Virginia Commonwealth University

1. You run the endowment/long-term pool via an OCIO/advisor and allocate to external managers.

As a boutique, owner-managed fund used to working through OCIOs, we can slot into your manager lineup, align to IPS requirements, and provide institutional reporting to your advisor and committee.

Evidence

“The MCV Foundation’s endowment is invested in a long-term portfolio managed by an outsourced chief investment officer (OCIO).” “The University engaged VCIMCO as its investment advisor for the Long-Term Tier in the year ending June”

2. You maintain meaningful allocations to hedged equity and absolute/diversifying strategies.

Our low-correlation, hedged, high-conviction strategy is designed to sit in hedged/absolute or diversifiers sleeves and contribute differentiated return streams.

Evidence

“LONG-ONLY EQUITY 32.4 % PRIVATE INVESTMENTS 30.1 % HEDGED EQUITY 16.6 % • ABSOLUTE STRATEGIES 10.8 % FIXED INCOME 8.6 % CASH & EQUIVALENTS 1.5 %” “Diversifying Strategies 6.00% 5.80% 0.35%”

3. You emphasize active global equity and benchmark to MSCI ACWI, highlighting manager outperformance.

We run a global mandate (including EM) aimed at ACWI outperformance via concentrated best ideas, which aligns with your focus on global active alpha.

Evidence

“Outperformance from the portfolio’s global equity managers more than offset underperformance from other asset classes (Absolute Strategies, Hedged Equity), outperforming a global equities benchmark by +2.7% in aggregate.” “global equities, as measured by the MSCI All Country World Index, returning +16.2% during the period.”

4. You target long-term real returns (at least 6% real) and assess performance over multi-year horizons versus policy benchmarks.

Our long track record and discipline around compounding and downside control are built to meet real-return hurdles and sustain performance over full cycles.

Evidence

“These objectives focus simultaneously on preservation of capital and earning an average real total return of at least 6% over the long term.” “Across the last 10 years, the portfolio has returned +9.0% versus +8.3% for the policy benchmark and +7.7% for the passive 70%/30% blend of equities”

5. You are comfortable with managers running concentrated, high-conviction positions in leading sectors.

We run a concentrated best-ideas portfolio, which aligns with your willingness to back focused exposure when supported by strong research and risk controls.

Evidence

“The portfolio’s hedged equity managers participated in the rally, supported by concentrated positions in AI and technology leaders, though short sellers faced one of the most challenging backdrops since the 2021 “meme stock” episode.”

6. You favor flexible, unconstrained approaches (long/short latitude, dynamic net exposure) and even allow bespoke mandates when appropriate.

Our entrepreneurial, high-conviction long/short strategy actively adjusts net exposure and can be structured to meet mandate-specific needs within your policy framework.

Evidence

“hedged equity managers (funds investing in the equity markets with the latitude to invest both long and short)” “The primary investment objective is to provide a framework for prudent investment management, while allowing for sufficient flexibility to capture investment opportunities as they may occur.”

7. You are comfortable with standard hedge fund liquidity terms and NAV-based valuation.

Our fund terms (monthly/quarterly liquidity with notice) and institutional NAV reporting align with your existing structures and processes.

Evidence

“The Ram Fund, LP provides for redemptions such that the effective date of any redemption will occur on the last business day of such calendar month. A redemption request must be received no later than 90 days prior to the applicable redemption date.” “The University establishes the fair value of its investments in funds that do not have a readily determinable fair value by using net asset value (NAV) per share, or its equivalent, as reported by the external fund manager...”