Duke Management Company (DUMAC)

Generated outreach message alignment report
1. You actively back emerging/smaller managers and don’t require a long track record or high AUM, including providing seed/anchor capital.
We’re a small, entrepreneurial, owner-managed fund; your openness to emerging managers and seeding aligns with our size and stage.
Evidence
“We do not require a certain length of track record or level of assets.” “DUMAC has a history of successfully investing in emerging managers, providing essential seed and anchor capital on numerous occasions.” “Whether you’re an emerging manager, a “non-institutional” investor, or an established firm, we are eager to connect and explore opportunities together.”
2. You deploy capital primarily through external managers/fund structures rather than direct investments.
As an external hedge fund, our vehicle fits your preferred way of accessing strategies.
Evidence
“DUMAC is governed by an 11-member board of directors and invests endowment assets principally through investment advisory firms and partnerships.” “its primary objective is to provide the best risk-adjusted returns possible, and it invests mostly through managers of funds, rather than through direct investments.”
3. You benchmark against the MSCI All Country World Index and manage a multi‑billion dollar global portfolio with significant equity exposure.
Our global, high‑conviction mandate (including EM) aligns with your global benchmark and equity orientation.
Evidence
“Another long-term benchmark is the composite of 70% MSCI All Country World Index and 30% Bloomberg Barclays Aggregate Index (70/30).” “The MSCI All Country World Index represents the broad global equity market while the Bloomberg Barclays Aggregate Index represents the domestic bond market.” “DUMAC is the investment office that manages a multi-billion dollar global portfolio on behalf of Duke University and other […]”
4. You maintain a dedicated ‘Independent Return’ (absolute return) allocation and emphasize diversification/low-correlation exposures.
Our absolute‑return, low‑correlation profile is designed to diversify equity beta and complement your Independent Return sleeve.
Evidence
“15% Independent Return (absolute return investments)” “Diversification across investment exposures is central to generating strong investment returns while moderating portfolio risk and volatility.” “Because individual asset groups respond differently to similar economic or market stimuli, they often reflect among themselves a counter-cyclicality of investment return behavior.”
5. You evaluate managers over rolling 3–10 year periods and emphasize a patient, long‑term approach (benchmark most meaningful over 5+ years).
Our long track record and multi‑year, high‑conviction process are aligned with your evaluation horizon.
Evidence
“We take a patient, long-term approach to investing, allowing us to weather market volatility and capitalize on opportunities that align with Duke’s mission.” “DUMAC seeks to achieve performance over successive rolling three-, five-, and 10-year periods in excess of the median return for this group.” “The 70/30 benchmark is most meaningful when applied over rolling periods of five years or more, which account for a more complete market cycle.”
6. You target at least a 5% real return net of fees and seek top‑quartile performance over rolling three‑year periods.
Our concentrated best‑ideas approach is built to deliver excess, risk‑adjusted returns that can support your real‑return objective.
Evidence
“DUMAC seeks to achieve an annualized real rate of return of at least 5.0% net of fees to fund the university’s spending and to allow for growth of the endowment after considering the effects of inflation.” “Over rolling three-year periods, DUMAC seeks to achieve performance in the top quartile of this group, and has done so for most periods.”
7. You actively engage managers on ESG and climate, surveying them annually and using tools like Clarity AI; the Board directs consideration of environmental sustainability.
We integrate ESG in research and can provide the transparency, metrics, and climate risk process you expect.
Evidence
“We collaborate with external managers to understand their ESG policies, recognizing that these factors can materially impact financial performance.” “For the past several years, we have conducted an annual survey to engage with our managers on responsible investing and stewardship.” “the Duke University Board of Trustees has communicated to DUMAC and its Directors that, in managing the investment of university funds, DUMAC should take into account Duke’s commitment to an environmentally sustainable future.”