According to Robert W. Woodruff Foundation Inc.'s 2015 990-PF filing with the IRS, the foundation made substantial changes to its investments, excluding its holdings in The Coca-Cola Co. All individual fixed-income positions were sold in 2015. The Neuberger Berman High Income Bond Fund appears to be the only fixed-income investment, with $18.4 million as of Dec. 31. The fund was listed in other investments.
The equity portfolio now holds more than 1,000 companies, up from about 20 listed in the 2014 filing. Excluding its holdings in The Coca-Cola Co., equity assets roughly doubled to about $350 million, from about $150 million. Equity positions now approximately mirror the U.S. equity market.
Before the new equity additions, the foundation had a concentrated portfolio of around 20 U.S. equity positions that included Suntrust Banks, Procter & Gamble, Exxon Mobil, J.P. Morgan Chase and American Express. The large positions in Procter & Gamble and American Express were donated. New shares were then repurchased at almost their market weight.
The Coca-Cola Co. still comprises the bulk of the foundation's investments, with about $2.7 billion of the foundation's roughly $3 billion in investment assets.
2015 data on the Robert W. Woodruff Foundation Inc. and other foundations will be posted to the P&I Research Center when a critical mass of IRS filings is available.