"This year's exceptional returns reflect not only strong underlying markets but also the superb work of PRINCO's outstanding investment team over many years," said Christopher L. Eisgruber, the university's president, in a Friday news release describing the returns. PRINCO certified the returns earlier in October, the news release said.
Asset allocation as of June 30 was 41.9% private equity; 21.1% independent return; 13.8% real assets; 8.3% emerging markets equity; 7.6% developed markets equity; and 7.3% fixed income and cash.
Independent return "is broadly defined as consisting of investment vehicles that seek high absolute returns that are independent of broad market trends," the PRINCO website said.
"One distinguishing characteristic of managers in this category is that many attempt to exploit opportunities in overvalued assets via short positions that would benefit from price declines, as well as pursue more conventional long positions that represent bets on price appreciation," the PRINCO website said. It also refers to "managers that focus on event-driven investments, such as those in companies going through mergers, acquisitions or bankruptcy reorganizations," the website said.
