Edyth Bush Charitable Foundation, Winter Park, Fla., approved a new investment allocation, adding a total-return portfolio, real estate, private equity and resource-related stocks, said Michael R. Cross, vice president-finance and CIO. Fund officials will seek managers for the new asset classes over a two-year period, and no details have been set for searches. Mr. Cross said the investment committee is determining the specific structure of the total return portfolio, which will include marketable equities, hedge funds, non-conventional bonds and private equity.
The $85 million fund already hired Duff & Phelps Investment Management to manage $3 million in a public REIT.
The fund allocated 69% of assets to total return; 17% inflation hedges, including resource-related strategies; 8% real estate, split evenly between public and private; 5% deflation hedges; and 1% all-purpose hedges. The previous asset allocation was 72% equities, 20% bonds, 5% hedge funds and 3% cash. Mr. Cross said the plan has nine managers, which he declined to identify. Which managers will be retained has not been decided.
