Amy Paterson, Author at TIFF

Press December 4, 2024

TIFF Investment Management Appoints Chris Bunzel and Anne Duggan to the Client CIO Group

Experienced Executives from Partners Capital to Enhance Client Service and Investment Expertise

Radnor, PA — December 4, 2024 — TIFF Investment Management (“TIFF”), an institutional asset management firm delivering comprehensive outsourced CIO (OCIO) and private markets solutions primarily to nonprofits, today announced the appointments of Chris Bunzel and Anne Duggan as Managing Directors in its Client CIO Group. In their new roles, Mr. Bunzel and Ms. Duggan will focus on building and strengthening relationships with current and prospective clients in support of their investment goals.

With more than 30 years of combined industry experience, Mr. Bunzel and Ms. Duggan join TIFF from Partners Capital, where they provided tailored investment advice and exceptional service to nonprofit clients.

“In our view, increasingly complex portfolios require a tailored investment approach, access to top-tier managers, and deep industry expertise to navigate the ever-changing landscape” said Jessica Portis, Chief Client Officer at TIFF. “The OCIO model is solving these issues across industries, and we are committed to investing in top talent that can work alongside our clients to deliver strong results. The additions of Chris and Anne underscore this commitment, and we are excited to welcome them to TIFF.”

“TIFF has built a reputation for investment excellence, nonprofit expertise, and a client-centric culture,” Ms. Duggan said. “I am excited to join this team and help continue the firm’s legacy of delivering exceptional service and strategic advice.”

TIFF aims to achieve investment excellence by fostering strong partnerships with managers who are recognized for their skill in identifying and seizing alpha-generating opportunities. The combined approach to diversified alpha generation consists of thoughtful portfolio construction, strategic manager selection, and dynamic adjustments, all aimed at delivering consistent performance for clients, regardless of market conditions.

“TIFF has been a trusted partner for clients through the ups and downs of the markets for over 30 years,” said Mr. Bunzel. “TIFF is respected industry-wide as a mission-driven organization that positions its clients for prosperity through a diversified investment approach. I am thrilled to join the dedicated Client CIO Group and continue to drive sustained performance for clients of all sizes.”

About TIFF Investment Management

For over 30 years, TIFF Investment Management has been a trusted partner, offering custom advice and investment solutions for nonprofit organizations and other institutional clients. Specializing in comprehensive Outsourced Chief Investment Officer (OCIO) and private markets solutions, we’ve assisted endowments, foundations, RIAs, family offices, and other institutional organizations in achieving their financial objectives and advancing their missions.

As an employee-owned Public Benefit Limited Liability Company (LLC), we are positioned to navigate any potential conflicts of interest, prioritizing lasting client partnerships. By cultivating a purpose-aligned culture through educational initiatives, charitable endeavors, and competitive fees, we strive to enhance the impact of our clients’ missions, to achieve their goals with confidence and clarity.

At TIFF, we are focused on the pursuit of investment excellence by cultivating strong relationships with managers renowned for their ability to identify and capitalize on alpha generating opportunities. Our diversified alpha generation approach, blending portfolio construction, manager selection, and dynamic portfolio adjustments, seeks to drive sustained outperformance for our clients, regardless of market conditions.

We offer a comprehensive range of solutions tailored to the distinct needs of nonprofit organizations, including advisory services and asset class-specific solutions. Our experienced team provides client-centric advice and investment programs designed to support long-term mission objectives.

As of September 30, 2024, TIFF manages approximately $7.6 billion in assets, including committed capital, on behalf of our valued clients.

Contact: For media inquiries, please email: pro-tiff@prosek.com.

The materials are being provided for informational purposes only and constitute neither an offer to sell nor a solicitation of an offer to buy securities. These materials also do not constitute investment, legal or tax advice. Opinions expressed herein are those of TIFF and are not a recommendation to buy or sell any securities.

Press November 6, 2024

AQR, Acadian Revive Levered Trades to Outrun the Raging Stock Bull Market

Zhe Shen, CFA

Managing Director, Head of Diversifying Strategies

In an interview with Bloomberg, TIFF’s Zhe Shen discusses the challenges of outperforming the US market amidst the dominance of the “Magnificent Seven” and highlights how a portable alpha strategy may level the playing field.

