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Asset Management Committee: August 18, 2014

Chairman Kevin Lockett presided at the regularly scheduled teleconference meeting on August 18, 2014.  The following are reports received and actions taken:

Oversight and compliance reports, including performance and watch-listed manager reports were presented to the committee.  The endowment pool return for the current quarter (ended June 30, 2014) was reported to be 5.16 percent and 19.32 percent fiscal year, outperforming the benchmark in both periods.  For the 10-year period, the pool returned 7.79 percent.  The market value for the endowment pool at June 30 was $474 million. The expendable Funds Pool return was 2.49 percent for the quarter and 8.93 percent for the fiscal year, with an ending market value at June 30 of $126 million.

Staff reported on current asset allocation weightings and noted the endowment pool ended the quarter with a slight underweight to distressed debt and commodities and a slight overweight to cash.  The expendable funds pool allocation continues to be overweight cash due to balances held for several large construction projects on campus.  It was reported that in support of the KSUF comprehensive reserve strategy, the expendable funds pool transferred $1.2 million into the expendable funds pool reserve on July 1, 2014. 

Staff presented various reports from the newly implemented risk analysis software. 

The committee reviewed the comprehensive reserves policy approved by the Finance and Audit Committee.