Ann Rife Cox Endowment Fund

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INVESTMENT POLICY GOALS

Overall Objective: To preserve the purchasing power of the endowment while providing a predicatable, stable and inflation-adjusted stream of earnings consistent with the University's spending requirements.

Quantitive measures of invesment performance:

(1) Earn an average total return of 9% per year

(2) Outperform a blended benchmark of 75% Russell 3000, 15% Lehman Government Credit Index, and 10% Treasury bills + Consumer Price Index (CPI)

(3) Rank in the top half of the Cambridge Associates universe of college and university endowment returns for rolling five-year periods.

Outline of our statement of objectives and polices:

(I) Portfolio Structure
(II) Management and Investment Objectives
(III) Investment Guidelines
(IV) Portfolio Composition
(V) Monitoring of Objectives and Results
(VI) Guidelines for Equity-Assets
(VII) Guidelines for Debt Securities Allocation

PERFORMANCE

Evaluating performance in the volatile securities

and fixed income markets is difficult at best, but the Ann Rife Cox Fund Endowment Fund has stood up well to its assigned benchmark. Each year a careful evaluation is done of performance statistics surrounding the portfolio, and they are published in the annual reports.

Also reproduced on this web-site are the Annual Reports produced by each class for the annual presentation to the Investments Committee, along with the equity research performed by the class.

Thoughts on Performance

While the Ann Rife Cox Portfolio has performed well against its benchmark, it is worth noting that the primary purpose of the Portfolio Practicum class is to educate the students in portfolio management, an exercise with returns that can not be so simply measured.

This website was created by Christopher J. Sanders and maintained by Sid Basu for the Ann Rife Cox Endowment Fund.