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Quarterly Investment Narrative
Conference Call
Tuesday,August 9, 2016
Speakers
Horacio Valeiras, CFA
Principal, HAV Capital
Investment Chair, Board of Governors
The San Diego Foundation
Matt Fettig, CFA
Vice President, Chief Investment Officer
The San Diego Foundation
Theresa Nakata
Vice President, Chief Communications Officer
The San Diego Foundation
Agenda
1. Macroeconomic update
2. Performance & attribution for Endowment Portfolio
3. Performance & attribution for Long-Term Portfolio
4. Performance & attribution for Medium-Term Portfolio
5. Performance & attribution for Short-Term Portfolio
6. Q&A
Price Reaction Following Brexit
Source: Bloomberg, as of 7/11/16
GDP vs. Expectations
Source: Bloomberg, quarterly Q4 2014 through Q1 2016
-160%
-120%
-80%
-40%
0%
40%
80%
US GDP
Surprise
Germany
GDP
Surprise
Japan GDP
Surprise
UK GDP
Surprise
China GDP
Surprise
Differencebetweenactualandexpected
GDP
MSCI Valuation Metrics (3 months average)
Source: MSCI, as of 6/30/16
1.5
17.8
9.0
3.4
5.6
2.8
21.7
13.0
2.1
4.6
1.4
13.6
8.0
2.8
7.3
0
5
10
15
20
25
P/BV P/E Price/Cash Earnings Dividend Yield (%) Earnings Yield (%)
EAFE United States Emerging Markets
Performance & attribution for Endowment Portfolio
Asset Allocation
$417.3 million as of June 30, 2016
Includes Principal Only
Returns
For period ending June 30, 2016
Performance & attribution for Long-Term Portfolio
Asset Allocation
$39.9 million as of June 30, 2016
Returns
Performance & attribution for Medium-Term Portfolio
Asset Allocation
$53.5 million as of June 30, 2016
Returns
Performance & attribution for Short-Term Portfolio
Asset Allocation
$21.1 million as of June 30, 2016
Returns
Q&A
To submit questions for the Q&A,
please use the “Questions” chat function
Thank You
SDFoundation.org/Investments

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Q2-2016 Quarterly Investment Webinar - The San Diego Foundation

  • 1. Quarterly Investment Narrative Conference Call Tuesday,August 9, 2016
  • 2. Speakers Horacio Valeiras, CFA Principal, HAV Capital Investment Chair, Board of Governors The San Diego Foundation Matt Fettig, CFA Vice President, Chief Investment Officer The San Diego Foundation Theresa Nakata Vice President, Chief Communications Officer The San Diego Foundation
  • 3. Agenda 1. Macroeconomic update 2. Performance & attribution for Endowment Portfolio 3. Performance & attribution for Long-Term Portfolio 4. Performance & attribution for Medium-Term Portfolio 5. Performance & attribution for Short-Term Portfolio 6. Q&A
  • 4. Price Reaction Following Brexit Source: Bloomberg, as of 7/11/16
  • 5. GDP vs. Expectations Source: Bloomberg, quarterly Q4 2014 through Q1 2016 -160% -120% -80% -40% 0% 40% 80% US GDP Surprise Germany GDP Surprise Japan GDP Surprise UK GDP Surprise China GDP Surprise Differencebetweenactualandexpected GDP
  • 6. MSCI Valuation Metrics (3 months average) Source: MSCI, as of 6/30/16 1.5 17.8 9.0 3.4 5.6 2.8 21.7 13.0 2.1 4.6 1.4 13.6 8.0 2.8 7.3 0 5 10 15 20 25 P/BV P/E Price/Cash Earnings Dividend Yield (%) Earnings Yield (%) EAFE United States Emerging Markets
  • 7. Performance & attribution for Endowment Portfolio Asset Allocation $417.3 million as of June 30, 2016 Includes Principal Only Returns For period ending June 30, 2016
  • 8. Performance & attribution for Long-Term Portfolio Asset Allocation $39.9 million as of June 30, 2016 Returns
  • 9. Performance & attribution for Medium-Term Portfolio Asset Allocation $53.5 million as of June 30, 2016 Returns
  • 10. Performance & attribution for Short-Term Portfolio Asset Allocation $21.1 million as of June 30, 2016 Returns
  • 11. Q&A To submit questions for the Q&A, please use the “Questions” chat function