q2-2016 quarterly investment webinar - the san diego foundation
TRANSCRIPT
Speakers
Horacio Valeiras, CFA Principal, HAV Capital
Investment Chair, Board of Governors The San Diego Foundation
Matt Fettig, CFA Vice President, Chief Investment Officer
The San Diego Foundation
Theresa Nakata Vice President, Chief Communications Officer
The San Diego Foundation
Agenda
1. Macroeconomic update
2. Performance & attribution for Endowment Portfolio
3. Performance & attribution for Long-Term Portfolio
4. Performance & attribution for Medium-Term Portfolio
5. Performance & attribution for Short-Term Portfolio
6. Q&A
GDP vs. Expectations
Source: Bloomberg, quarterly Q4 2014 through Q1 2016
-160%
-120%
-80%
-40%
0%
40%
80%
US GDP Surprise
Germany GDP
Surprise
Japan GDP Surprise
UK GDP Surprise
China GDP Surprise
Diff
eren
ce b
etw
een
actu
al a
nd e
xpec
ted
GD
P
MSCI Valuation Metrics (3 months average)
Source: MSCI, as of 6/30/16
1.5
17.8
9.0
3.4
5.6
2.8
21.7
13.0
2.1
4.6
1.4
13.6
8.0
2.8
7.3
0
5
10
15
20
25
P/BV P/E Price/Cash Earnings Dividend Yield (%) Earnings Yield (%)
EAFE United States Emerging Markets
Performance & attribution for Endowment Portfolio
Asset Allocation $417.3 million as of June 30, 2016
Includes Principal Only
Returns For period ending June 30, 2016
Performance & attribution for Long-Term Portfolio
Asset Allocation $39.9 million as of June 30, 2016
Returns
Performance & attribution for Medium-Term Portfolio
Asset Allocation $53.5 million as of June 30, 2016
Returns
Performance & attribution for Short-Term Portfolio
Asset Allocation $21.1 million as of June 30, 2016
Returns