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FOREWORD BY CHARLES D. ELLIS

TOBIN'S FRIEND: FOREWORD TO THE 2000 EDITION

1. INTRODUCTION

2. ENDOWMENT PURPOSES

3. INVESTMENT AND SPENDING GOALS

4. INVESTMENT PHILOSOPHY

5. ASSET ALLOCATION

6. ASSET ALLOCATION MANAGEMENT

7. TRADITIONAL ASSET CLASSES

8. ALTERNATIVE ASSET CLASSES

9. ASSET CLASS MANAGEMENT

10. INVESTMENT PROCESS

APPENDIX: IMPURE FIXED INCOME

NOTES

ACKNOWLEDGMENTS

INDEX

ABOUT THE AUTHOR

Introduction


This book provides readers with a window on the world of institutional funds management, drawing on my fourteen years of experience in managing Yale's endowment, which totaled $7.2 billion at June 30, 1999. During my tenure the university pioneered the move away from heavy reliance on domestic marketable securities, emphasizing instead a collection of asset classes expected to provide equity-like returns driven by fundamentally different underlying factors. Aside from reducing dependence on the common factor of U.S. corporate profitability, the asset allocation changes ultimately exposed the portfolio to a range of less efficiently priced investment alternatives, creating a rich set of active management opportunities.

In spite of a systematic reduction in exposure to domestic equities during one of the greatest bull markets ever, the Yale endowment produced extraordinary returns. Measured from the bottom of the U.S. market in 1982, Yale's return of 16.9 percent per annum stands in the top 1 percent of institutional funds. Stated differently, had the university generated returns equivalent to the average for institutions of higher education, endowment assets would be $3.3 billion lower as of June 30, 1999. Yale's strong investment results stem from disciplined implementation of equity-oriented asset allocation policies, combined with successful exploitation of attractive active management opportunities.


The World of Endowment Management

The fascinating activity of endowment management captures the energy and imagination of the many talented individuals who have accepted responsibility for stewardship of institutionalassets. Investing with a time horizon measured in centuries to support the educational and research mission of society's colleges and universities creates a challenge guaranteed to engage the emotions and intellect of fund fiduciaries.

Aside from the appeal of the eleemosynary purposes that endowments serve, the investment business contains an independent set of attractions. Populated by unusually gifted, extremely driven individuals, the institutional funds management industry provides a nearly limitless supply of products, a few of which actually serve fiduciary aims. Identifying the handful of gems in the tons of quarry rock provides intellectually stimulating employment for the managers of endowment portfolios.

The knowledge base that provides useful support for investment decisions knows no bounds. A rich understanding of human psychology, a reasonable appreciation of financial theory, a deep awareness of history, and a broad exposure to current events all contribute to the development of well-informed portfolio strategies. Many practitioners confess they would continue to work without pay in the endlessly fascinating money management business.

The book begins by painting the big picture: discussing the purposes of endowment accumulation and examining the goals for institutional portfolios. Articulation of an investment philosophy provides the underpinnings for developing an asset allocation strategy -- the fundamentally important decision regarding the portion of portfolio assets devoted to each type of investment alternative.

After establishing a framework for portfolio construction, the book investigates the nitty-gritty details of implementing a successful investment program. A discussion of portfolio management issues examines situations where real-world frictions might impede realization of portfolio objectives. Chapters on asset class management provide a primer on investment characteristics and active management opportunities, followed by an outline of performance evaluation issues and tools. The book closes with some thoughts on structuring an effective decision-making process.

An indispensable roadmap for creating a successful investment program from Yale's chief investment officer, David F. Swensen.
In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically -- but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement.
In this fully revised and updated edition, Swensen, author of the bestselling personal finance guide Unconventional Success, describes the investment process that underpins Yale's endowment. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. Swensen employs an array of vivid real-world examples, many drawn from his own formidable experience, to address critical concepts such as handling risk, selecting advisors, and weathering market pitfalls.
Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Conventional investing too often leads to buying high and selling low. Trust is more important than flash-in-the-pan success. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not.
The original Pioneering Portfolio Management outlined a commonsense template for structuring a well-diversified equity-oriented portfolio. This new edition provides fund managers and students of the market an up-to-date guide for actively managed investment portfolios.

In the years since the now-classic Pioneering Portfolio Management was first published, the global investment landscape has changed dramatically ? but the results of David Swensen's investment strategy for the Yale University endowment have remained as impressive as ever. Year after year, Yale's portfolio has trumped the marketplace by a wide margin, and, with over $20 billion added to the endowment under his twenty-three-year tenure, Swensen has contributed more to Yale's finances than anyone ever has to any university in the country. What may have seemed like one among many success stories in the era before the Internet bubble burst emerges now as a completely unprecedented institutional investment achievement.

In this fully revised and updated edition, Swensen, author of the bestselling personal finance guide Unconventional Success, describes the investment process that underpins Yale's endowment. He provides lucid and penetrating insight into the world of institutional funds management, illuminating topics ranging from asset-allocation structures to active fund management. Swensen employs an array of vivid real-world examples, many drawn from his own formidable experience, to address critical concepts such as handling risk, selecting advisors, and weathering market pitfalls.

Swensen offers clear and incisive advice, especially when describing a counterintuitive path. Conventional investing too often leads to buying high and selling low. Trust is more important than flash-in-the-pan success. Expertise, fortitude, and the long view produce positive results where gimmicks and trend following do not.

The original Pioneering Portfolio Managementoutlined a commonsense template for structuring a well-diversified equity-oriented portfolio. This new edition provides fund managers and students of the market an up-to-date guide for actively managed investment portfolios.