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The Big Mystery – What do these people do all day? Alain Hung, CFA

The Big Mystery – What do these people do all day? Alain Hung, CFA Associate Director of Investments. WARF’s Approach. Allocate risk not capital Separate beta and alpha Maximize benefits of diversification. R = r f + β + α. Economic Diversification.

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The Big Mystery – What do these people do all day? Alain Hung, CFA

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  1. The Big Mystery – What do these people do all day? Alain Hung, CFA Associate Director of Investments

  2. WARF’s Approach • Allocate risk not capital • Separate beta and alpha • Maximize benefits of diversification

  3. R = rf +β+ α

  4. Economic Diversification

  5. Risk Allocation by Economic Environments

  6. 5-Year10-Year Portfolio Return 7.80% 7.40% Spending Rate 4.50% 4.50% +3.30% +2.90%

  7. Quiz • What was the portfolio’s 10-year annualized return as of the end of FY2016 (6/30/16)? • What was the percentile ranking of that performance in a universe of the top 35 university foundations?

  8. Reminder: Investment contest due date, tomorrow @ 3 p.m.

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