Hobart & William Smith Colleges, Geneva, N.Y., committed $5 million to Sage Capital Management, $2.5 million to Mezzacappa Partners and $2 million to Lighthouse Diversified for hedge fund investments, said Peter Polinak, budget director for the $115 million endowment. Funding came from taking $1 million each from an active domestic large-cap growth equity portfolio run by Cohen, Klingenstein & Marks, reducing it to $15 million, and an active domestic large-cap value equity mandate DePrince, Race & Zollo, trimming it to $17 million. The plan also cut $2.5 million from an international equity portfolio run by Putnam, leaving it with $6.5 million, and $5 million from an active domestic fixed-income portfolio run by PIMCO, leaving it with $12 million, he said. The plan made the changes for diversification, Mr. Polinak said. Evaluation Associates advised.
The plans current asset allocation is 38% domestic equity, 31% hedge funds, 19% fixed income, 6% international equity, 3% private placement (Fidelity stock), 2% global equity and 1% cash.