Name: Dartmouth College Investment Office
Assets Under Management: $4.5 Billion (Source: Valley News Staff Writer on 6/30/2014)
Annual Report: Dartmouth College’s Endowment Summary
Portfolio Insights: “We are pleased to report that the Endowment portfolio earned an investment return of 5.8% for the fiscal year ended June 30, 2012. The total market value of the Endowment, which stood at $3.49 billion at June 30, 2012, rose by $73 million over the course of the fiscal year, including investment gains as well as gifts and transfers ($58.5mm), and net of distributions for spending ($182.9mm). The fiscal year 2012 investment return contributes to a strong long-term performance record, relative to the broad equity and fixed income markets, resulting in meaningful financial support to Dartmouth over time.
Over the 10-year period ending June 30, 2012, the Endowment produced an annualized 8.2% investment return net of fees, outperforming a 60/40 blended stock/bond benchmark return of 6.1% per annum and higher education inflation of 3.3% per annum. This long-term return also places Dartmouth in the top-quartile of relevant peer universes. The chart below shows the growth of $100 invested at the Endowment rate of return.” (Source)
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Top Dartmouth College Endowment Fund (Dartmouth College Investment Office) Headlines:
1) Dartmouth’s endowment reported investment gains of 19.2 percent for fiscal year 2014, which ended on June 30, 2014. The endowment now stands at $4.5 billion, up $735 million from a year earlier, after $778 million in investment gains, $146 million in gifts and transfers, and $189 million in distributions. Over 20 percent of the College’s operating budget is funded by the endowment.
The endowment outperformed a general 60 percent equity/40 percent bond benchmark, which gained 15.3 percent, and Wilshire Associates’ one-year median of 15.6 percent for foundations and endowments. In addition, the endowment reported higher investment gains than last year, when it netted a 12.1 percent gain, and fiscal year 2012, when it netted 5.8 percent.
Over the past 20 years, the endowment has returned an average of 11.7 percent annualized, beating the 9.8 percent return of the S&P 500 and the 7.1 percent return of the 60 percent equity/40 percent bond benchmark. The fund’s performance ranks within Wilshire’s top quartile of endowments and foundations. (Source)
2) Dartmouth College says its endowment earned an investment return of 19 percent during the past fiscal year. That’s a $735 million gain leaving the Ivy League school with $4.5 billion in its endowment fund. (Source)
3) Kelsey Morgan joined the Dartmouth College Investment Office in 2012 as a Managing Director for Marketable and Hedged Strategies. Prior to Dartmouth, Kelsey was the Associate Director at Willett Advisors where he assisted with manager selection and portfolio construction for the group’s fixed income and public equity portfolios. Previously, Kelsey held positions with Investor Group Services in Boston, MA and Nautic Partners in Providence, RI. Kelsey graduated from Dartmouth College with a Bachelor of Arts degree in 2002, and earned an MBA from The Tuck School of Business at Dartmouth College in 2008 where he was a Tuck Scholar. (Source)
4) Dartmouth College Endowment engages in the following alternative investment strategies: buyouts/corporate finance, distressed debt/turnarounds, energy/oil & gas, hedge funds, international private equity, limited partnership secondaries, mezzanine, real estate, and venture capital. Dartmouth College Endowment will commit from $2 million to $10 million per partnership and has a net internal rate of return target of 20%. The fund allocates 5% to 18% of its assets to alternative investments. Dartmouth College Endowment was formed in 1978 and is based in Hanover, New Hampshire. (Source)
5) It’s not hard to see what Dartmouth College’s wealthy alumni have given to the 244-year-old Ivy League school, nestled among pine trees in Hanover, New Hampshire.
A 9-foot-tall (2.7-meter-tall) bronze spider sculpted by Louise Bourgeois is the latest arrival. It teeters menacingly on long legs in front of the Black Family Visual Arts Center, built with $48 million from buyout billionaire Leon Black, who graduated in 1973. Other contemporary buildings have sprouted up among the rows of brick Greek- and Georgian-style buildings on the Dartmouth campus in recent years, financed by hedge-fund manager Stephen Mandel (class of ’78) and private-equity investor Russ Carson (class of ’65), Bloomberg Markets will report in its February issue. (Source)