Augustana College, Rock Island, Ill., committed $4 million each to Commonfund's Absolute Return and Hedged Investors funds, said Darlene Link, director of fiscal operations. The $89 million endowment took $4 million each from its investments in the BlackRock Intermediate Bond and Vanguard Total Stock Market Index funds, Ms. Link said. She declined to say how much money it left in those mutual funds. Endowment officials want to raise Augustana's hedge fund allocation to 10% from 1%, she said, but the new overall allocation has not been finalized. J.H. Ellwood assisted.
According to the Money Market Directory, the endowment's remaining asset allocation as of June 2003 was 57% indexed equities, 19% fixed income, 11% global equity, 9% other and 3% cash.