Investment results for the six months ending December 31, 2009
The Foundation's investment portfolio returned 20.2% for the year ended December 31, 2009. As a result, our historical investment returns for the periods ending December 31, 2009 are as follows:
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3 years -- 1.6%
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5 years -- 4.9%
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10 years -- 6.1%
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15 years -- 8.4%
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20 years -- 9.3%
2008 Performance
For only the 3rd time in over 20 years, the Foundation recorded a negative investment return, shedding 19.9% in calendar year 2008. Over longer time periods, more relevant for a fund with a long investment horizon, annualized returns are positive for the five (3.6%) and 10 year (5.1%) periods ending December 31. In all periods, our returns exceed the returns generated by our blended benchmark index and the returns of our peer group.
Report of the Investment Committee
In our 2007 report, we indicated that we viewed the turmoil in the financial markets as an opportunity to put funds to work at attractive prices. Even though we, like others, underestimated the intensity of the decline that would occur in 2008, the Foundation’s portfolio weathered the worst market since the Great Depression in relatively good shape. A portfolio that was broadly diversified and not tainted by any of the fad investments that drew in many institutional investors, (such as private equity, derivatives, and esoteric mortgage structures) proved to be a sturdy vessel for navigating the storm. As we move through 2009, the investment committee views its task as unchanged: continue to deploy funds to take advantage of the opportunities presented. The extensive experience of our committee members is proving to be especially valuable in this economic climate.
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