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Rochester, NY Roundtable Highlights

TIFF Investment Management recently hosted an investors breakfast and networking event featuring Doug Phillips of the University of Rochester and TIFF CIO, Jay Willoughby, CFA. TIFF Outreach Director, Kevin O’Connell, CFA, helped moderate the panel discussion which was held at the Genesee Valley Club in Rochester, NY.

A few of the topics and issues explored during the session included:

  • Asset allocation for non-profits: employing specific targets vs. ranges
  • Evaluating portfolio performance: return objectives (e.g. CPI+5%) vs. benchmarks (e.g. peers)
  • How might non-profit investors separate investment signals from noise
  • Areas within the portfolio that lend themselves more readily to active management
  • Importance of setting reasonable goals for your portfolio – avoid aiming for heroics
  • Getting the proper buy-in from stakeholders e.g. trustees, committee members, staff & team members
  • Maintaining a long-term view – muting the “noise of now”
  • Methods for creating alignment within the portfolio
  • The importance of a global perspective – don’t let immediate past dictate your expectations for the future
  • The utility of illiquid assets e.g. private equity, venture capital

Attendees also had the opportunity to pose questions. Some questions included:

  • What do you make of the short-termism in the market when business television and websites constantly tout investment risk (real or imagined)?
  • Is there a difference between small cap premium and illiquidity premium as evidenced by private equity excess return over public equity?
  • What materials (written, audio, or otherwise) are worth the time invested?

Please contact memberservices@tiff.org for information about future events.

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