Carleton College

Generated outreach message alignment report
1. You benchmark public equities to MSCI ACWI IMI and credit recent outperformance to global diversification and non‑U.S./non‑mega‑cap exposure.
A concentrated, high‑conviction global mandate can complement an ACWI‑based program and add non‑U.S., off‑benchmark, and non‑mega‑cap alpha sources.
Evidence
“Public Equity 40% MSCI All Country World Index IMI (USD)” “global diversification was key to our composite’s outperformance in fiscal year 2025 as non-U.S. markets rallied...” “Remaining consistent... non-U.S. and non-mega cap exposures were among the best performing segments for the year”
2. You maintain a dedicated Emerging Markets sleeve and explicitly note EM long‑only and long/short equity in your opportunity set.
Our EM capability (long‑only and L/S) can provide differentiated alpha and diversification within your global equity and marketable alternatives buckets.
Evidence
“Public – Emerging Markets Growth / high 3.3% 17.6% 0.6%” “including emerging markets long-only and long/short equity,”
3. You use marketable alternatives as diversifiers, benchmark to HFRI FoF, and monitor portfolio volatility.
A low‑correlation, high‑conviction equity strategy can serve as a diversifier versus core equity while fitting within your marketable alternatives framework.
Evidence
“Diversifying strategies of marketable alternatives and fixed income/cash returned 8.8% and 5.6%... consistent with their role in the portfolio.” “Marketable Alternatives 20% HFRI Fund of Funds Composite Index” “portfolio volatility has tapered lower to 6.7% annualized standard deviation on a five-year basis.”
4. You integrate ESG in manager selection and have hard constraints on fossil fuel exposure, favoring managers aligned with the energy transition.
Our process integrates ESG and avoids prohibited exposures, making implementation straightforward within your guidelines.
Evidence
“the endowment formally adopted incorporating environmental sustainability, social responsibility, and governance (ESG) factors into the investment manager selection process.” “We will favor investment managers who support the energy transition and companies that actively manage and minimize carbon emissions.” “we immediately instructed our managed account sub-advisors to sell two fossil fuel stocks”
5. You are actively refreshing your manager lineup and allocate primarily through external LPs and commingled funds (including hedge funds).
As an entrepreneurial, owner‑managed boutique with a long track record, we fit your use of external managers and can slot into commingled or fund structures.
Evidence
“we look forward to strengthening our investment manager line-up for years to come.” “The majority of the College’s investments are in shares or units of institutional commingled funds and investment partnerships” “Subscription Agreements for Hedge Fund or Private Equity Investments”
6. You emphasize long‑term results and staying the course through short‑term noise, with five‑year outperformance versus policy and passive benchmarks.
Our long, cycle‑tested track record and concentrated approach are designed for multi‑year compounding rather than quarter‑to‑quarter outcomes.
Evidence
“the endowment annualized at 9.0% on a five-year basis, outperforming its policy benchmark... and the global 70/30 and 80/20 passive indices” “While we tend to not dwell on short-term results...”
7. You are comfortable with unconstrained, discretionary long/short mandates.
Our high‑conviction, flexible approach (including the option to run net exposure prudently) can fit within your hedge fund/marketable alternatives sleeve.
Evidence
“Hedge fund strategies involve funds whose managers have the authority to invest in various asset classes at their discretion, including the ability to invest long and short.” “including emerging markets long-only and long/short equity,”