基金会投资政策

2018年6月25日通过
更新于2022年3月7日

I. 目标

Endowment and other long-term funds should be invested in accordance with prudent investor fiduciary standards and the Uniform Prudent Management of Institutional Funds 法》(UPMIFA). The main objectives of the 十大彩票平台 Foundation’s long-term investment fund are to preserve the principal so that future needs can be met, while at the same time providing resources for scholarships and other programs.

II. 一般投资指引

1. 1. The investment objective will be to emphasize long-term capital appreciation and growth of income and specifically to increase the principal value at a rate equal to or greater than the rate of inflation as measured by the consumer price index.
   2. The overall character of the portfolio should be one of above average quality, possessing 最多是平均程度的投资风险.

3. 资产配置

1. 1. The portfolio’s equity allocation will typically range between 60% - 80%, with a target 占70%，并具有以下特点:
      
      • The portfolio will be broadly diversified among large-cap, mid-cap, and small-cap domestic equity strategies, developed international and emerging market equity strategies, and publicly traded real estate investment trusts (REITs).
      • The portfolio will have exposure to both growth and value equity styles. 房地产投资信托基金将 be permitted on a tactical basis, up to a 5% limit.
      • 班.S. equity exposure will not exceed 25% of the total portfolio, or one-third 的总股本分配.
   2. The portfolio’s fixed income allocation will typically range between 20%-40%, with a target of 30%, and have the following characteristics:
      
      • Permitted investments will include publicly traded investment grade fixed income, dollar-denominated global bonds, and non-dollar denominated global bonds.
      • The portfolio will be well diversified as to issuer and maturity.
      • Average maturities will generally be intermediate term, but may emphasize shorter or longer maturities, depending on yield differentials and market conditions.
      • The maximum maturity of any individual issue will not exceed thirty (30) years at 购买时间.
      • The average duration of the total fixed income portfolio will not exceed the duration of the Bloomberg Barclays Aggregate Bond Index by more than 20%.
      • The total fixed income portfolio will have an average credit quality rating of at 至少一个.
   3. Cash reserves for scheduled distributions and other contingencies are expected to 包括基金的结余:
      • Cash reserves will be invested at all times in SEC registered money market funds that meet the highest NAV rating classification or other principal stable overnight investment 如U型车.S. 财政部担保回购协议.
      • All cash reserve investments will have daily liquidity.

IV. 开支政策

Each year approximately 5% of the average market value from the three previous fiscal year-ends may be distributed for funding of scholarships.  这个百分比是自由裁量的 amount that will be periodically reviewed by the Foundation, recognizing the objectives 长期基金. The amount distributed by the Foundation for scholarships can be increased/decreased year to year based on performance of the market and overall 市场情况，以及捐助者的要求. 5%和三年除外 standards will require approval of a majority of  the Foundation 受托人.  在没有 time will the Foundation spending encroach upon the corpus of endowed funds.

V. 管理、报告和监控

The portfolio managers will have full discretion to make investment decisions for the assets placed under its jurisdiction while observing and operating within the 上述目标和指导方针. 据了解，有了投资组合经理， we will concede to their judgment in managing a fund. 经理们有责任 :

1. 1. Reporting quarterly investment performance results on a timely basis,
   2. Communicating any major changes to economic outlook, investment strategy or other factors which affect implementation of investment process,
   3. Informing the investment committee of any qualitative changes to the investment manager's 组织

VI. 投资委员会

The investment committee shall be charged with reviewing the portfolio performance, 资产配置. Furthermore, the committee shall review the investment policy 并向基金会提供相应的建议. 这将包括评估和分析 奖学金资助水平.

The investment committee shall be comprised of no less than five members of the Foundation Trustee Board, including the chairman of the Foundation. EGSC主席、副主席 President for Business Affairs, and Vice President for 机构发展 will 担任当然委员. Any members of the Foundation 受托人 will always be 欢迎参加投资委员会会议. 

The investment committee will meet a minimum of two times annually, once in the last quarter of the calendar year and once in the second quarter of the calendar year and provide an annual report to the Foundation 受托人. 会议记录将保留 and distributed by the Vice President for 机构发展 or designee. 金融 information will be disseminated by the Vice President for Business Affairs. 一个投资 committee chairman shall be elected by the committee. 可要求举行更多会议 由任何成员国根据市场情况决定.

7. The investment committee will be bound by the Conflict of Interest Policy of the EGSC 基金会董事会.