Buch, Englisch, 240 Seiten, Format (B × H): 187 mm x 261 mm, Gewicht: 624 g
Reihe: Wiley Nonprofit Authority
Effective Investment Strategies and Oversight
Buch, Englisch, 240 Seiten, Format (B × H): 187 mm x 261 mm, Gewicht: 624 g
Reihe: Wiley Nonprofit Authority
ISBN: 978-1-118-00452-4
Verlag: Turner Publishing Company
Nonprofit Asset Management is a timely guide for managing endowment, foundation, and other nonprofit assets. Taking you through each phase of the process to create an elegant and simple framework for the prudent oversight of assets, this book covers setting investment objectives; investment policy; asset allocation strategies; investment manager selection; alternative asset classes; and how to establish an effective oversight system to ensure the program stays on track.
* Takes you through each phase of the process to create an elegant and simple framework for the prudent oversight of nonprofit assets
* A practical guide for fiduciaries of endowment, foundation, and other nonprofit funds
* Offers step-by-step guidance for the effective investment management of assets
Created as a practical guide for fiduciaries of nonprofit funds--board members and internal business managers--Nonprofit Asset Management is a much-needed, step-by-step guide to the effective investment management of nonprofit assets.
Autoren/Hrsg.
Fachgebiete
Weitere Infos & Material
Foreword
Preface
Acknowledgments
Chapter 1: The Three Levers and the Investment Policy
Investment Policy Statement
Investment Strategy
Duties and Responsibilities
Investment Manager Evaluation
Conclusion
Chapter 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(TM)
In the Long Run.
Strategic, Tactical, and Integrated Asset Allocation Steering Mechanisms
The Low Volatility Tailwind
Tail Risk Hedging
Counterparty Risk
Portfolio Rebalancing
Conclusion
Note
Chapter 3: Traditional Global Financial Asset Classes
Fixed Income Asset Classes
Conclusion
Notes
Chapter 4: Traditional Asset Class Manager Selection
Manager Search and Selection
Investment Vehicles
Active versus Passive Management
When to Terminate a Manager
Conclusion
Chapter 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
Note
Chapter 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
Chapter 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
Chapter 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
Chapter 9: Structuring an Effective Investment Committee
Procedures
Committee Structure
Committee Makeup
When an Investment Committee Needs Outside Help
Effective Use of the Consultant
Conclusion
Chapter 10: Outsourced CIO 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
Chapter 11: Environmental, Social, and Corporate Governance Focused Investing
History and Evolution
Negative Screening
Positive 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
Chapter 12: Selecting Vendors
Custodians
Record Keepers and Administrators
Brokers/Dealers
Transition Managers
Conclusion
Chapter 13: Hiring an Investment Consultant
The Investment Consultant
Identifying a Qualified Investment Consultant
Effective Use of a Consultant
Conclusion
Chapter 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
