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Nonprofit asset management : effective investment strategies and oversight /
"An authoritative guide for effective investment management and oversight of endowments, foundations and other nonprofit investorsNonprofit Asset Management is a timely guide for managing endowment, foundation, and other nonprofit assets. Taking you through each phase of the process to create a...
| Clasificación: | Libro Electrónico |
|---|---|
| Autor principal: | |
| Otros Autores: | , |
| Formato: | Electrónico eBook |
| Idioma: | Inglés |
| Publicado: |
Hoboken, NJ :
Wiley,
©2012.
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| Temas: | |
| Acceso en línea: | Texto completo |
Tabla de Contenidos:
- pt. I. 1. The three levers and the investment policy : The three levers ; Investment policy statement ; Statement of purpose ; Statement of objectives ; Liquidity constraints ; Unique constraints or priorities ; Investment strategy ; Duties and responsibilities ; Investment manager evaluation ; Conclusion
- 2. Asset allocation : Modern portfolio theory ; Capital market assumptions: the building blocks of portfolio construction ; Shortcomings of modern portfolio theory ; Probabilistic optimization models
- The Frontier Engineer ; In the long run ... ; Strategic, tactical, and integrated asset allocation steering mechanisms ; The low volatility tailwind ; Tail risk hedging ; Counterparty risk ; Portfolio rebalancing ; Conclusion ; Notes
- 3. Traditional global financial asset classes : Global fixed-income asset classes ; Global equity asset classes ; Conclusion ; Notes
- 4. Traditional asset class manager selection : Manager search and selection ; Investment vehicles ; Active versus passive management ; When to terminate a manager ; Conclusion
- 5. Hedge funds : The evolution of hedge funds ; Modern hedge fund strategies ; Why invest in hedge funds? ; Alpha-beta framework, hedge funds, and fees ; Hedge fund indices and benchmarks ; Hedge fund terms and structures ; Fund of hedge funds versus direct investment ; Hedge fund investment due diligence ; Hedge fund operational due diligence ; Hedge funds in the post-2008 world ; Conclusion ; Notes
- 6. Private equity : Private equity investment strategies ; Why invest in private equity? ; Structure and terms ; Private equity risks ; Direct private equity versus private equity fund of funds ; Selecting private equity managers ; Benchmarks ; Conclusion ; Notes
- 7. Real assets : Commodities ; Equity real estate investment trusts and private real estate ; Farmland ; Energy infrastructure master limited partnerships ; Broad infrastructure investing ; Timberland ; Gold ; Other investible real asset categories ; Conclusion ; Note
- 8. Performance measurement and evaluation : Why monitor performance? ; Performance calculations ; Benchmarks ; Market index basics ; Investment style ; Major market indices ; Determining the right index ; Peer group universes ; Modern portfolio theory performance metrics ; Style analysis ; Portfolio analysis ; Performance reporting ; Conclusion.
- pt. II. 9. Structuring an effective investment committee : Procedures ; Committee structure ; Committee makeup ; When an investment committee needs outside help ; Effective use of the consultant ; Conclusion
- 10. Outsourced chief investment officer services : Overview ; Why outsource? ; Outsourced services ; What is done in conjunction with the committee? ; Potential benefits ; Finding a firm ; Characteristics ; The RFP ; Interviewing finalists ; Fees ; The contract ; Reporting ; Conclusion
- 11. Environmental, social, and corporate governance-focused investing : History and evolution ; Negative screening ; Postive screening ; Shareholder advocacy ; Community investing ; Strategy considerations ; Investment selection ; Separate accounts ; Mutual funds ; Commingled funds ; Exchange-traded funds ; Alternative investments ; Performance impact of ESG ; Incorporating ESG into investment policy ; Conclusion ; Notes
- 12. Selecting vendors : Custodians ; Record keepers and administrators ; Broker/deaders ; Transition managers ; Conclusion
- 13. Hiring an investment consultant : The investment consultant ; Identifying a qualified investment consultant ; Effective use of a consultant ; Conclusion
- 14. Behavioral finance : Trying to break even ; Snake bitten ; Biased expectations and overconfidence ; Herd mentality ; Asset segregation or mental accounting ; Cognitive dissonance ; Anchors ; Fear of regret and seeking pride ; Representativeness ; Familiarity ; Investor personality types ; Risk-seeking behavior ; Naturally occurring Ponzi schemes and market bubbles ; Conclusion ; Note
- 15. Legal aspects of investing charitable endowment, restricted, and other donor funds : Nature of endowment or restricted funds ; Endowments created by the board ; Donor-created endowment funds ; Donor-created restricted gifts or funds ; GAAP accounting treatment ; General statement about investing endowment ; Context: the historical prudent man rule ; Trusts: the Prudent Investor Act ; Uniform Prudent Management of Institutional Funds Act ; Private foundation rules ; Conclusion
- Final thoughts : Takeaways ; Conclusions
- Appendix : Case study: developing capital market assumptions.