University of Richmond - Message Points

1. You maintain a meaningful, ongoing allocation to absolute return managers and explicitly seek lower-volatility, diversifying return streams.

We run a low-correlation, high-conviction hedge strategy with institutional liquidity terms—built to complement equity-heavy portfolios and dampen volatility.

Evidence

“Alternative investments Absolute return — — — 578,064 578,064” “Alternative investments Absolute return $ 619,390 130,091 Monthly to annually 45 – 150 days” “Spider Management’s role is to deliver returns with lower volatility so our partners can fund and fulfill their missions.”

2. You benchmark and build globally, explicitly referencing MSCI AC World (including emerging markets) and diversification across geographies.

Our concentrated best-ideas portfolio invests globally with dedicated emerging-markets capability—useful for adding differentiated, high-conviction EM exposure within a global context.

Evidence

“References to volatility are based on standard deviation, which is calculated using quarterly net returns for Spider Management and 70% MSCI AC World/30% Bloomberg US Bond Aggregate...” “MSCI AC World Index (MSCI AC World) is a market capitalization weighted index designed to provide a broad measure of equity market performance throughout the world, including both developed and emerging markets.” “Building a diverse portfolio across asset classes, managers, and geographies is a primary return enhancement and risk assessment tool.”

3. Your objectives emphasize long-term outperformance: 5% real return, policy benchmark outperformance, and top-quartile NACUBO peer ranking.

We have a long track record focused on compounding and benchmark-relative alpha, aligned with top-quartile, long-horizon goals.

Evidence

“The primary investment objective is to earn an average annual real total return of at least 5% per year over the long term.” “A secondary objective is to outperform, over the long term, a blended policy benchmark...” “A third objective is to rank in the top quartile of the National Association of College and University Business Officers’ reported endowment returns.”

4. You are comfortable allocating via commingled, NAV-based funds and relying on manager-reported valuations for less liquid strategies.

As an entrepreneurial, capacity-constrained manager, we offer institutional reporting and NAV-based transparency aligned with your fund oversight and liquidity framework.

Evidence

“The University’s interests in alternative investment funds are reported at the net asset value (NAV) as a practical expedient for fair value reported by the fund managers.” “If the market is inactive, fair value is determined by underlying fund managers and reviewed by the University after considering various sources of information.” “Commingled funds 3,254 — — — 3,254” “Of the investments reported at NAV, approximately $723 million were redeemable at June 30, 2025 , subject to the redemption notice period .”

5. You maintain an equity bias and look to partner with exceptional managers in public equities.

Our concentrated, best-ideas approach in global equities aims to be a high-conviction satellite alongside your existing equity allocations.

Evidence

“One of Spider’s fundamental investment beliefs is to maintain a bias toward equity investments.” “Spider further aims to add value through portfolio construction within asset classes and partnering with exceptional managers.” “Public equity — — — 892,407 892,407”

6. You seek opportunities in less efficient or less crowded markets and describe investing in things most others cannot.

We are an owner-managed, entrepreneurial fund that targets under-followed global and EM opportunities where capacity is limited and active edge matters.

Evidence

“Put more simply, we invest in things that most others cannot.” “Our ability to be a long-term investor enables Spider to take advantage of less efficient markets and avoid distractions from short-term market moves.”

7. Your structure and policies indicate tolerance for longer lockups/notice periods and patience around liquidity.

As a capacity-constrained manager, we offer institutional liquidity terms and thoughtful pacing that align with patient, long-horizon capital.

Evidence

“Alternative investments Absolute return $ 619,390 130,091 Monthly to annually 45 – 150 days” “It is possible that these redemption rights may be restricted or eliminated by the funds in the future in accordance with the underlying fund agreements.” “Additionally, the University has $ 1.6 billion in board- designated endowment s, of which $ 822.5 million can be liquidated with in one year; however, no liquidation is anticipated.”