The Investment Fund for Foundations

The Commonwealth Fund is a private foundation that promotes a high performance health care system providing better access, improved quality, and greater efficiency. The Fund's work focuses particularly on society's most vulnerable, including low-income people, the uninsured, minority Americans, young children, and elderly adults. The Fund carried out this mandate by supporting independent research on health care issues and making grants to improve health care practice and policy. An international program in health policy is designed to stimulate innovative policies and practices in the United States and other industrialized countries.

John E. Craig, Jr., MPA, is the executive vice president and chief operating officer of The Commonwealth Fund. Mr. Craig is responsible for the management of the foundation's endowment and administration, and serves also as the Fund's treasurer and corporate secretary. He chairs staff program plan and board proposal review meetings and oversees assessments of the performance of programs and completed grants. In addition to being chairman of the Nonprofit Coordinating Committee of New York City, Mr. Craig serves on the boards of the Greenwall Foundation, the International Women's Health Coalition, the National Center on Philanthropy and the Law, the TIFF Education Foundation, as well as on the investment committee of the Social Sciences Research Council. Earlier he was chairman of the board of The Investment Fund for Foundations (TIFF) and a member of the board of The Picker Institute. Prior to joining the Fund in 1981, he directed the John A. Hartford Foundation's health care reform program, and earlier was a Foreign Service reserve officer of the U.S. Agency for International Development. Mr. Craig writes regularly on foundation endowment investment and management issues; his most recent publication is New Financial Realities: The Response of Private Foundations. A graduate of Davidson College, he received his MPA from Princeton University's Woodrow Wilson School of Public and International Affairs.

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the TIFF Multi-Asset Fund may be lower or higher than the performance quoted. Standardized performance and performance data current to the most recent month end may be obtained by clicking here.

Mutual fund investing involves risk. Principal loss is possible. The TIFF Multi-Asset Fund invests in illiquid securities. The fund or certain of its money managers may invest routinely and, at times, significantly in derivatives, certain of which are deemed by the SEC to be highly speculative. Short selling of securities may increase the potential for loss if a manager has difficulty covering a short position. Leverage may accelerate the velocity and magnitude of potential losses. The fund invests in non-US securities, which may entail political, economic and currency risks different from those of US securities and may be issued by entities adhering to different accounting standards than those governing US issuers.

Definitions:

The MSCI EAFE Index is comprised of primarily large cap non-US developed market stocks.
The S&P 500 is comprised of primarily large cap US stocks. One cannot invest directly in an index.
R-square is a coefficient in a statistical analysis that allows the observer to see how effective one variable is at forecasting another variable. The higher the R-squared the more effective one variable is at forecasting another.

A current TIFF Investment Program, Inc. Prospectus is available here.

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Click here to download New Financial Realities: The Response of Private Foundations