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Disclaimer: To access this article, a subscription is necessary. Please note that TIFF does not possess the rights to distribute this content.

The materials are being provided for informational purposes only and constitute neither an offer to sell nor a solicitation of an offer to buy securities. These materials also do not constitute an offer or advertisement of TIFF’s investment advisory services or investment, legal or tax advice. Opinions expressed herein are those of TIFF and are not a recommendation to buy or sell any securities.

Press September 13, 2024

Equities Surge Fueled Rebound in Foundation Returns

Trevor Graham

Head of Equities, Deputy CIO

In a recent Fundfire article, Trevor Graham from TIFF Investment Management discusses the advantages foundations have in absorbing investment volatility due to their long-term horizons and lower spending rates, highlighting that while passive investments offer ease, liquidity, and cost-effectiveness, they may be a strong choice for achieving high long-term returns.

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Disclaimer: To access this article, a subscription is necessary. Please note that TIFF does not possess the rights to distribute this content.

The materials are being provided for informational purposes only and constitute neither an offer to sell nor a solicitation of an offer to buy securities. These materials also do not constitute an offer or advertisement of TIFF’s investment advisory services or investment, legal or tax advice. Opinions expressed herein are those of TIFF and are not a recommendation to buy or sell any securities.

CIO Commentary September 10, 2024

3rd Quarter 2024 CIO Commentary

Jay Willoughby, CFA

Chief Investment Officer & Board Member of TIFF Advisory Services

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Not So Fast, My Friend

Lee Corso was born in 1935 in Cicero, Illinois, the son of immigrant parents. After a long career playing and then coaching college football, he was hired by ESPN in 1987 as an analyst for its Saturday “College Game Day” program where he has been a fixture ever since. Lee Corso may have seen more college football than any person alive. At the end of the show each week, analysts predict which team will win different games. When it’s Lee’s turn to make a pick, and he disagrees with someone ahead of him, he will often say, “Not so fast, my friend,” and then explain why the other team will win the game. He isn’t always right, but he always has good reasons and is usually worth watching and listening to.

As we observe markets today, the persistent climb through the end of August is beginning to give us that “Not so fast, my friend” sense. Make no mistake, we have been bullish for quite some time, even up to and including last quarter’s letter. What is changing for us is the level of the market versus our perception of the increasing level of uncertainty. Markets do not like uncertainty. This is why we often see them make most of their election year gains in the fourth quarter, particularly when the incumbent party wins. The uncertainty of the outcome constrains the markets. Investors are not sure if the stocks to own are the ones that would likely benefit from one party’s proposed policies. Until the outcome of the presidential race becomes more apparent, investors often sit on the sidelines. Once clarity returns, markets usually benefit. It is also worth noting that, seasonally, the October–December period is the strongest of the year.

This is an excerpt from a longer commentary. Please Download the PDF to read the entire 3rd Quarter 2024 CIO Commentary.

Insights August 28, 2024

TIFF’s Framework for Strategic Asset Allocation (SAA) and Benchmarking

Jessica Portis, CFA

Chief Client Officer & Board Member of TIFF Advisory Services

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At TIFF, we aim to add value to our clients in two distinct ways. First, we provide advice on Strategic Asset Allocation, or “SAA.” We define SAA as the long-term portfolio weightings that, in light of an organization’s unique financial circumstances, help it accomplish its long-term goals. Second, once we agree on an SAA and an associated benchmark, we seek to achieve net-of-fee alpha above and beyond that benchmark. If we can deliver on these two value-adds, we are likely to have success in enhancing the missions of our nonprofit clients.

SAA and benchmarking are handled very differently across the outsourced chief investment officer (OCIO) industry, with firms taking a variety of approaches. The objective of this paper is to provide some detail around our framework for each. More specifically, we will address:

Why we define SAA as the allocations to four major asset classes, rather than a more granular and detailed universe of asset classes
Our rationale for using risk-equivalent public market composites as benchmarks, rather than other options that may not be investable or transparent in their construction

The structure of the SAA and benchmark may not seem quite as critical as other investment decisions. We would argue however, that the downstream effects of these structures can be quite impactful over the long-term.