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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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Portfolio risk

Portfolio risk

Chapter:
(p.208) 8 Portfolio risk
Source:
Endowment Asset Management
Author(s):

Shanta Acharya

Elroy Dimson (Contributor Webpage)

Publisher:
Oxford University Press
DOI:10.1093/acprof:oso/9780199210916.003.0008

Experienced investors recognize that understanding the risk profile of the overall portfolio lies at the heart of any assessment of investment alternatives. Attempting to identify the risks to college endowment portfolios (on a scale of 1 to 5 with 1 being not very important and 5 very important), with reference to various aspects of portfolio risk (such as market risk, risk relative to benchmark, liquidity risk, fiduciary risk, and ‘other’ risk factors), provides clues to the risk framework within which colleges in Oxford and Cambridge invest. A majority (85%) of colleges consider their investment committees as being responsible for risk management of endowment assets, with about half reporting that the job is done internally without the assistance of any expert external guidance. The involvement of investment consultants in managing portfolio risk, is minimal. Even in Oxford, where more institutions reported using the services of investment consultants, only 15% of Colleges used a consultant in risk management.

Keywords:   Oxford, Cambridge, risk management, investment portfolio, endowments, asset allocation, investment management

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