The Modern Endowment Allocation Model

Sep 2011 · Wiley Global Finance Executive Select Ibhuku elingu-156 · John Wiley and Sons

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The authors of The Endowment Model of Investing provide an overview in this chapter of the traditional versus modern methods of endowment investing as a basis for understanding diversification and managing equities for endowments today. It is meant as a brief introduction to the topic and book. Discussed is how the tradition of the long term policy portfolio with relatively fixed asset categories was at one point ubiquitous in the endowment and foundation World but how now with increased market volatility and the appearance of attractive new asset classes, this tradition of overly rigid allocations and fixed asset buckets is questioned and put into old news. The late Peter L. Bernstein was one of the earliest and most articulate authors arguing for a rethinking of the policy portfolio concept.

This chapter includes topics on:

Institutions working in a more flexible fashion with allocations
wider allocation bands
using assets that do not necessarily fit into the traditional categories

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Martin L. Leibowitz is Managing Director in the U.S. Research Department at Morgan Stanley. Prior to working at Morgan Stanley, he was vice chairman and chief investment officer of TIAA-CREF. Leibowitz is a leading authority in the fields of security analysis and portfolio allocation. He is the author of four books, including Franchise Value, and 138 articles, eight of which have won the prestigious Graham and Dodd Award for excellence in financial writing.

Anthony Bova is a Vice President in the Morgan Stanley Research Department, focusing on institutional portfolio strategy. He recently won the ninth annual Bernstein Fabozzi/Jacobs Levy Award for coauthoring the article "Gathering Implicit Alphas in a Beta World," which ran in the Spring 2007 issue of the Journal of Portfolio Management.

P. Brett Hammond is a Managing Director and Chief Investment Strategist for TIAA-CREF Asset Management. His group is responsible for asset allocation modeling, institutional advising, economic and market commentary, and investment product and portfolio research. Within TIAA-CREF, Hammond has also published extensively on pension issues, developed new approaches to performance attribution, and played a key role in the creation of the company's life-cycle inflation-linked bond funds.

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