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THE UNIVERSI TY OF MI CHI GAN REGEN T S COMM UNIC ATI O N
ITEM FOR INFORMATION
S101i:>ie.£~~ Monthly Investment Report
Attach dis the Monthly lnver.:tment Report ior tho Long Term
Portfolio as o'f March 31, 2015.
• Page 1 summarizes the assets a.s of MBrch 31, 2015.
Allocations to alternative assets (Illiquid) reflect market value.,
as oi December ~n , 201 4, the most recent date svailable, adjus,ed
for c.:intributions and distributions ~hrvugl1 March.
• Pag6 2 reports the performance of Mr~iketable Secwitias by
asset class for select periods ending March 3~, 201 5.
• Page 3 reports the parformance for the entire portfolio by
asset class as of December 31, 201 4. The investment performance of
Alterna~ive Assels is repartee with this one quarter lag in order
to g~ther tht:~ requisite information from the limilad
partnerships.
• Page 4 summarizes the assets as of December 31, 2014.
! .,espectfully submitted,
May 2015 Attachment
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LONG TERM PORTFOLIO
Asset Allocation As of March 31, 2015
Market Value
MARKETABLE SECURITIES in millions Allocat!on
========:=:=========:;.:: """""'====-~============-=..:=
Equities $ 2,819.7 28.1%
Fixed lncome
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MARKE:rABLE SECURITIES ·=- -
LONG TERM PORTFOLIO Performance
Marketable Securities Only (a) As of March 31, 2015
Market Value in mlllions 3 Months
:~~;.:.O:::..-"'i!.,
TOTAL MARKETABLE SECURITIES $ 6,054.1 2.82
Custom 9enchmJr!~ for Marf,eteble Securities 2.65
Equities $ 2,819.7 3.56
RUSS'::;ll 3000/Citigroup BMJ EX US/IFC-1 2.94
Fixed Income ·t,051.7 2.27
2arclays Aggragr:te/Lt.mg Bond 2.51
Cash 445.8 0.2'2
Tre;;:sury Bills 0.00
Absolute Return 1,737.0 2.51
1-IFRI fund or funds Index 2.45
Return in Percent Fiscal YTD C· lendar YTD
' 0.85 2.82
2.45 2.65 -~-
-1.64 3.56
0.08 ?.94
6.33 2.27
6.94 2.51
0.36 0.22
0.02 0.00
2.84 ?.51
3.e"f 2.45
(a) Thsets (ll!iquid) return~ a:id tot.I porti'ol!o returns
therefore will ba rcpo;tifd qu1:1ri0rly whi.;n th~ data becomes
available.
2
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Performance Summary LONG TERM PORTFOLIO
As of December 31 , 2014
Market Valuo Return In Percent
LONG TERM PORTFOLIO In millions Fiscal YTD Calendar VTO Tm"AL
LONG TERM PORTFOLIO
Custorn Benchmark for Long Tarrn Portfolio
Blended P~csive lndox Index
TOTAL ALTERNATIVE ASSETS {Uliquld) Custom Benchm::irk -
Alternative Assets (llliquld)(bl
,lll;'llll""~~~~-~~=~~~~-~Z.V.."1..~~s: ... 11.-=: -
Venture Capit?.I CA Venture Cepltal lndex(b)
Private Equi y CA Piivate Equi'ly lnde~:\bl
Real Eatate CA Real Estate lndex(b)
N;;tural Resources
Blended Natural Resources Index
$ 2,759.2
979.4
625.5
1,-405.7
Market Value
$ 4,101.3
$ 1,285.4
1,257.5
954.0
604.3
-5.02 0.18
-2.78 3.60
3.97 13.45
4.32 12.47
0.14 0.65 0.01 0.03
0.32 6.14 1.36 3.26
'Retum In Percent
1.41 11.26
2.07 £1.83
11.61 23.82
12.49 21.56
1.17 11.35
1.80 10.13
6.03 l0.29 6.48 13.19
-19.Z9 ··5.42 -1·4.16 -7.29
Porformance for all assets is shown as of December 31, 2014, to
be consistent with the most recent valuation date for al ternative
li£·sets.
(a) The beochm;1rk has been modlil
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LONG TERM PORTFOLIO Asset Allocation
As of December 31 ! 2014
Market Value MARKETABLE SECURITIES in millions Allocatlon
- ----======·======,,.===-==---== ===--='""== Equities
Fixed Income
Cash - -----·----Total Traditional Asf,ets
-~--------·O ___ _ Absolute Reium
TOTAL MARKET ABLE SECURITIES
$ 2,759.2
979.4
625.5
$ 4,364.1
1,405.7
$ 5,769.S ----·-·--~-- ----·-·-----
~L TE~NA_Tl~E ASSETS fllllguld) Venture Capital
Privste Equity
R.e
