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ASSET MANAGEMENT
CapGroup Investment Advisors, Inc. Richmond, VA
An independent investment consulting firm headquartered in Richmond, Virginia, the CapGroup is affiliated with Callan Associates, the nation's largest privately owned investment consulting firm. This professional company has broad investment experience: consulting to Foundations, Endowments and Corporate Plans, Investment Strategy and Policy Development, Performance Evaluations, and Money Manager Due Diligence with access to leading-edge technology.
MONEY MANAGERS
Rainier Investment Managers, Seattle, WA
Style: Large Capitalization Growth Equity
Rainier is a large capitalization growth equity manager with an exceptional, long term track record in managing foundation, endowment and pension plan assets. Rainier was founded in 1989 and currently has over $7 billion in assets under management. They use a bottom up approach, focusing on identifying stocks with superior earnings and cash flows and having a dominant position in their respective industries. Rainier controls risk in their clients' portfolios by broadly diversifying the holdings in the major sectors of the economy. As of December 31, 2011, the fund held investments of $4,489,193 for UMFMTC.
Vanguard Small Cap Fund Valley Forge, PA
Style: Small Capitalization Equity
To provide further diversification, the Foundation has a portion of its assets invested in small cap U.S. stocks. This strategy complements the allocation to large cap managers described above. As of December 31, 2011, the fund held investments valued at $2,580,675 for UMFMTC.
Vanguard Growth Index Fund (Signal) Valley Forge, PA
Style: Domestic EquityThis fund invests in stocks of large U.S. companies in market sectors that tend to grow more quickly than the broad market. This low-cost index fund follows a buy-and-hold approach and invests in all of the stocks represented in its broad benchmark. The fund’s primary risk, apart from general stock market volatility, comes from the fact that its focus on large-capitalization growth stocks may, at times, underperform the broader stock market. As of December 31, 2011, the fund held investments valued at $2,024,048 for UMFMTC.
BMO Asset Management, Inc. (Harris Investment Management, Inc.)
Style: Value Equity
Harris is one of the large capitalization value equity manager for the Foundation. As of December 31, 2011, the fund held investments valued at $3,071,794 for UMFMTC.
Great Lakes Advisors, Inc., Chicago, IL
Style: Value Equity
Great Lakes is the other large capitalization value equity manager for the Foundation. As of December 31, 2011, the fund held investments of $3,476,287 for UMFMTC.
SunTrust Bank, Inc. Nashville, TN
Style: Fixed Income
The Foundation hired SunTrust (now StableRiver Fixed Income Account) to manage our fixed income bond portfolio. They purchase corporate bonds, U.S. Treasury Bonds, and agency bonds. In addition, SunTrust also serves as the custodian for the assets of the Foundation. As of December 31, 2011, the fund held investments valued at $5,051,284 for UMFMTC.
PIMCO Advisors, Newport Beach, CA
Style: U.S. Core/Core Plus Bond
PIMCO’s fund seeks to achieve its investment objective by investing, under normal circumstances, at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities. The Fund will not invest in the securities of any issuer determined by PIMCO to be engaged principally in the provision of healthcare services, the manufacture of alcoholic beverages, tobacco products, pharmaceuticals or military equipment, the operation of gambling casinos or in the production or trade of pornographic materials. As of December 31, 2011, the fund held investments valued at $8,074,576 for the Foundation.
Artisan International, Milwaukee, WI
Style: Foreign Equity
The Foundation has a portion of its investments in companies headquartered outside of the United States. Artisan International Fund pursues long-term capital growth by investing in non-U.S. growth companies of all market capitalizations. Artisan International Fund uses a fundamental stock selection process focused on identifying long-term growth opportunities. The investment team's thematic approach identifies catalysts for change and develops investment themes with the objective of capitalizing on them globally. As of December 31, 2011, the fund held investments for UMFMTC of $2,141,346.
Harbor International Fund, Toledo, OH
Style: Foreign Equity
Harbor International Fund uses a bottom up/thematic strategy that utilizes mid to large capitalization stocks and up to 15% of emerging markets. The Fund is sub-advised by Northern Cross, which uses a value style of investing and ranks stocks in each country based on P/E multiples. Their focus is on identifying P/E stocks with the best earnings outlook. The Fund takes a long-term view, expecting to hold a security for 3 to 5 years. As of December 31, 2011, the fund held investments for UMFMTC of $2,090,624.
