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The Ohio State University Senate Fiscal Committee Office of Investments Update November 3, 2009 PowerPoint PPT Presentation


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The Ohio State University Senate Fiscal Committee Office of Investments Update November 3, 2009. Jonathan D. Hook Vice President & Chief Investment Officer. 1. Executive Summary.

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The Ohio State University Senate Fiscal Committee Office of Investments Update November 3, 2009

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The Ohio State UniversitySenate Fiscal Committee

Office of Investments Update

November 3, 2009

Jonathan D. Hook

Vice President & Chief Investment Officer

1


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Executive Summary

  • Fiscal 2010 has started out quite well. Returns were strong through the first quarter as the S&P 500 rebounded well and the credit markets continued to recover.

  • LTIP totals back across $1.8 Billion

  • Concerns about liquidity continue across the University Endowment space with differing levels of pain being felt around the country. OSU liquidity is in excellent shape and we are trying to manage that process very carefully.

2


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Q1 FY2010 Performance (July – September 2009)

  • All three months were strong with performance ranging between 2.6% to 4.4%. For the quarter, our compound return totaled 10.2%.

  • Equities, Fixed Income, and Hedge Funds have performed well, while Private Equity, Energy and Real Estate have trailed.

  • The manager portfolio continues to be improved with more focused managers being added and lesser quality managers dropped from service.

3


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Long Term Investment Pool Totals – Sept. 30, 2009

5


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Portfolio Returns

Fiscal 2009:Portfolio Return(22.6%)

Accounting Change*( 0.7%)

Reported Inv. Returns(23.3%)

Q1 FY 2010:July 2009 4.4%

August 2009 2.9%

September 2009 2.6%

Totals 10.2%

* Decision was made to lag the hedge fund returns by thirty days to eliminate estimations. This action mandated that we move June’s hedge fund returns to July – FY 2010.

6


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Asset Allocation - As of September 30, 2009

8


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Portfolio Liquidity Monitor (Sept. 30 Est.)

10


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Where we see the portfolio going:

  • Replace passive exposure with active management

    - Possible additional Opportunistic Situations

    - Add exposure to more Concentrated Active Managers

  • Maintain equity exposure; Rebalance if/as Market Rises

    - Upgrade/Consolidate Current Equity Managers

  • Gradual growth in Energy, Commodities, Timber, Infrastructure & Agriculture to Increase Diversification/Protect against Inflation

  • Look for Distressed Real Estate Opportunities (12-24 Month Outlook)

13


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Asset Allocation Shift (Dec. 2007 – Sept. 2009)

14


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Vice President &

Chief Investment Officer

Jonathan Hook

Liquid Strategies

David Gilmore – Director of Investments

Scott Adams – Investment Officer

Director of

Investment Operations

Tim Michel

Illiquid Strategies

Jerry Polk – Director Of Investments

Bernie Gehlmann – Investment Officer

Office Manager

Tricia Hohl

Student Workers

Greg Brancazio

Matt Walkuski


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