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US endowment returns rocket on SpaceX windfall

US endowment returns rocket on SpaceX windfall

Early venture bets on SpaceX have ballooned into major portfolio positions at some US university endowments, with new analysis estimating the aerospace firm contributed as much as 10.6 percentage points to annual returns. Michael Markov, founder of US quantitative researcher Markov Processes International, says the windfall is now creating a concentration risk that investors cannot ignore.

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Assault on universities fracturing the ‘social compact’ behind US growth

The breakdown of a decades-old bargain between the US government and its research universities threatens the engine that has driven American productivity and economic growth since the end of World War II, the Top1000funds.com Fiduciary Investors Symposium at Harvard heard.

TPA to usher in clearer accountability at CalPERS

CalPERS chief investment officer Stephen Gilmore said the $650 billion fund’s upcoming shift to a total portfolio approach will sharpen investment accountability and help it focus capital allocation decisions on fund-level objectives.

Blue Owl co-founder on doing fewer things better

In a fireside chat at FIS Harvard, Blue Owl co-founder Doug Ostrover said the fast-growing alternatives shop won’t expand “just for the sake of hubris” as it pursues market leadership through a tightly defined set of offerings. He also unpacked the recent redemption pressure the firm was under and how it plans to move past it.

Reports of America’s decline greatly exaggerated: Kotkin

Reports of America’s decline as a geopolitical and economic power are exaggerated, and the noise investors should learn to ignore is really only the presidency itself, celebrated historian Stephen Kotkin told the Fiduciary Investors Symposium at Harvard.

Responsible investing remains ‘common sense’: MassPRIM chair

Trustee of Massachusetts PRIM and state Treasurer Deborah Goldberg said investing with a stewardship and sustainability-conscious approach remains “common sense” for the $116 billion fund, though she said it has been harder for the investor to access some ESG-related information from managers and companies.

How the Future Fund built a TPA culture that scales

The total portfolio approach has allowed Australia’s sovereign wealth fund to capture the themes that will power markets and economies for decades to come, said director of thought leadership Craig Thorburn – but that doesn’t mean it’s not hard to scale.

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