GMO Emerging Markets III Fund (Grantham, Mayo, Van Otterloo) Boston, MA
Style: Diversified Emerging Markets
GMO uses a disciplined approach to identify the most attractive countries, sectors, and stocks in emerging countries. This strategy is based on traditional and quantitative tools to analyze valuation levels and seeks to purchase those stocks that can best exploit major inefficiencies between and within emerging countries. As of December 31, 2011, the fund held investments valued at $715,183 for the Foundation.
Lazard Freres & Company LLC, New York, NY
Style: International Emerging Markets Equity
Lazard employs a bottom-up stock selection process focusing on companies which are financially productive yet inexpensively priced. As of December 31, 2011, the fund held investments valued at $711,725 for the Foundation.
Eaton Vance Management, Boston, MA (Parametric)
Style: International Emerging Markets Equity
Parametric believes that a structured product with a disciplined rebalancing process that emphasizes the smaller sectors and countries of the emerging markets will outperform over the long term with less risk by exploiting the tendency for smaller emerging and frontier markets to have relatively low correlation among each other. As of December 31, 2011, the fund held investments valued at $746,132 for the Foundation.
Lighthouse Investment Partners, LLC, Palm Beach Gardens, FL
Style: Managed Futures
Lighthouse allocates to managers that trade across a diversified base of futures contracts. Trades commodities, currencies, interest rates and equity indices in roughly equal allocations. The fund will utilize managers who employ trend following, pattern recognition, counter trend and volatility based techniques. The fund will typically invest in to 20 to 40 managers. As of December 31, 2011, the fund held investments valued at $549,230 for the Foundation.
Steben & Co. Inc., Rockville, MD
Style: Managed Futures
Steben allocates to managers that trade across a diversified base of futures contracts. They do not maintain a fixed allocation to various sectors but allow managers to determine the percentages. The managers are primarily trend followers and utilize systematic rules-based models. The fund currently has allocation to seven managers. As of December 31, 2011, the fund held investments valued at $518,550 for the Foundation.
CapGroup Investment Advisors, Inc. Richmond, VA
An independent investment consulting firm headquartered in Richmond, Virginia, the CapGroup is affiliated with Callan Associates, the nation's largest privately owned investment consulting firm. This professional company has broad investment experience: consulting to Foundations, Endowments and Corporate Plans, Investment Strategy and Policy Development, Performance Evaluations, and Money Manager Due Diligence with access to leading-edge technology.
MONEY MANAGERS
Rainier Investment Managers, Seattle, WA
Style: Large Capitalization Growth Equity
Rainier is a large capitalization growth equity manager with an exceptional, long term track record in managing foundation, endowment and pension plan assets. Rainier was founded in 1989 and currently has over $7 billion in assets under management. They use a bottom up approach, focusing on identifying stocks with superior earnings and cash flows and having a dominant position in their respective industries. Rainier controls risk in their clients' portfolios by broadly diversifying the holdings in the major sectors of the economy. As of December 31, 2011, the fund held investments of $4,489,193 for UMFMTC.
Vanguard Small Cap Fund Valley Forge, PA
Style: Small Capitalization Equity
To provide further diversification, the Foundation has a portion of its assets invested in small cap U.S. stocks. This strategy complements the allocation to large cap managers described above. As of December 31, 2011, the fund held investments valued at $2,580,675 for UMFMTC.
Vanguard Growth Index Fund (Signal) Valley Forge, PA
Style: Domestic EquityThis fund invests in stocks of large U.S. companies in market sectors that tend to grow more quickly than the broad market. This low-cost index fund follows a buy-and-hold approach and invests in all of the stocks represented in its broad benchmark. The fund’s primary risk, apart from general stock market volatility, comes from the fact that its focus on large-capitalization growth stocks may, at times, underperform the broader stock market. As of December 31, 2011, the fund held investments valued at $2,024,048 for UMFMTC.
BMO Asset Management, Inc. (Harris Investment Management, Inc.)
Style: Value Equity
Harris is one of the large capitalization value equity manager for the Foundation. As of December 31, 2011, the fund held investments valued at $3,071,794 for UMFMTC.
