The Evolution of Asset Classes: Lessons from University Endowments

13 Pages Posted: 7 Feb 2017

See all articles by John M. Mulvey

John M. Mulvey

Princeton University - Bendheim Center for Finance

Margaret Holen

Goldman Sachs Group, Inc.

Date Written: December 1, 2016

Abstract

This paper surveys the practice of asset allocation for larger U.S. university endowments by focusing on asset category definitions. Wide diversity today reflects the broad shift to alternative investments and the blurring of boundaries by investment funds and managers. A prominent example involves hedge funds. Numerous and divergent subcategories depict the current wide-ranging opportunities available. We point out the movement to define asset categories with reference to their target performance or underlying return drivers rather than traditional investment vehicle-types, and we speculate on future directions and what it means for the role of strategic asset allocation for institutional investors.

Keywords: Asset Allocation, University Endowments, Asset Categories

JEL Classification: G10, G11

Suggested Citation

Mulvey, John M. and Holen, Margaret, The Evolution of Asset Classes: Lessons from University Endowments (December 1, 2016). Journal of Investment Consulting, Vol. 17, No. 2, p. 48-58, 2016, Available at SSRN: https://ssrn.com/abstract=2880001

John M. Mulvey (Contact Author)

Princeton University - Bendheim Center for Finance ( email )

26 Prospect Avenue
Princeton, NJ 08540
United States

Margaret Holen

Goldman Sachs Group, Inc. ( email )

85 Broad Street
New York, NY 10004
United States

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