Performance with Prudent Stewardship and Stability.
The overriding tenet of our philosophy is to preserve capital and enhance its purchasing power. Our non-profit clients come to us with significant assets, usually the result of the generosity of philanthropists and the ongoing, prudent stewardship by Trustees and staff. They turn to us for stability in their investments and, where relevant, a better understanding of the interrelationship between the organization’s operating performance, debt structure, capital pools and the supporting endowment or foundation. We honor that trust by crafting investment programs that seek to protect capital while meeting long-term investment objectives.
Non-U.S. risk assets lurched downward in June as fears of a protracted and pronounced trade war intensified. The Shanghai Composite index fell more than 20% from its 2-year high reached in late January. European stocks and bonds also declined as concerns that its fragile recovery could be overtaken by the region’s significant exposure to international trade. In the US, where the business recovery continued apace, stocks made further advances, particularly shares of small cap companies that are less sensitive to trade-related actions.Click here to read the entire commentary