Great Lakes Advisors, Inc., Chicago, IL
Style: Value Equity
Great Lakes is the other large capitalization value equity manager for the Foundation. As of December 31, 2011, the fund held investments of $3,476,287 for UMFMTC.
SunTrust Bank, Inc. Nashville, TN
Style: Fixed Income
The Foundation hired SunTrust (now StableRiver Fixed Income Account) to manage our fixed income bond portfolio. They purchase corporate bonds, U.S. Treasury Bonds, and agency bonds. In addition, SunTrust also serves as the custodian for the assets of the Foundation. As of December 31, 2011, the fund held investments valued at $5,051,284 for UMFMTC.
PIMCO Advisors, Newport Beach, CA
Style: U.S. Core/Core Plus Bond
PIMCO’s fund seeks to achieve its investment objective by investing, under normal circumstances, at least 65% of its total assets in a diversified portfolio of Fixed Income Instruments of varying maturities. The Fund will not invest in the securities of any issuer determined by PIMCO to be engaged principally in the provision of healthcare services, the manufacture of alcoholic beverages, tobacco products, pharmaceuticals or military equipment, the operation of gambling casinos or in the production or trade of pornographic materials. As of December 31, 2011, the fund held investments valued at $8,074,576 for the Foundation.
Artisan International, Milwaukee, WI
Style: Foreign Equity
The Foundation has a portion of its investments in companies headquartered outside of the United States. Artisan International Fund pursues long-term capital growth by investing in non-U.S. growth companies of all market capitalizations. Artisan International Fund uses a fundamental stock selection process focused on identifying long-term growth opportunities. The investment team's thematic approach identifies catalysts for change and develops investment themes with the objective of capitalizing on them globally. As of December 31, 2011, the fund held investments for UMFMTC of $2,141,346.
Harbor International Fund, Toledo, OH
Style: Foreign Equity
Harbor International Fund uses a bottom up/thematic strategy that utilizes mid to large capitalization stocks and up to 15% of emerging markets. The Fund is sub-advised by Northern Cross, which uses a value style of investing and ranks stocks in each country based on P/E multiples. Their focus is on identifying P/E stocks with the best earnings outlook. The Fund takes a long-term view, expecting to hold a security for 3 to 5 years. As of December 31, 2011, the fund held investments for UMFMTC of $2,090,624.
GMO Emerging Markets III Fund (Grantham, Mayo, Van Otterloo) Boston, MA
Style: Diversified Emerging Markets
GMO uses a disciplined approach to identify the most attractive countries, sectors, and stocks in emerging countries. This strategy is based on traditional and quantitative tools to analyze valuation levels and seeks to purchase those stocks that can best exploit major inefficiencies between and within emerging countries. As of December 31, 2011, the fund held investments valued at $715,183 for the Foundation.
Lazard Freres & Company LLC, New York, NY
Style: International Emerging Markets Equity
Lazard employs a bottom-up stock selection process focusing on companies which are financially productive yet inexpensively priced. As of December 31, 2011, the fund held investments valued at $711,725 for the Foundation.
Eaton Vance Management, Boston, MA (Parametric)
Style: International Emerging Markets Equity
Parametric believes that a structured product with a disciplined rebalancing process that emphasizes the smaller sectors and countries of the emerging markets will outperform over the long term with less risk by exploiting the tendency for smaller emerging and frontier markets to have relatively low correlation among each other. As of December 31, 2011, the fund held investments valued at $746,132 for the Foundation.
Lighthouse Investment Partners, LLC, Palm Beach Gardens, FL
Style: Managed Futures
Lighthouse allocates to managers that trade across a diversified base of futures contracts. Trades commodities, currencies, interest rates and equity indices in roughly equal allocations. The fund will utilize managers who employ trend following, pattern recognition, counter trend and volatility based techniques. The fund will typically invest in to 20 to 40 managers. As of December 31, 2011, the fund held investments valued at $549,230 for the Foundation.
Steben & Co. Inc., Rockville, MD
Style: Managed Futures
Steben allocates to managers that trade across a diversified base of futures contracts. They do not maintain a fixed allocation to various sectors but allow managers to determine the percentages. The managers are primarily trend followers and utilize systematic rules-based models. The fund currently has allocation to seven managers. As of December 31, 2011, the fund held investments valued at $518,550 for the Foundation.
