Investments & Financials
The Community Foundation has grown substantially since its inception in 1968, reflecting the vision and integrity of its leaders and the extraordinary spirit of the people of Richmond and Central Virginia.
As stewards of community capital, we are committed to ensuring that the charitable objectives of our donors will be met in perpetuity. A key part of this stewardship is prudent investment strategy that is designed to produce the maximum possible returns on our endowed assets.
Investment Manager – Spider Management Company LLC
In 2008, the Community Foundation entered into a unique investment partnership with the University of Richmond, whose endowment investment return historically has ranked in the top quartile of its university peers. Spider Management Company LLC, the investment manager for the University of Richmond's endowment, is managed by a professional staff team and is overseen by a Board that offers deep experience globally and access to superior managers across a broad range of investment strategies.
Our partnership is based on a deep and shared understanding that future generations rely on these long-term assets. By co-investing with the University’s endowment, the Community Foundation and its component funds receive the scale and resources to invest like large institutions.
3 Key Principles
- Absolute Return – A focus on achieving returns above the average inflation-adjusted spending rate over the long term, regardless of short-term benchmark performance.
- Diversification – Building a diverse portfolio across asset classes, managers and geographies is a primary return enhancement and risk management tool.
- Long-term horizon – As a long-term investor, Spider can take advantage of less efficient markets and avoid distractions from short-term market moves.
As of 3/31/18
The returns for the Community Foundation are net of all fees. Three- and five-year returns are annualized. Returns are subject to change upon completion of audit. The 70/30 benchmark performance comparison is 70% MSCI AC World/ 30% Barclay's Aggregate and is gross of any fees that may be charged to invest in this manner.