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Dalhousie University Endowment Fund

Name: Dalhousie University Investment Committee

Assets Under Management: $382 Million (Source: Dalhousie University on 12/31/2012)

Annual Report: DALHOUSIE UNIVERSITY INVESTMENT COMMITTEE PENSION TRUST FUND and RETI REES’ TRUST FUND TRUSTEES

Portfolio Insights: “In the nine-month period from April 1, 2012 to December 31, 2012, the University’s Endowment Funds had a 4.6% investment return, and the Funds grew to $382 million. The two pension funds, the Pension Trust Fund and the Retirees’ Trust Fund, which support the benefit liabilities of the Dalhousie Staff Pension Plan had a combined asset value of $854 million as at December 31, 2012. These pension funds also had a 4.6% investment return over the nine months ending to December 31, 2012.

Equity markets experienced declines of 2.8% to 5.3% over the second calendar quarter that ended June 30, 2012, but rallied to provide positive returns over the two subsequent quarters despite lingering worries over the European debt crisis and the U.S. budget stalemate. Yields on long Government of Canada bonds ended the year at 2.33%.” (Source)

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Top Dalhousie University Endowment Fund Headlines:

1) Dalhousie University is one of the leading universities in Canada. Established in 1818, the university is a magnet for students all over the world. It is well known for its academic standards, quality of teaching and research opportunities. The university’s investment committee oversees the investments for the endowment plan (sometimes referred to as the Tiger’s Endowment) and two pension funds. All three funds invest in similar asset classes and any changes in its strategies reflect individual risk profiles. The investment board rigorously selects its fund managers together with its consultant. Its key objectives are the strategy employed by the fund manager and its staff. Once a recommendation is made, it is submitted to the board for approval. The investment board is comprised of alumni with business and finance experience and university representatives. (Source)

2) On Wednesday December 3rd the Dalhousie Student Union (DSU) became one of the first student unions in Canada to divest their holdings in any of 200 fossil fuel companies blacklisted for their role in hastening climate change. This move came little over a week after Dalhousie University’s board of governors voted against divestment.

Dalhousie University’s endowment fund is presently invested in 35 of the 200 companies blacklisted by the divestment movement. This amounts to approximately $20.3 million or 4.3 per cent of total investments. (Source)

3) Dalhousie University’s Board of Governors decided not to divest their endowment fund from fossil fuels.

The news from Dal, historically known for being the first Canadian university to divest from and boycott South African companies in response to their apartheid regime in 1987, may have been a factor in timing this week’s announcement by Concordia’s administration that the foundation would carve out a green fund.

The fear that Dal would beat Concordia to the divestment punch may have had a lot to do with the CUF’s rush to announce their green fund this week, despite the CSU’s Fund Allocation committee not having met to discuss the SRI working group’s initial proposal. (Source)

4) Dalhousie University is honoring professor emeritus Norman Horrocks with the creation of the Dalhousie-Horrocks Leadership Lecture, marking the launch of an endowment fund in support of graduate student scholarships in the School of Information Management. Norm was cited for his many decades of leadership in the international arena. (Source)

5) The Dalhousie Pharmacy Endowment Fund (DPEF) supports programs of mutual interest and benefit to both the profession and the Dalhousie College of Pharmacy. Since its establishment in September 1988. (Source)

About Richard C. Wilson