David Lipscomb University, Nashville, hired RhumbLine Advisers to run $10 million in active domestic large-cap growth equities for the school's $65 million endowment, said Larry Cochran, associate vice president of finance and endowment. Endowment officials also increased an active domestic large-cap growth portfolio run by Trinity Investment Management to about $7 million, from $2.3 million. Funding will come from withdrawing money from a Vanguard 500 index fund, American Funds' Investment Co. of America fund and State Street Global Advisors' Large-Cap Index Plus fund; officials decided to seek more active management.
Separately, endowment officials will invest a combined $8 million in the J.P. Morgan Mid Cap Value, CRM Mid Cap Value, Royce Funds' Pennsylvania Mutual and American AAdvantage Small Cap Value funds. The endowment terminated the Weitz Partners Value fund, Delaware Investments' Delaware Small Cap Growth fund and Janus Small Cap Value fund for performance, he said. Quoc Tran, Weitz Funds analyst, acknowledged the Weitz Partners Value fund "lagged a bit" in the first quarter, but said it has consistently beat the S&P 500. Christina Ward, Delaware Investments spokeswoman, and Blair Johnson, Janus spokesman, did not return calls seeking comment by press time.