Nature Conservancy Endowment Fund, Charlottesville, Va., put 10% of the $830 million fund into cash, to rebalance its portfolio after the equity component shot up to nearly 70% late last year, said John Wood Bolton, director of investments.
Equities returned 50.3% in 1998, driven by an Amerindo Investment Advisors portfolio, which surged 156.5%. "They used an emerging growth company strategy, focusing on technology and biotech stocks, which were terrific,'' said Mr. Bolton.
He added that the fund took some profits and put 10% of total assets into cash reserves. The fund is considering changing its asset allocation, which is 60% equities, 20% fixed income, 10% market-neutral and 10% cash.