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The Community Foundation of Greater Memphis functions both as a fiduciary and a charitable organization. With approximately $260 million in charitable assets, we have a responsibility to manage those assets responsibly to ensure that we have resources to meet community needs for decades to come.
We offer four primary investment pools for charitable assets. Donors may recommend the pool that fits best with their charitable plans. Each pool is professionally managed with oversight provided by the Foundation's Investment Committee and investment consultant Gerber/Taylor Associates, Inc.
The Cash Equivalent Pool is a money market fund managed by Highland Capital Management Corp., a division of First Tennessee Bank.
The Fixed Income Pool is an intermediate-term bond fund invested in primarily high-grade corporate bonds, U.S. Government and U.S. Government Agency bonds. The fund is managed by Metropolitan West Asset Management through the Metropolitan West Total Return Bond Fund, Pacific Investment Management Company through the PIMCO Total Return Fund, the Vanguard Short Term Bond Index Fund, and the Vanguard Total Bond Market Index Fund.
The Balanced Pool is invested in approximately 62 percent equities, 25 percent fixed income securities and cash equivalents, 10 percent alternative investments and 3 percent real estate securities.
The Equity Pool is invested in approximately 49.5 percent large-cap U.S. equities, 9 percent small- and mid-cap U.S. equities, 21.5 percent international equities and 20 percent hedged equities.
(Periods ended June 30, 2010)
| Investment Pool | Quarter | Year to Date | One Year | Three Years | Five
Years | Ten Years | | Cash Equivalent | 0.0% | 0.2% | 0.8% | 2.3% | 3.3% | 3.0% | | Fixed Income* | 2.9% | 5.6% | 12.0% | 0.8% | 1.3% | 4.3% | | Balanced | -5.5% | -1.0% | 13.4% | -2.9% | 3.4% | 4.3% | | Equity | -9.5% | -5.1% | 15.3% | -7.2% | 2.1% | 5.5% | | Market Indices | | | Salomon 3-month Treasury Bills | 0.0% | 0.1% | 0.1% | 1.4% | 2.6% | 2.6% | | Barclays Capital Aggregate Bond Index | 3.5% | 5.3% | 9.5% | 7.6% | 5.5% | 6.5% | Weighted Composite Index
(60% S&P 500; 40% Barclay's Capital Int. U.S. Gov/Credit Index) | -5.8% | -2.1% | 12.3% | -2.9% | 2.0% | 1.8% | | S&P 500 | -11.4% | -6.7% | 14.4% | -9.8% | -0.8% | -1.6% |
Updated 7/30/2010
Note: All returns are net of investment management fees. Returns may not reflect the actual performance of individual funds. The three- and five-year returns are compounded annual returns.
*During the summer and fall of 2007, the performance in the Fixed Income Pool was negatively affected by significant losses in net asset value in the Regions Morgan Keegan Select Intermediate Bond Fund, which originally accounted for approximately 55% of the pool. As a result of those losses, the Foundation’s investment committee reduced its position in that fund by 40% in August 2007 and completely liquidated the position on Nov. 15, 2007. The Fixed Income Pool no longer has any exposure to this fund. The Fixed Income Pool is the smallest of the Foundation's investment pools, amounting to approximately 1.5% of assets. No other investment pools or any other assets of the Foundation were affected by this investment.
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