|Annual Fiscal Year Returns|
The absolute objective of the endowment is to seek an average total annual real return equal to or exceeding the Distribution Policy rate; specifically the CPI plus the Distribution Policy rate. This objective shall be measured over annualized, rolling ten year time periods. The intent of this objective is to preserve, over time, the principal value of assets as measured in real, inflation-adjusted terms, thus preserving the purchasing power of the endowed accounts for future generations.
The relative objective of the endowment is to seek competitive investment performance compared to appropriate capital market measures, such as securities indices.
Macro custom benchmark
|Asset class||Benchmark||Strategic allocation|
67% MSCI ACWI Index
33% Cambridge Associates Global All PE Index (lagged one quarter
|Diversifying strategies||HFRX Absolute Return Index||7%|
50% Bloomberg Commodity Index
25% NCREIF ODCE
25% Barclays US TIPS Index
|Deflation hedge||Barclays US Aggregate Index||10%|
The comparative objective of the endowment is to achieve a total rate of return that is above the median performance of a universe of similarly managed funds. This objective is reviewed annually following the fiscal year end.