q3-2016 quarterly investment webinar - the san diego foundation
TRANSCRIPT
Quarterly Investment Narrative Conference Call
Monday, November 14
Speakers
Horacio Valeiras, CFAPrincipal, HAV Capital
Investment Chair, Board of GovernorsThe San Diego Foundation
Matt Fettig, CFAVice President, Chief Investment Officer
The San Diego Foundation
Adrienne VargasVice President, Chief Giving 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
Average Calendar Year S&P 500 Price Return (1951-2015)
Yield Environment
Source: Verus, as of 8/31/16
Credit Environment
Source: Barclays Capital Indices, Bloomberg, as of 9/30/16
MarketCredit Spread
(9/30/16)Credit Spread (1 Year Ago)
Long US Corporate 1.8% 2.1%
US Aggregate 0.9% 1.2%
US High Yield 5.1% 6.8%
US High Yield Energy 6.6% 11.4%
US Bank Loans 3.9% 3.9%
Source: Bloomberg, as of 9/30/16 Source: Barclays, Credit Suisse, Bloomberg, as of 9/30/16
Credit Spreads 3 Month Libor Spreads
Issuance and Default
Source: Bloomberg, BofA Merrill Lynch, as of 9/30/16 Source: JP Morgan, as of 9/30/16 Source: Credit Suisse, BofA, as of 9/30/16
U.S. Debt Issuance EM Debt Issuance HY Default Trends (rolling 1 year)
Domestic Equity
Source: Russell Investments, as of 9/26/16 Source: Bloomberg, as of 9/30/16
U.S. Equities Sector Impact on S&P 500 Earnings Growth
Performance & attribution for Endowment Portfolio
Asset Allocation$434 million as of September 30, 2016
Includes Principal Only
ReturnsFor period ending September 30, 2016
Performance & attribution for Long-Term Portfolio
Asset Allocation$41 million as of September 30, 2016
Returns
Performance & attribution for Medium-Term Portfolio
Asset Allocation$52.6 million as of September 30, 2016
Returns
Performance & attribution for Short-Term Portfolio
Asset Allocation$21.2 million as of September 30, 2016
Returns
Q&ATo submit questions for the Q&A,
please use the “Questions” chat function
Thank YouSDFoundation.org/Investments