Portfolios, Directed

A Guided Path Strengthens Your Mission

We take a disciplined and active approach to building investment strategies that meet the distinct missions of our nonprofit clients now and into the future.

Focused Investment Policy

We are experienced in leading nonprofit organizations through the process of articulating what they want to accomplish with their assets and determining an investment program tailored to meet these objectives. Most organizations come to us at a transition point, often when they find themselves in control of a growing pool of financial assets they can no longer manage on their own. We help develop an Investment Policy Statement to clearly lay out the endowment's goals and risk tolerance, cash flow needs and return targets consistent with their overall objectives.

Individualized Asset Allocation

Viewing asset allocation as a critical long-term strategy, we work closely with foundations to develop an asset allocation strategy that reflects their particular needs and circumstances. We start by gaining an understanding of what clients need to accomplish with their assets, including program operation, grant making, administrative costs, inflation protection and real return over time. Based on these factors, we design an asset allocation framework to meet a specific target rate of return at an appropriate level of risk. We concentrate on core asset classes we believe will provide the most effective diversification benefits, skillfully blending complementary investment managers who focus on bonds, stocks and alternative investments that we expect to deliver the nonprofit's target return and meet the required payout ratio.

Active Manager Selection & Evaluation

Our goal is to find the best manager in each asset class for a client’s specific allocation. Our rigorous manager search and selection process incorporates not only an analysis of a manager's past performance but also a determination of whether a manager has the tools to keep performing at that same high level. Once our investment committee approves a manager for a particular asset class, the manager becomes our "best advice" manager, so every client receives that best advice. In this way, we demonstrate our accountability for the advice, ensure no one client is favored over another, and focus our resources on the managers we believe are the best, not merely satisfactory. Since we meet with hundreds of prospective managers annually, we can effectively analyze existing managers in a new client portfolio as well as work with existing clients who want to consider managers they have identified on their own.

Ongoing Performance Monitoring

Approved managers are rigorously monitored on a regular basis. We track monthly returns, speak with managers by phone frequently and expect to meet with them at their office at least once a year whether in the United States or abroad. We measure the ongoing performance of individual managers and of the investment program as a whole, and compare it with relevant benchmarks. We measure account returns against a blended benchmark and absolute return target on a quarterly basis. Individual managers are judged against relevant index returns as well as our firm’s established requirements.

Detailed Reviewing & Reporting

We review our clients' asset allocation and third-party managers on an ongoing basis and make or recommend changes as appropriate. We report to clients on a quarterly basis and strive to deliver our investment reviews and accompanying narrative within 45 days after the end of each calendar quarter. Our reports contain asset detail, net results, as well as manager and total account profit and performance information. We are always available to answer questions.

Effective Investment Administration

Investment recommendations are only as formidable as the underlying execution. We focus on bringing discipline, responsibility and efficiency to every process and execution we perform. Our goals are to gain fee optimization and maintain strict oversight on all transactions. Our processes and systems are replicable and dependable, with built-in checks and balances, to accurately handle complex transactions.