University of San Francisco hired Dodge & Cox to manage $15 million in active domestic large-cap value equity and Jennison Associates to manage $12 million in active domestic large-cap growth equity for its $130 million endowment, said Michael J. Lochhead, assistant vice president for business and finance. Funding came from terminating two passive Commonfund portfolios, a $15 million Russell 1000 Value index account and a $12 million Russell 1000 Growth index account. Changes were made because "the board believes it will be a stock-pickers market, he said.
The Commonfund was closing both funds but will continue to manage $35 million in international equity and $15 million in domestic equity for the plan. The current allocation is 58% equity, 38% fixed income and 4% venture capital. Canterbury Consulting advised on the changes.