客观的
The investment objective of the Foundation is to preserve the purchasing power of its endowed funds, while providing a continuing and stable funding source to support the current and future mission of UNH. 为了实现这一目标, the Fund seeks to generate a market return that will exceed distributions, 费用, 以及通货膨胀的侵蚀效应. 这是所有返回(i)的意图.e., 利息收入, 股息, realized gains and unrealized gains) above and beyond the amount approved for distribution will be reinvested in the Fund. The Fund is managed consistent with the applicable standard of conduct set forth in the Uniform Prudent Management of Institutional Funds Act (UPMIFA) as adopted in the state of New Hampshire (RSA 292 - B).
视界与流动性
The Foundation has a long-term investment horizon with relatively low and predictable liquidity needs. 出于这个原因, the Fund is designed to tolerate short- and intermediate-term volatility, provided that long-term (10-year) returns meet or exceed the investment objective. 因此, 本基金可能包括流动性较差的投资, 比如私募股权, 对冲基金, 以及其他合作伙伴, which typically offer higher risk-adjusted return potential as compensation for reduced liquidity. To ensure adequate liquidity for distributions and to facilitate rebalancing, Foundation staff and the Investment Committee frequently review the Fund's liquidity characteristics and make adjustments accordingly.
投资池
The Foundation’s endowment pool has been in place and growing since the Foundation was established in 1989. It features a diversified mix of fund managers designed to yield a long-term real return, 扣除费用和通货膨胀, 超出分布范围. 2022年6月30日，这个池子的总金额为265美元.700万年.
In 2015, the Foundation’s sustainable investing strategy was established in a separate ESG pool, seeking to achieve the same return goals as the Main pool while taking into account environmental, 基金经理选择中的社会和治理标准. ESG池规模扩大 在接下来的几年里. In 2022, the Committee decided that it was in the best interests of both pools to combine their assets and the strategies into one unified strategy. The Foundation’s investment policy statement was amended to integrate the consideration of ESG factors into the investment decision-making process for the entire pool. 截至6月30日, 2022, ESG-qualified investments comprised about 55% of the total Foundation assets under management. Additional information on the Foundation’s approach to sustainable investing can be found 在这里.
资产配置
实现基金会的投资目标, the Fund is allocated among several asset classes in order to achieve above-average long-term returns and reduced volatility through diversification.
The global equity segment is expected to provide long-term growth and offer high expected real returns and liquidity. Private equity investments are expected to achieve outsized returns in exchange for substantially reduced liquidity. Flexible capital strategies are employed to offer market-comparable returns with lower expected volatility. Real assets are used to provide the Fund with a diversified hedge against inflation, 加上更强的收益成分. Fixed income investments are intended to provide stability and protection in deflationary environments. Cash provides short-term liquidity to support distributions and to fund rebalancing transactions. 本基金亦在不同资产类别中进行多元化投资. The purpose of diversification is to provide reasonable assurance that no single security, 或者证券类别, 会对基金组织的表现产生不成比例的影响. As a result, the risk level associated with the portfolio investment is appropriately reduced.
基金组织目前的长期, strategic asset allocation targets are presented in the following table, 以及实际投资敞口的允许范围. Variations from targets are based on the Committee’s assessment of market conditions and opportunities, 以及周期性市场波动的影响.
| 资产类别 | 政策目标(%) | 目标范围(%) |
|---|---|---|
| 全球公共股本 | 50 | 40-70 |
| 私人股本 | 20 | 0-25 |
| 灵活的资本 | 15 | 5-25 |
| 真正的资产 | 10 | 5-15 |
| 固定收益/现金 | 5 | 0-15 |
The Foundation employs a combination of active and passive managers in the Fund. Active investment managers are expected to provide an appropriate excess return, 费用净额, 超过一个正常的投资组合或相关指数, e.g.， S&P 500, ideally placing them well into the second quartile of managers with similar objectives over a market cycle. Passive managers are expected to track the performance of the appropriate normal portfolio or index within reasonable tolerances. Selected managers have discretion with regard to portfolio composition and individual asset selection, 在委员会制定的指导方针和限制范围内. The Committee oversees the activities and results of the managers through regular meetings and communications.
分布
In accordance with the Foundation’s investment policy statement and UPMIFA, 捐赠基金的支出每年由董事会批准. These distributions consist of payouts to the many donor-specified purposes within the Fund and a payout for administrative costs associated with the Fund. Payouts are based on the trailing 12-quarter average of the Fund’s unit value, with 4.目前有25%的人去了目的地，1.0%用于支持基金管理费用. Remaining gains (losses) in value are allocated to each endowed fund on a pro rata basis.
监督和建议
The Investment Committee is comprised of voting members of the UNHF Board, 在投资领域提供相当多的专门知识. In addition, the Committee engages with consultants to advise on the management of the Fund. 2008年6月聘任, Prime Buchholz LLC(朴茨茅斯), 新罕布什尔州)是基金会的投资顾问. 2017年5月, the Committee on Investor Responsibility (CIR) was established by the Committee to provide advice on sustainable investing matters.
