Manager Selection

As part of our commitment to providing the most effective investment solutions for our families, we employ a rigorous evaluation process of the industry’s best investment managers. The objective of our five-step search and selection process is to identify superior investment managers whom we believe are representative of a given asset class and have a high probability of repeating their excellent historical performance.

To narrow the field, we screen managers based on the historical returns of their portfolios and their “style,” or their stated objectives in terms of their assets and their deviation from their objectives. Each remaining manager’s portfolio is evaluated based on an exhaustive array of quantitative risk measurements as well as on the qualitative basis of organizational history and stability, experience of investment team and research group, investment process and strategy, and legitimacy of the manager’s track record, among other characteristics.

After we select a manager to handle our families’ investments, we continually evaluate the manager’s performance. We meet or speak with every manager throughout the year, and every selection factor is reviewed and scrutinized. Lastly, we run a tightly controlled “watch list,” with all manager-related decisions reviewed and ratified by our Investment Committee at least once a year.

We take our fiduciary responsibility to our families very seriously, because your success is our success.