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Endowment Asset ManagementInvestment Strategies in Oxford and Cambridge$
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Shanta Acharya and Elroy Dimson

Print publication date: 2007

Print ISBN-13: 9780199210916

Published to Oxford Scholarship Online: May 2007

DOI: 10.1093/acprof:oso/9780199210916.001.0001

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Investment objective

Investment objective

Chapter:
(p.69) 3 Investment objective
Source:
Endowment Asset Management
Author(s):

Shanta Acharya

Elroy Dimson (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199210916.003.0003

In the world of endowment management, where the investment horizon may extend over centuries, investment decisions to support the objectives of endowed institutions pose a unique set of challenges. This chapter addresses the issues surrounding the definition of the investment objective. The establishment of a benchmark or policy portfolio for some endowments is a way of defining the investment objective, with the benchmark asset allocation reflecting that objective. Thus, the benchmark allocation of assets is responsible for providing resources for current operations while preserving purchasing power of assets in the long term. The benchmark therefore reflects the institution's approach to various aspects of managing the endowment, including risk.

Keywords:   Oxford, Cambridge, endowment management, investment policy, benchmark asset allocation, risk

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