Combined Investment Fund and Investment Committee
Building capital also means sound financial stewardship. With over three decades of experience, our record of funds management and investment performance remains strong. The Combined Investment Fund has assets of over $95 million and is a pooled fund of the assets of many of The Community Foundation’s four component funds.
The overall financial objectives of the Foundation’s Combined Investment Fund are to:
· Invest in equity assets to achieve an annual rate of return in excess of the Standard and Poor’s 500 Common Stock Index; and,
· Invest in fixed income assets to achieve an annual rate of return in excess of the Lehman Brothers Government and Corporate Bond Index.
The Combined Investment Fund has assets of over $93 million and is a pooled fund of the assets of many of the four community foundations’ component funds. At September 30, 2007, the breakdown of the Combined Investment fund was as follows:
| Fixed Income |
28.36% |
| Equities |
|
| Southeastern Asset Management |
28.00% (large and mid cap value) |
| Russell 1000 growth Index |
15.81% (large cap growth) |
| Thompson Siegel |
7.33% (small cap value) |
| Delaware Capital Management |
9.42% (International equities) |
| NWQ |
6.31% (International equities) |
| UBP Asset Management |
4.77% (Fund of Funds alternative investment) |
We do use appropriate benchmark indices to track each of these managers. However, as is our tradition we report against the standard 60/40 (60% S&P 500 index / 40% Lehman Brothers Gov’t/Credit). For the nine months ending September 30, 2007 the combined investment fund has earned 7.40% compared with the 60/40 index return of 7.10%.
Combined Investment Fund Returns --- July 1, 2007 – September 30, 2007
|
Fund Manager
|
Return
|
Index Comparison
|
Index Return
|
|
Russell 1000 Growth Index
UBP Asset Mgt
|
4.26%
-2.27%
|
R1000G
HFRI Fund of Funds
|
4.21%
0.24%
|
|
Southeast. Asset Mgt
Thompson Siegel
|
-1.11%
-2.39%
|
R1000V
R2000V
|
-0.24%
-6.26%
|
|
NWQ
Delaware Capital Mgt
|
3.68%
1.14%
|
EAFE
EAFE
|
2.23%
2.23%
|
|
Fixed Income
Combined Fund Total
|
1.31%
0.80%
|
LBGC
Composite Benchmark
|
3.01%
2.42%
|
Combined Investment Fund Returns --- April 1, 2007 – June 30, 2007
|
Fund Manager
|
Return
|
Index Comparison
|
Index Return
|
|
Russell 1000 Growth Index
UBP Asset Mgt
|
6.90%
5.24%
|
R1000G
HFRI Fund of Funds
|
6.86%
4.75%
|
|
Southeast. Asset Mgt
Thompson Siegel
|
8.16%
3.71%
|
R1000V
R2000V
|
4.93%
2.30%
|
|
NWQ
Delaware Capital Mgt
|
4.85%
5.22%
|
EAFE
EAFE
|
6.67%
6.67%
|
|
Fixed Income
Combined Fund Total
|
-1.15%
4.25%
|
LBGC
Composite Benchmark
|
-0.49%
3.57%
|
Combined Investment Fund Returns --- January 1, 2007 – March 31, 2007
|
Fund Manager
|
Return
|
Index Comparison
|
Index Return
|
|
Russell 1000 Growth Index
UBP Asset Mgt
|
1.22%
4.19%
|
R1000G
HFRI Fund of Funds
|
1.19%
3.03%
|
|
Southeast. Asset Mgt
Thompson Siegel
|
2.13%
3.52%
|
R1000V
R2000V
|
1.24%
1.46%
|
|
NWQ
Delaware Capital Mgt
|
0.82%
2.03%
|
EAFE
EAFE
|
4.15%
4.15%
|
|
Fixed Income
Combined Fund Total
|
2.43%
2.20%
|
LBGC
Composite Benchmark
|
1.47%
0.97%
|
Combined Investment Fund Returns --- January 1, 2006 – December 31, 2006
|
Fund Manager
|
Return
|
Index Comparison
|
Index Return
|
|
Russell 1000 Growth Index
|
10.07%
|
R1000G
|
9.07%
|
|
Southeast. Asset Mgt
Thompson Siegel
|
21.89%
17.77%
|
R1000V
R2000V
|
22.25%
23.48%
|
|
NWQ
Delaware Capital Mgt
|
16.29%
29.13%
|
EAFE
EAFE
|
26.86%
26.86%
|
|
Fixed Income
Combined Fund Total
|
1.00%
12.67%
|
LBGC
Composite Benchmark
|
3.78%
11.03%
|
Combined Investment Fund Returns --- January 1, 2005 – December 31, 2005
|
Fund Manager
|
Return
|
Index Comparison
|
Index Return
|
|
WCM
Goldman Sachs
|
1.25%
3.13%
|
R1000G
R1000G
|
5.27%
5.27%
|
|
Southeast. Asset Mgt
Thompson Siegel
|
2.30%
14.17%
|
R1000V
R2000V
|
7.04%
4.71%
|
|
Loomis Sayles Fixed Income
Pacific Income Advisors
|
2.29%
1.19%
|
LBGC
LBGC Int.
|
2.37%
1.57%
|
|
Delaware Capital Mgt
Combined Fund Total
|
13.79%
3.97%
|
EAFE
Composite Benchmark
|
14.01%
4.96%
|
Combined Investment Fund Returns --- January 1, 2004 – December 31, 2004
|
Fund Manager
|
Return
|
Index Comparison
|
Index Return
|
|
Fayez Sarofim
Goldman Sachs
|
6.39%
N/A
|
S&P 500
|
8.99%
|
|
Southeastern Asset Management
|
10.63%
|
S&P 500
|
8.99%
|
|
Loomis Sayles Fixed Income
Pacific Income Advisors
|
3.43%
N/A
|
Lehman Bros Gov’t Index
|
4.19%
|
|
Delaware Capital Mgt
Combined Fund Total
|
N/A
6.68%
|
60/40 Blend(S&P/Lehman)
|
7.23%
|
| 
