投资政策

目标及指引

The Mission of the tg反波胆足球平台社区学院 教育基金会’s Endowment Fund (VHCCEF) is to provide income for the support of current operations while growing the asset base. Assets contained within the endowment consist of accumulated contributions and resulting earnings on those contributions.

投资目标

The investment objective for the Endowment Fund is to invest for the long term and to accept that level of portfolio risk that is consistent with achieving long term growth and the preservation of capital.

The Statement of Investment Policy shall provide the Board of VHCCEF and the Investment Manager with the guidelines for the prudent investment management of the Endowment Fund. Recognizing that changing economic and market conditions may make it impossible for the endowment to reflect all aspects of the investment policy at any given time, the Board understands and agrees that this policy is to serve as a general framework within which the endowment is to be managed. 

授权和责任

The ultimate responsibility for managing the Endowment Fund shall rest with the VHCCEF Board of Directors with the advice and assistance of the Investment Committee. The Investment Committee shall consist of persons who are familiar with the investments currently used by institutional investors, in order to assure sophisticated understanding of investment opportunities and strategies, 风险与回报因素, 以及测量技术. 投资委员会的授权职责包括:

定期维持捐赠基金的目标和准则;

Review of the asset allocation policy of the Endowment Fund and the implementation of necessary changes;

The hiring and removal of outside investment manager(s) charged with the management of the Endowment Fund;

Authorization of the selection and retention of an 投资顾问(s) who will consult with the Investment Committee as requested in order to help the Board achieve its “prudent man” fiduciary responsibility; and monitor the performance of the Endowment Fund and report this analysis to the Board of Directors;

Setting relative performance goals for the Endowment Fund as well as setting the risk level deemed suitable for the Endowment Fund;

确定或批准资产配置比例;

审查捐赠基金的所有费用，包括受托人, 保管的关系, 投资顾问(s), and investment manager(s); and

Provide written communications of the Investment Committee instructions to the investment manager(s), 必要时. 

投资经理职责

在这些目标和指引下管理捐赠基金的资产.

提供符合行业标准的季度业绩报告.

如投资委员会认为有必要，可出席会议, 会议频率不少于每年一次, 为了讨论投资组合的表现, 战略的改变, 以及市场和经济状况.

Request changes in the Objectives and Guidelines in written form to the Investment Committee.

除本声明所指明的以外, the Investment Manager is to have complete investment discretion with the expectation that funds will be invested with care, 技能, 谨慎与勤奋. 

一般投资目标及指引

资产管理的目标是实现投资目标, 考虑到以下因素:

The fixed income and equity portions of the investment portfolio are to be diversified in order to provide reasonable assurance that no single investment or group of investments will have an excessive impact on the total portfolio.

The returns on the portfolio should be compared to the standard market indices including, 但不限于, 的年代&标准普尔500指数, 90天期国库券, and the Lehman Brothers Intermediate Government Bond Index. 其他指数可能会不时增加.

新资金的投资

Any new gifts that are designated for the Endowment Fund shall be invested in the strategy described within this document. All gifts of liquid securities will be liquidated upon receipt and deployed according to the asset allocation in place at that time. 以赠与条款为准, 礼品可根据情况要求立即用于现金流动的需要.

资产配置

资产应根据平衡的投资目标进行管理. The percentage range of the total portfolio that is to be invested in each category is as follows:

股权投资

股权投资的目的是提供当期收入, 收入增长, 以及本金增值. Equities shall mean common stocks, convertible 债券, and convertible preferred issues.

Common stock investing is permitted in both domestic and foreign companies traded on a domestic ($U.S. 基于)交换. Investing in high quality mutual funds and electronically traded funds (ETF) will be acceptable for the purpose of enhancing diversification. 这些股票投资预计将跑赢美国股市&标普500指数扣除费用后，按一个市场周期计算.

It is expected that the equity portion of the portfolio will be broadly diversified so as to reduce the inherent risk of any one investment. No equity weighting should exceed 6% of the market value and broad sector diversification is encouraged.

禁止使用期权、期货和其他对冲策略. 此外，将不会有保证金购买，或其他用途的借入资金. 不允许卖空, put的使用也不是, 调用, 横跨, 和大宗商品, 以及其他类型的衍生品投资. 

固定收益投资

Fixed Income securities are to be selected and managed in order to provide income and stability. 不允许持有期限超过15年的固定收益证券. 平均持续时间应在7-10年之间.

固定收益投资的使用可能包括美国国债.S. 政府和机构的义务, 可流通公司债券, 信用债券, 优先股, 抵押贷款支持证券, 商业票据, 债券, 存单和投资经理认为审慎的其他此类工具. Returns on these investments shall be compared to the Lehman Brothers Intermediate Government Bond Index.

All 债券 selected herein shall be investment grade or higher, as granted by Standard & 普尔或穆迪(评级为BBB或更高). 债券, 哪些后续采购低于最低标准, 可以持有多久，只要投资经理认为合适.

现金及现金等价物投资

This portion of the portfolio is designed to meet the short term obligations of VHCCEF. 最低账户余额为25美元的较大者,000或5%的捐赠基金投资组合应保持. 合适的投资工具包括货币市场基金, 稳定价值基金及短期固定收益工具. While income will be a desired characteristic, it is secondary to principal preservation. 这种资产类别的合适基准将是90天期国库券.

开支政策

基于上述目标, the current spending policy shall be expressed as a maximum of 6% of a three-year moving average of the market value of the Endowment Fund. Such a policy will allow for greater predictability of spendable income for budgeting purposes and for gradual, 稳健增长为可投资资产经营提供支撑. Any income received in excess of 6% of the three-year average shall be reinvested in that year. 收益率(利息和股息)应该低于6%吗, 已实现的收益可以用来弥补不足.