U.S. Public Endowment Fund: University of Texas System
Background & Investment Problem
Initial Allocation & Overview of Mean-Downside Risk Optimization Process
Economic Assumptions & Notion of Potential Value-Added (PVA)
Decision Factors: Selecting From a Set of Optimal Candidate Portfolios
Biographical Sketches of Instructors – Keith C. Brown
Biographical Sketches of Instructors – W. Van Harlow Van Harlow is a Managing Director of the Fidelity Research Institute, a unit of Fidelity Investments, the largest mutual fund company in the United States, the No. 1 provider of workplace retirement savings plans and a leading online brokerage firm . Dr. Harlow joined Fidelity in 1991 as a Portfolio Manager and has held the positions of Director of Investment Risk Management and Director of Quantitative Research for Fidelity Management & Research Co. Dr. Harlow was appointed President and Chief Investment Officer of Strategic Advisers, Inc., in November 1997 and assumed responsibility for Fidelity Asset Management Services in July 2001. Prior to joining Fidelity, Dr. Harlow was a vice president at Salomon Brothers Inc., in New York City, where he was responsible for quantitative investment and trading strategies. Previously, he was an assistant professor of finance at the University of Arizona from 1986 to 1989. Dr. Harlow received a bachelor of arts degree in physics and mathematical science from Rice University in 1978 and an MBA and Ph.D. in financial economics from the University of Texas. He holds a Chartered Financial Analyst (CFA) designation. Dr. Harlow is a 1990 recipient of a Graham and Dodd Award from the Financial Analysts Federation and a Smith Breeden Distinguished Paper Award in 1996 from the Journal of Finance . He was Editor-in-Chief of the Financial Analysts Journal from 1993 to 1998. He has also served on the Council on Education and Research and the Research Foundation for the CFA Institute. His research publications have appeared in such journals as Journal of Financial Economics, Journal of Finance, Journal of Financial and Quantitative Analysis, Financial Analysts Journal, Financial Management, Journal of Portfolio Management, Journal of Investment Management, Journal of Applied Corporate Finance, Advances in Futures and Options Research and Journal of Fixed Income .