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University of North Carolina at Chapel Hill & Foundations Endowment Fund

Name: Invest in Carolina : Office of University Development

Assets Under Management:  $2.14 Billion (Source: University of North Carolina at Chapel Hill & Foundations on 6/30/2012)

Annual Report:  University of North Carolina at Chapel Hill & Foundations Endowment Fund’s 2012 Comprehensive Annual Financial Report

Portfolio Insights: “We believe in the opportunity set available to focused long-term investors like the Fund and look forward to capturing these opportunities and enabling our member institutions to meet their goals far into the future.” – Jonathon C. King

“Endowment investments increased 0.4 percent during 2011- 2012 and were $1.38 billion at June 30, 2012 and $1.37 billion at June 30, 2011, and include permanent endowments, funds internally designated as endowments and similar funds such as gift annuities and charitable trusts. The endowment assets are invested with The University of North Carolina at Chapel Hill Foundation Investment Fund, Inc. (Chapel Hill Investment Fund or CHIF), which is reported as a governmental external investment pool in the financial statements. The Chapel Hill Investment Fund is a 501(c)(3) non-profit corporation established to support the University by operating an investment pool for charitable, non-profit foundations, associations, trusts, endowments, and funds that are organized and operated primarily to support the University. It is expected that all or substantially all of the assets of the Chapel Hill Investment Fund will be invested in the UNC Investment Fund, LLC (UNC Investment Fund or UNCIF).” (Source)

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Top University of North Carolina at Chapel Hill & Foundations Endowment Fund and University of North Carolina Management Company (UNCMC) Headlines:

1) University of North Carolina at Chapel Hill Endowment Fund returned 12.1% for its fiscal year ended June 30, according to a report from the board of trustees’ finance and infrastructure committee. The $1.1 billion endowment fund gained $124.6 million from investment returns and $27.3 million in gifts and bequests.

The strongest performer in the endowment’s portfolio was public equity strategies, which returned 18.2%, above the fund’s 14.2% benchmark. Non-equity strategies returned 6.3%, compared to a benchmark of 4.5%. Private partnerships returned 12.1%, compared to a benchmark of 7.8%.

As of June 30, the fund’s allocation was 29.5% long equities, 18.3% long-short equities, 18.1% private equity, 10.6% diversifying strategies, 8.3% fixed income, 7.5% real estate, 7% energy and natural resources, and the rest in cash and other holdings. (Source)

2) As reported by UNC Management Company, Inc. (Management Company), the manager of the UNC Investment Fund, the endowment assets invested in the UNC Investment Fund recorded a 12.1% return for fiscal year 2012-2013, exceeding both the Strategic Investment Policy Portfolio (SIPP) return of 10.4% and the primary objective of earning a real rate of return plus 5.5%. All seven major asset classes produced positive returns for the fiscal year 2012-2013.

Over the long term, UNC Investment Fund’s 10-year annualized performance of 9.2% has surpassed its primary objective of providing a real rate of return plus 5.5%. UNC Investment Fund’s ten year return exceeds both the SIPP benchmark and the Global 70/30 Index (comprised of 70% invested in the MSCI All Country World Index and 30% in the Barclay’s U.S. Aggregate Bond Index) which returned 8.7% and 7.0% respectively, and ranks in the top quartile of the BNY Mellon Endowment and Foundation Universe. (Source)

3) CHAPEL HILL — UNC-Chapel Hill trustees on Thursday directed endowment fund managers to look into clean energy investments, after student activists called for university divestment from coal-burning companies. In a unanimous resolution, the board requested the UNC Management Company, which handles the endowment funds, to research targeted investments that “advance environmentally friendly clean energy strategies.”

It’s unclear whether the move will result in clean energy investments, and there is no plan for UNC-CH to divest from coal-related energy companies. But students were happy with Thursday’s action after several years of activism on the issue.

“It’s hard not to be ecstatic,” said Tait Chandler, a senior from Canada who began work on a coal divestment campaign his first year at UNC-CH. “This is like the first time we can say, ‘This is what we’ve done.’ … This is something. It’s a step in the right direction.” (Source)

4) UNC-Chapel Hill ranks 28th in the total number of doctoral degrees awarded (440 total degrees in 2009), as reported by the National Science Foundation (NSF). Additional NSF rankings for UNC-Chapel Hill include: 9th in doctorates awarded to black students, 2005-2009 (120 degrees); 18th in doctorates awarded to American Indian/Alaska Native students, 2005-2009 (seven degrees); 10th in doctorates awarded in the life sciences, 2009 (175 degrees); and 17th in doctorates awarded in the humanities, 2009 (66 degrees). (Source)

5) In 2013, the U.S. News & World Report ranked UNC Chapel Hill 5th among the nation’s top public colleges and universities. The university was named a Public Ivy by Richard Moll in his 1985 book The Public Ivies: A Guide to America’s Best Public Undergraduate Colleges and Universities, and in later guides by Howard and Matthew Greene. Many of UNC’s professional schools have achieved high rankings in publications such as Forbes Magazine, as well as annual U.S. News & World Report surveys. In 2009, U.S. News & World Report ranked UNC business school’s MBA program as the 20th best in the United States. In the 2011 edition, U.S. News & World Report ranked the UNC Gillings School of Global Public Health as the top public school of public health in the United States, and the second ranked school of public health in the nation (behind the top ranked school, Johns Hopkins and ahead of the third ranked school, Harvard). The UNC Eshelman School of Pharmacy was ranked second among pharmacy schools in the United States in 2012 by the U.S. News & World Report. (Source)


About Richard C. Wilson