 |
14 |
Lehigh University |
Agatone, Kristin |
1,353,116 |
15 |
McGill University (Quebec) |
Leblanc, Sophie |
1,256,358 |
