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Endowment Funds

Endowment Funds


cif_perf_15-16The University of New Mexico Board of Regents has delegated authority to the UNM Foundation Investment Committee to oversee and manage the endowment assets of the University and the Foundation. The pooled assets are combined for investment purposes and operated as a unitized pool known as the Consolidated Investment Fund (CIF). The CIF is managed in accordance with the Consolidated Investment Fund Policy, which is approved by both the UNM Foundation Board of Trustees and the UNM Board of Regents.

(Click here to read the Consolidated Investment Fund Policy.)

The UNM Foundation Investment Committee is comprised of representatives from the volunteer Board of Trustees (7 members), investment professionals from the community (3 members) and University officials (3 members). The Investment Committee utilizes a professional investment consulting firm (Aon Hewitt) to advise on investment matters and engages an investment custodian (Northern Trust Company) to safeguard the investment assets. Investments in the CIF are guided by the concept of complementary managers that are responsible for specific asset categories and management styles in a diversified portfolio.

The UNM Foundation strives to provide as much information as possible to the community about our investments. The table below categorizes investments within the current portfolio by asset class, manager, orientation, benchmark and benchmark method. Click on the benchmark name in the table to access publicly-available information about the fund benchmark. Note some links lead to private information where subscription holders can learn more, since, in the case of some public market indices, benchmark constituents are not readily available without vendor subscription. Benchmarking and orientation definitions can be found below the table.

 

Asset Class
Manager/Fund
Orientation
Benchmark
Benchmarking Method
Fixed Income PIMCO Moderate Duration Active Barclays Intermediate Aggregate Index Market Index
Fixed Income Vanguard Inflation Protected Securities Passive Barclays US TIPS Index Market Index
Fixed Income Colchester Global Bond Active CitiGroup World Government Bond IndexAdditional information Market Index
Fixed Income Sankaty Senior Loan Fund Active S&P/LSTA Leveraged Loan Index Market Index
Fixed Income Stone Harbor EMD Blend Active Custom EMD BenchmarkComposed of 50% J.P. Morgan GBI-EM Global Diversified, 40% J.P. Morgan EMBI Global Diversified, and 10% J.P. Morgan CEMBI Broad Diversified Market Index
Marketable Alternatives Brevan Howard Multi-Strategy Active HFRI RV: Multi-Strategy Index Peer Group
Marketable Alternatives Elliott International Active HFRI RV: Multi-Strategy Index Peer Group
Marketable Alternatives Och Ziff Overseas II Active HFRI RV: Multi-Strategy Index Peer Group
Marketable Alternatives Shepherd Investments International Active HFRI RV: Multi-Strategy Index Peer Group
Marketable Alternatives Davidson Kempner Institutional Partners Active HFRI Event-Driven (Total) Index Peer Group
Marketable Alternatives Highline Capital Active HFRI Equity Hedge (Total) Index Peer Group
Marketable Alternatives Marshall Wace Active HFRI Equity Hedge (Total) Index Peer Group
Marketable Alternatives Anchorage Capital Partners Offshore Active HFRI ED: Distressed/Restructuring Index Peer Group
Marketable Alternatives Silver Point Capital Offshore Active HFRI ED: Distressed/Restructuring Index Peer Group
Marketable Alternatives King Street Capital Active HFRI ED: Distressed/Restructuring Index Peer Group
Marketable Alternatives Fortress Macro Offshore Active HFRI Macro (Total) Index Peer Group
Marketable Alternatives Graham Capital Active HFRI Macro (Total) Index Peer Group
Marketable Alternatives Wexford Offshore Spectrum Active HFRI Macro (Total) Index Peer Group
Marketable Alternatives Anchorage Short Credit Offshore Active CitiGroup 3 Month T-Bill + 4% Absolute Return
Non-US Equity BlackRock MSCI World ex-US Index Passive MSCI World ex-US Index Additional information Market Index
Non-US Equity Mondrian Emerging Markets
Active MSCI Emerging Markets Index Additional information Market Index
Private Equity Montauk TriGuard Fund III, L.P Active Burgiss Private iQ Peer Group
Private Equity Montauk TriGuard Fund IV, L.P. Active Burgiss Private iQ Peer Group
Private Equity Newbury Equity Partners, L.P. Active Burgiss Private iQ Peer Group
Private Equity Saybrook Corporate Opportunity Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Wexford Partners 11, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street 2006 Direct Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street 2007 Direct Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street 2008 Direct Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street 2009 Direct Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street Partnership Fund – 2005 Non-US Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street Partnership Fund – 2005 US Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street Partnership Fund – 2006 Non-US Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street Partnership Fund – 2006 US Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street Partnership Fund – 2007 Non-US Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street Partnership Fund – 2007 US Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street Partnership Fund – 2008 Non-US Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street Partnership Fund – 2008 US Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street Partnership Fund – 2009 Non-US Developed Markets Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street Partnership Fund – 2009 Non-US Emerging Markets Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Adams Street Partnership Fund – 2009 US Fund, L.P. Active Burgiss Private iQ Peer Group
Private Equity Commonfund Capital International Partners V, L.P. Active Burgiss Private iQ Peer Group
Private Equity Commonfund Capital Private Equity Partners VI, L.P Active Burgiss Private iQ Peer Group
Private Equity Commonfund Capital Venture Partners VII, L.P. Active Burgiss Private iQ Peer Group
Private Equity Commonfund Capital International Partners VI, L.P. Active Burgiss Private iQ Peer Group
Private Equity Commonfund Capital Private Equity Partners VII, L.P. Active Burgiss Private iQ Peer Group
Private Equity Commonfund Capital Venture Partners VIII, L.P. Active Burgiss Private iQ Peer Group
Private Equity Commonfund Capital International Partners VII, L.P. Active Burgiss Private iQ Peer Group
Private Equity Commonfund Capital Venture Partners IX, L.P. Active Burgiss Private iQ Peer Group
Real Assets iShares S&P NA Natural Resources Index Passive S&P North American Natural Resources Index Market Index
Real Assets BlackRock Diamond Property Fund Active NCREIF ODCE Index Peer Group
Real Assets RREEF America REIT III Fund Active NCREIF ODCE Index Peer Group
Real Assets Newlin Energy Partners, L.P. Active Burgiss Private iQ Peer Group
Real Assets Metropolitan Real Estate Partners IV, L.P. Active NCREIF ODCE Index Peer Group
Real Assets Quantum Resources B, L.P. Active Burgiss Private iQ Peer Group
Real Assets Commonfund Capital Natural Resources Partners VII, L.P. Active Burgiss Private iQ Peer Group
Real Assets Metropolitan Real Estate Partners V, L.P. Active NCREIF ODCE Index Peer Group
Real Assets Natural Gas Partners IX, L.P. Active Burgiss Private iQ Peer Group
Real Assets Newlin Energy Partners II, L.P. Active Burgiss Private iQ Peer Group
Real Assets Quantum Energy Partners IV, L.P. Active Burgiss Private iQ Peer Group
Real Assets Commonfund Capital Natural Resources Partners VIII, L.P. Active Burgiss Private iQ Peer Group
Real Assets Metropolitan Real Estate Partners VI, L.P. Active NCREIF ODCE Index Peer Group
Real Assets Quantum Energy Partners V, L.P. Active Burgiss Private iQ Peer Group
Real Assets Thor Urban Property Fund II, Inc. Active NCREIF ODCE Index Peer Group
US Equity BlackRock US Equity Market Index Passive Dow Jones US Total Stock Market Index Market Index

