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Emory University Endowment Fund

Name: Emory Investment Management Office (EIM)

Assets Under Management: $6 Billion (Source: Emory University on 8/6/2014)

Annual Report:  A Legacy of Generosity

Portfolio Insights: Since its earliest days, in Oxford, Georgia, Emory University has used gifts and endowments from benefactors to provide critical support for its core mission. In July 1914, Asa Candler, the founder of The Coca-Cola Company, donated $1 million to establish a university east of the Mississippi. His later gift of 75 acres secured the decision to establish that university in the Druid Hills area in Atlanta. In 1914, Emory University’s School of Theology was the first to open its doors to students. Over time, additional gifts of land and buildings from the Candler family and many others enabled the University to expand the campus, enhance academic programs and recruit talented faculty.

Today, the Endowment is part of a diversified, risk-controlled portfolio of long-term investments worth more than $6 billion. It plays a critical role in Emory’s mission to create, preserve, teach, and apply knowledge in the service of humanity. (Source)

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Top Emory University Endowment Fund (Emory Investment Management) Headlines:

1) For the one-year period ending June 30, 2013, Emory’s managed funds reported an investment return of 11.3 percent. This figure reflects the return earned between July 1, 2012 and June 30, 2013, a period representing the fiscal year for many universities. Emory’s fiscal year ends Aug. 31; however, the university reports the June 30 figure to NACUBO (the National Association of College and University Business Officers) for purpose of comparison to these other institutions. For the fiscal year ending Aug. 31, 2013, the Emory University endowment’s managed funds earned 8.5 percent and the endowment was valued at $5.8 billion. The portfolio benefitted from double digit returns across public and private equities, with the strongest gains coming from the U.S., as markets reacted to improving economic news around the globe, says Mary Cahill, vice president of investments and chief investment officer. (Source)

2) State Street Corporation (NYSE: STT), one of the world’s leading providers of financial services to institutional investors, announced today that it has been appointed by Emory University to provide risk analytics services for its $5 billion endowment. State Street will perform various analytical measures for the endowment in support of the risk management process, including data management and risk measurement and analysis. State Street will support Emory’s complete endowment, aggregating data to provide a view of portfolio exposures and risk characteristics. The new mandate expands State Street’s existing relationship with Emory, which includes custody, performance and compliance services. (Source)

3) In the past year, Emory University’s endowment increased from $5.46 billion to $5.82 billion, marking a 6.5 percent change in market value.

The 2013 National Association of College and University Business Officers – Commonwealth Study of Endowments (NCSE) conducted the study on 849 U.S. and Canadian colleges, universities and affiliated institutions.

Emory has retained its rank as No. 16 on the list.

According to Mary Cahill, vice president for investments and Emory’s chief investment officer, the endowment benefitted both from generous donor support as well as investment returns from 2012.

“Our solid financial foundation will continue to support Emory in fulfilling its mission,” Cahill said. (Source)

4) Emory Investment Management is responsible for the oversight of Emory University Endowment’s hedge fund investments. The endowments hedge fund investments are incorporated as a separate allocation, external to the endowments alternative asset portfolio and as a portable alpha source within traditional asset classes. As of Q4 2010 this separate allocation has an allocation and target allocation to hedge funds of 18% of AUM. At this time the endowment was invested in 15-25 single manager hedge funds. The endowment seeks a diverse portfolio of direct investments. Strategic focuses include: distressed securities, long/short equity, fixed income, portable alpha, and currency. The endowment is willing to invest on a global scale – including emerging markets. The endowment sets a 70% 91 Day T-bill times two plus 30% MSCI ACWI benchmark. Strategies employed as alpha sources are viewed as cash enhancement vehicles and have a lower risk and return levels. The endowment also invests in hedge funds directly. (Source)

5) Colleges in Georgia and nationwide saw endowments increase by11.9 percent during the 2010 fiscal year, producing more money for scholarships, professor positions and other programs.

It’s a rebound from the 2009 fiscal year, when endowments plummeted by about 19 percent because of the weak economy. Still, endowments have yet to return to pre-recession levels, according to data released Wednesday by the Commonfund Institute and the National Association of College and University Business Officers.

Emory University’s endowment, which grew by 8.5 percent to $4.7 billion, remains the largest for Georgia colleges. The Georgia Tech Foundation endowment grew by 11.3 percent to $1 billion. (Source)

About Richard C. Wilson