One of OCF's most important responsibilities is our stewardship of charitable funds. We have a broadly diversified investment portfolio that is structured to produce investment returns that exceed market averages, particularly in down markets.
In our investment program, we combine the assets of permanent charitable funds for investment. Each individual fund benefits from the strength of a large pooled portfolio. The result is high quality, diversified investment management at reasonable fees and costs.
OCF's investment managers collaborate with an outstanding investment committee comprised of knowledgeable and experienced volunteers. The committee oversees the investment program and makes recommendations to the board of directors regarding investment policy, strategy, and management. Cambridge Associates, an international investment consulting firm, assists the committee in its work. Current members of the investment committee are:
- Robert F. Wulf - Chair, Neskowin
- William Berg - Portland
- Lyn Hennion - Medford
- Tim Mabry - Hermiston
- Jim Mark - Portland
- William Moffat - Wilsonville
- Ron Parker - Portland
- Eric Parsons - Portland
- William Rutherford - Portland
- Benjamin R. Whiteley - Portland
- Loren Wyss - Portland
OCF invests the assets of the long-term investment pool to achieve high total returns, with a low level of risk. The current target asset allocation is 40% equities (both domestic and international), 15% fixed income, 20% marketable alternative investments, 10% private equity, and 15% inflation hedge investments. Current managers, chosen to provide a diversity of styles are:
Global Equity
Adage Capital Partners
City of London Emerging Markets
Delaware Investments
Dodge & Cox International Stock Fund
Eagle Capital Management
First State Investments Asia Pacific Leaders Fund
Gardner Russo & Gardner
Grantham, Mayo, VanOtterloo
Marathon-London International Investment Trust
Platte River Capital
Steinberg Asset Management
Tygh Capital Management
Vanguard Pacific Stock Index Fund
Marketable Alternative Assets
Arlington Fund — OCF Series (diversified portfolio of 33 limited partnerships)
Private Capital
Private Equity Investments (48 limited partnerships)
Inflation Hedging Investments
Vanguard Energy Fund
Wellington Diversified Inflation Hedges Fund
Global Fixed Income
Brandywine Global Fixed Income
Income Research and Management
PIMCO Developing Local Markets Fund
Investment Results
Total annualized returns for periods ended September 30, 2011, were as follows:
|
|
OCF |
Cambridge Associates
Median Foundation Endowment |
| Quarter |
-10.3% |
-10.2% |
| 1 Year |
-0.5% |
-0.5% |
| 5 Years |
2.4% |
2.2% |
| 10 Years |
5.8% |
5.9% |
|
|
|
|
| Asset Allocation |
|
|
| Global Equities |
37.2% |
|
| Marketable Alternative Assets |
26.4% |
|
| Inflation Hedging Assets (Energy, Commodities, Real Estate) |
13.6% |
|
| Private Equity/Venture Capital |
6.0% |
|
| Global Fixed Income and Cash |
16.8% |
|
| Total Portfolio |
100.0% |
|
Returns shown are net of all investment management costs.
Social Investment Option
OCF’s Social Investment Pool was established in 1991 as an investment option for donors who request that their funds’ assets be invested with social screens applied. Investments in the Social Investment Pool must meet criteria set forth in OCF’s Socially Responsive Investment Fund Policy Statement. At March 31, 2011, assets in the pool totaled $27 million, with 32 OCF funds participating.
Boston Common Asset Management has managed the Equity (U.S. and International) alloction of OCF’s Social Investment Pool since October 31, 2007. Beginning September 1, 2010, the Fixed Income component is invested with PIMCO's Total Return III Fund.
Annualized returns for periods ended September 30, 2011 are as follows:
| Quarter |
-13.4% |
|
| 1 Year |
-4.2% |
|
| 3 Years |
0.7% |
|
The Social Investment Pool’s Asset allocation at September 30, 2011 was as follows:
| U.S. Equity |
33.5% |
|
| International Equity |
33.2% |
|
| Fixed Income |
33.3% |
|
| Total Portfolio |
100.0% |
|