 

Orientation

  • Passive – The objective of the investment is to track the performance of a specific benchmark as closely as possible. Replicating the movements of an index can be achieved by holding all of the securities in the index, in the same proportions as the index. Other methods include statistically sampling the market and holding representative securities which provide very similar characteristics as the index.
  • Active – The primary objective of the investment is to outperform the performance of a specific benchmark. These types of strategies seek to exploit market inefficiencies by purchasing securities that are undervalued or by short selling securities that are overvalued. Depending on the strategy, either of these methods may be used alone or in combination. In addition, some active strategies may also serve to reduce volatility (or risk) relative to a benchmark index.

 

Benchmark

  • A standard against which the performance of a security, mutual fund or investment manager can be measured or compared.  Broad market stock and bond indexes are generally used for this purpose, such as Barclays Aggregate Bond Index and the S&P 500 Index.  In some instances, benchmarks may be customized to suit a particular investment strategy.

 

Benchmarking Method

  • Market Index – An investable market index that tracks the performance of a group of stocks or bonds. Some indices are designed to indicate the overall performance of the market, while others follow a particular sector. Different methods are used to calculate a market index’s value, such as price weighting, market value weighting and capitalization weighting.
  • Peer Group – An aggregation of peer universe data typically segregated by the corresponding characteristics of the investment (i.e., strategy, geography, vintage year, etc.). Peer group benchmarking allows investors to compare portfolio or manager performance against general industry results. Peer group indices are not investable, but are measurable and updated on a reasonably frequent basis. A peer group universe of a particular fund is the closest representation of the performance of the universe of available managers for selection.
  • Absolute Return – Absolute return benchmarks focus on long-term expectations for the level of returns expected from public markets plus a premium.
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