Institutional portfolios with long-term investment horizons, such as endowments, are best invested in assets capable of generating equity-like returns, including those with private equity and absolute return strategies. To mitigate equity risks, portfolios also include fixed income, real estate, and other assets such as commodities or natural resources. Compared to larger US educational endowments, institutions in Oxford and Cambridge had less exposure to alternative assets and strategies. They have invested significantly more in direct property assets, and for the colleges it often appeared that their real estate was a counterpart to US holdings of fixed interest securities.
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