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Quarterly Investment Narrative Conference Call
Tuesday, May 10, 2016
Speakers
Horacio Valeiras, CFA Principal, HAV Capital
Investment Chair, Board of Governors The San Diego Foundation
Matt Fettig, CFA Vice President, Chief Investment Officer
The San Diego Foundation
Adrienne Vargas Vice President, Chief Giving Officer
The San Diego Foundation
Agenda
1. Macroeconomic update
2. Performance & attribution for Endowment Portfolio
3. Performance & attribution for Long-Term Portfolio
4. Performance & attribution for Medium-Term Portfolio
5. Performance & attribution for Short-Term Portfolio
6. Q&A
GDP Components
Source: FRED, as of 12/31/15
4.6 4.3
2.1
0.6
3.9
2.0 1.4
-3 -2 -1 0 1 2 3 4 5 6 7
2014 Q2
2014 Q3
2014 Q4
2015 Q1
2015 Q2
2015 Q3
2015 Q4
Per
cent
age
Gro
wth
(%)
Consumption Investment Government
Exports Imports Inventories
Consumer Comfort Index
Source: Bloomberg, as of 3/27/16
20
30
40
50
60
70
Jul-8
5
Jul-9
0
Jul-9
5
Jul-0
0
Jul-0
5
Jul-1
0
Jul-1
5
Bloomberg US Weekly Consumer Comfort Index
Drivers of Global Growth
-7%
-3%
1%
5%
9%
13%
1990 1994 1998 2002 2006 2010 2014
Glo
bal G
row
th (%
)
China US Euro Area
Japan Rest of World World GDP Growth
Negative Interest Rates
Source: Bloomberg, as of 3//16
Performance & attribution for Endowment Portfolio
Asset Allocation $403.5 million as of March 31, 2016
Includes Principal Only
Returns For period ending March 31, 2016
Performance & attribution for Long-Term Portfolio
Asset Allocation $40 million as of March 31, 2016
Returns
Performance & attribution for Medium-Term Portfolio
Asset Allocation $56.2 million as of March 31, 2016
Returns
Performance & attribution for Short-Term Portfolio
Asset Allocation $26.4 million as of March 31, 2016
Returns
Q&A
To submit questions for the Q&A, please use the “Questions” chat function
Thank You