USAF Academy Investment Committee Report 2014
The fiscal year 2014 Investment Committee Report of the Association of Graduates, USAF Academy, highlights key members such as Richard Abramson, Rod Hennek, William Jennings, Lou Kingsland, and their significant roles within the organization. The report details their financial expertise, contributions, and responsibilities within the committee, showcasing their experience and achievements in managing substantial assets and investments.
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Fiscal Year 2014 Association of Graduates USAF Academy Investment Committee Report Richard Abramson, Chairman Rod Hennek William Jennings, PhD Lou Kingsland Jack Fry William Thompson, Ex-Officio Alton Parrish, Ex-Officio
Association of Graduates USAF Academy Agenda Resumes of Committee Members Performance Review Investment Guidelines including: Asset Allocation Spending Policy 1 Association of Graduates USAF Academy 1
Association of Graduates USAF Academy Investment Committee Members Richard Abramson, Class of 68, MBA, CFA 35 years with Bernstein Global Wealth Management Grew the firm from $60 million under management to $450 billion today Member of 7 investment charity committees with assets of $8 billion under management 2 Association of Graduates USAF Academy 2
Association of Graduates USAF Academy Investment Committee Members Roderick E. Hennek, Class of 75, MBA 33 years with Morgan Keegan/Raymond James Managing Partner of the Atlanta Consulting Group Investment Consultant with over $16 billion under advisement 65% of client base are not for profit institutions Sits on the Fifth Congressional District of Georgia U.S. Service Academy Selection Board 3 Association of Graduates USAF Academy 3
Association of Graduates USAF Academy Investment Committee Members William W. Jennings, PhD, CFA, CPA Professor of Finance and Investments - USAFA, overseeing instruction to over 1,000 cadets per year with a team of 5 officers Chair, member, or treasurer of various investment committees with assets over $20 billion in endowment and pension assets including at Air Force Aid Society, Falcon Foundation, and Air Force Services 4 Association of Graduates USAF Academy 4
Association of Graduates USAF Academy Investment Committee Members Louis Kingsland, Class of 59, M.S. Chairman Investment Policy Committee, Strategic Investment Solutions, Inc. (a money management consulting firm) Investment Management Consultant with Wilshire Associates, Callan Associates with expertise in asset allocation, investment style evaluation, manager structure analysis and performance attribution. Executive VP Mellon Capital Markets in charge of investment technology. Deputy Mission Director of NASA s Viking Mars Lander 5 Association of Graduates USAF Academy 5
Investment Committee Members Jack Fry, Class of 67, M.S., M.A. Director, Association of Graduates Board Treasurer, Association of Graduates Chairman, Association of Graduates/Board of Directors Finance & Investment Committee Former Financial Advisor/Registered Representative Edward Jones Investments 6 Association of Graduates USAF Academy 6
Association of Graduates USAF Academy Investments: Dollar Summary + Last 5 Years Since 2003 Balance FY 2009 FY 2010 FY 2011 FY 2012* FY 2013* FY 2014 Inception Beginning Value 31,392,472 22,466,604 25,253,586 28,297,769 28,667,759 29,167,107 18,952,000 Added/(Withdrawn) (698,789) 734,233 (1,636,109) 1,712,100 (2,748,812) 4,039,944 3,563,189 Gains/(Losses) (8,227,079) 2,052,749 4,680,292 (1,342,110) 3,248,160 5,532,092 16,223,954 Ending Value 22,466,604 25,253,586 28,297,769 28,667,759 29,167,107 38,739,143 38,739,143 Gains/(Losses) Real Estate/REIT** (537,654) (245,012) (125,593) (126,635) (170,972) (158,679) (1,055,443) US Stocks (1,872,686) 555,884 2,192,762 142,767 1,937,020 3,813,050 9,511,818 International Stocks (2,517,876) 516,919 1,748,054 (1,536,365) 1,010,406 1,226,122 3,482,916 Fixed Income (17,863) 747,992 413,215 171,631 (74,556) 179,866 3,686,787 Alternatives (3,281,000) 476,966 451,854 6,492 546,262 471,733 597,876 Total Fund (8,227,079) 2,052,749 4,680,292 (1,342,110) 3,248,160 5,532,092 16,223,954 *includes reclassification of mutual funds to investments 7 Association of Graduates USAF Academy 7
Association of Graduates USAF Academy Investments: Performance Annualized Return 18.8% 9.7% 11.8% 7.1% FY 2014 Benchmark Trailing 1 yr Trailing 3 yr Trailing 5 yr Since Inception* 17.5% 9.2% 11.7% 7.0% Annual Return Benchmark FY 2013 FY 2012 FY 2011 FY 2010 FY 2009 FY 2008 FY 2007 FY 2006 15.2% (3.6)% 21.2% 9.3% (24.4)% (5.1)% 16.7% 14.9% 13.2% (2.1)% 21.6% 9.9% (20.9)% (6.5)% 19.2% 12.6% 8 Association of Graduates USAF Academy 8
Association of Graduates USAF Academy Investments: Performance 2 Years Ending 2014 16.3% 15.9% 15.6% 15.6% 14.5% 14.3% 13.6% 13.3% 17.0% FY 2013 FY 2014 Yale University of Pennsylvania Dartmouth Princeton Columbia Brown Cornell Harvard AOG-USAF Academy 12.5% 14.4% 12.1% 11.7% 11.5% 12.6% 11.4% 11.3% 15.2% 20.2% 17.5% 19.2% 19.6% 17.5% 16.1% 15.8% 15.4% 18.8% 9 Association of Graduates USAF Academy 9
Investment Decisions Bond Portfolio Shorten Duration Replaced PIMCO Unconstrained with FPA and Loomis Sayles income funds Underweight Bonds Relative to its Long-term Target US Equities Diversified equities more with Advisory Research MLP fund International Replaced DFA with Delaware as an emerging markets manager Built up the Board Designated Fund to target $1.5m by end of August 2014 Association of Graduates USAF Academy 10
Association of Graduates USAF Academy Investments: Asset Allocation Policy 5.0% 33.0% 32.0% 20.0% 10.0% 0.0% Maximum 15.0% 60.0% 50.0% 30.0% 20.0% 10.0% Actual -4.4% +3.5% -10.2% +7.4% +3.7% - Jun 14 0.6% 36.5% 21.8% 27.4% 13.7% 0.0% Real Estate US Stocks Int'l Stocks Bonds Alternatives Cash & Equivalents 11 Association of Graduates USAF Academy 11
Short-term Assets Including Cash Held for Operations, Operating Cash $ 244,517 Cash available to invest 1,396 Total (at June 30, 2014) $ 245,913 Association of Graduates USAF Academy 12
