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Smith College Endowment Fund

Name: Smith College Endowment

Assets Under Management:  $1.557 Billion (Source: Smith College on 6/30/2013)

Annual Report:  Smith College Endowment Fund’s Financial Report 2012-13

Portfolio Insights: “College assets grew approximately $144 million during fiscal year 2013, due primarily to earning a 14.3 percent investment return on long-term investments. Liabilities declined by nearly $11 million due to an increase in the fair market value of swaps on the college’s variable rate debt.

Unrestricted net assets increased by $45.4 million in 2012–13 largely due to the positive
return on the college’s investments. Smith’s revenue sources are diversified, with 46 percent of revenues coming from student income net of financial aid; 37 percent from investment return; 11 percent from gifts; and 6 percent from other income sources. Sixty percent of Smith’s 2,673 students receive need-based grant aid as part of the college’s commitment to providing an outstanding education to qualified women of all economic backgrounds. The college meets eligible students’ demonstrated need through a combination of grants, loans and work-study, based on an application process that considers family income and assets.” (Source)

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Top Smith College Endowment Fund Headlines:

1) Today, September 8, 2014 President McCartney announced via an e-mail to all of Smith College that the investment committee of the Board of Trustees has unanimously approved $1 million to be invested in a sustainable global equities fund managed by Investure, the firm that oversees Smith’s endowment investments. (Source)

2) As of March 2004, Smith College Endowment closed its investment office to outsource the management of its endowment fund. Smith College Endowment was an endowment fund with $935 million in assets under management. The fund engages in the following alternative investment strategies: buyouts/corporate finance, distressed debt/turnarounds, energy/oil & gas, hedge funds, international private equity, limited partnership secondaries, real estate, timber/farmland, and venture capital. Smith College Endowment will commit from $5 million to $20 million per partnership and has a net internal rate of return target of 10%-20%. (Source)

3) Smith College is committed to sustainability through a formal policy and a component in its strategic plan. A sustainability committee oversees programming on campus, and the Office of Environmental Sustainability was founded in 2008. The college requires the purchase of efficient appliances and computers, as well as environmentally preferable paper products. A staff Green Team and a Tip of the Week program encourage campus community members to lessen their environmental footprint. (Source)

4) Smith College Endowment has a highly diversified investment portfolio within three broad asset classes: stocks, bonds, and alternative investments. It has one of the largest endowments among US universities. (Source)

5) Smith College’s endowment is externally managed by the firm Investure. The endowment is pooled with those of other institutions and redistributed to various investment managers. Each manager then divides their share of the pool among funds, stocks, and other investments.

Currently, 6.5% of Smith College’s 1.7 billion dollar endowment is exposed to the fossil fuel industry. This means that Smith has invested approximately 110 million dollars in the fossil fuel industry. (Source)

 

About Richard C. Wilson