The Pittsburgh Foundation has one investment program consisting of three options:
The Pittsburgh Legacy Fund
Long-term capital appreciation investment pool
The Pittsburgh Legacy fund is a highly diversified portfolio invested across a broad array of asset classes including public and private equities, bonds, and hedge funds. The Fund seeks to employ the best investment strategies that combine academic theory, informed market judgment and independent thinking which may include contrarian thinking. With a perpetual time horizon the Fund attempts to take advantage of long-term investment opportunities that may be illiquid in nature and may utilize strategies not available to all market participants.
The fund has a target return of inflation plus 5%.
Assets of the fund are fully exposed to market risks and may experience significant volatility and principal loss.
Estimated investment management fees: 60 basis points or 0.60%.
The Intermediate Fund is invested in a diversified portfolio of liquid assets designed to provide stable capital appreciation on a total return basis. The fund seeks to maintain pace with inflation with a target return of inflation plus 2%.
Assets of the fund are fully exposed to market risks and may experience volatility and principal loss. The volatility of the fund is expected to be lower than that of the Pittsburgh Legacy Fund. This fund is appropriate for assets that will remain invested with the fund between three and seven years.
Estimated investment management fees: 28 basis points or 0.28%.
The Grantmaking Fund is invested solely in cash and cash equivalents with the stated intent to preserve capital. Assets invested with this fund are expected to be distributed as grants within two years.
Estimated investment management fees: 4 basis points or 0.04%
|The Pittsburgh Legacy Fund Donor Collateral-v2 3 FINAL 1 25 2010.pdf||150.37 KB|