This brief report is to inform University Endowment Fund participants of the market value of their shares and their distributions per share. It also provides information on the investment performance of the fund. The investment results shown represent total return, which includes both ordinary income and capital gains (losses).
This report is intended to communicate information on total returns, of which distributions are a part. Distributions are made at 5.5 percent of the 12-quarter average share value. The other component of returnreinvested capital gains and, to the extent available, reinvested incomeis essential to protecting endowment gifts and endowment distributions against inflation.
The Universitys investment managers are:
Common Stock ManagersCapital Growth Management; the Common Fund Emerging Markets Fund; Grantham, Mayo, Van Otterloo & Co.; GMO Emerging Country Debt Fund; Trinity Investment Management Corp.; Marathon Asset Management Ltd.; and Marvin & Palmer Associates Inc.
Tactical Asset Allocation ManagerFirst Quadrant.
Fixed Income ManagersThe Common Fund Global Bond Fund; Lowe, Brockenbrough & Tattersall Inc.; and STW Fixed Income Management Inc.
Investment Management ConsultantCambridge Associates Inc.
Market Value per Share
|Sept. 30, 1994||4.20209761|
|Dec. 31, 1994||4.08741902|
|March 31, 1995||4.16480068|
|June 30, 1995||4.40660777|
|Distribution per Share|
|Dec. 31, 1994||0.056|
|March 31, 1995||0.056|
|June 30, 1995||0.056|
|Sept. 30, 1995||0.056|
Goal: To protect distributions and share value against inflation.
|Annualized||1 quarter||1 year||3 years||5 years|
|University Endowment Fund||7.1%||12.4%||10.9%||10.5%|
|Standard & Poors 500||9.5||26.1||13.3||12.1|
|Lehman Govt/Corp Bond Index||5.3||18.8||11.5||12.9|
|Consumer Price Index||0.8||3.0||2.7||3.2|