Dartmouth College

Generated outreach message alignment report
1. You actively seek specialist long/short equity managers who deliver differentiated, lower-beta returns versus broad equities.
We run a concentrated, high-conviction long/short strategy with low market beta and a differentiated return profile.
Evidence
“The Hedge Fund portfolio seeks investments that will produce a differentiated source of return from the broad equity markets.” “The Hedge Fund portfolio also partners with specialist long-short equity managers who employ differentiated security selection strategies to generate attractive absolute returns with a reduced market beta.”
2. You explicitly favor concentrated, high-conviction investing.
Our portfolio is a focused, best-ideas book designed to express conviction, not closet-benchmarked diversification.
Evidence
“Concentrate investments where conviction is high.” “In particular, strong security selection and concentration in stocks from the infotech and financial sectors were notable contributions for the fiscal year.”
3. You invest with right-sized, entrepreneurial managers (including brand-new firms) and value principal co-investment.
We are owner-managed with meaningful GP capital alongside LPs and deliberately keep AUM small to protect edge.
Evidence
“We have built strong relationships with firms of all shapes and sizes—both brand-new firms and long-established ones.” “Alignment of interest. We look for firms to be right-sized for the strategy they pursue and for principals to invest their own capital alongside Dartmouth’s.”
4. You maintain dedicated emerging markets exposure and are comfortable with multi-year liquidity in EM funds.
We have deep EM capability within our global mandate and can accommodate longer lockups to pursue less-crowded opportunities.
Evidence
“Emerging markets includes funds that have restrictions on the ability to fully redeem up to three years, excluding illiquid securities and special investments.”
5. Your public markets program is truly global and values managers with local knowledge and bottom-up stock picking.
We invest globally across developed and emerging markets using fundamental, bottom-up research with on-the-ground insights.
Evidence
“Global equity investments include... managers primarily invest in global public long-only and long/short equity securities with portfolios that are directionally exposed to the market.” “These managers add value through portfolio management experience, knowledge of local investment markets around the world, and stock selection.”
6. You predominantly allocate via external managers and prefer a smaller roster of high-confidence partners.
As a focused boutique, we aim to be a high-conviction partner rather than one of many in a crowded lineup.
Evidence
“The majority of Dartmouth’s investments are invested through funds managed by external investment managers.” “We believe investing with fewer managers, in whom we have the greatest confidence, will best position the Endowment to achieve its long-term goals.”
7. You prioritize uncorrelated return streams and downside protection within the hedge fund/Independent Return sleeve.
Our strategy targets low correlation to broad equities and provides portfolio ballast through idiosyncratic alpha.
Evidence
“The majority of the program lies with Independent Return managers whose portfolios are structured to generate returns uncorrelated with broader market fluctuations—this group has generated high single-digit returns over the past 3- and 5-year periods amidst dynamically shifting markets.”
8. You evaluate managers on sustained, long-term outperformance and past performance through cycles.
We have a long track record of alpha generation and manage the business to compound over multi-year horizons.
Evidence
“outperformance sustained over long periods of time, rather than focusing on shorter intervals, remains the measure of success.” “Outside investment advisors are utilized to manage the Plan assets and are selected based on their investment style, philosophy, and past performance.”