Performance and Analysis

Long-Term Donor Advised Pool Investment Performance

As of September 30, 2018

The San Francisco Foundation uses professional money managers and an independent investment consultant to invest the assets entrusted to us. Diligent stewardship and strong performance mean that together, we can make a greater impact in the Bay Area and beyond.

Most of the assets held in Donor Advised Funds are invested in our long-term pool. It is a diversified portfolio that provides an inflation-adjusted return that allows for flexible grantmaking.

The following graph and table illustrate the Long-Term Donor Advised Pool’s performance over time:

The following analysis has been prepared for The San Francisco Foundation by our investment consultant, Michael Miller, Chief Investment Officer of Colonial Consulting, LLC.

Absolute returns continue to be quite strong for the foundation’s Long-Term Donor Advised Pool. This is the result of a well-diversified mix of talented investors and index funds. Longer-term returns remain well ahead of the benchmark as the Foundation’s rigorous approach for choosing managers combined with a patient, contrarian approach to managing performance continues to pay dividends.  

Through the end of September, calm ruled the domestic markets as both stocks and the dollar continued to produce solid returns in 2018. Outside the US, markets were considerably weaker as macroeconomic and political events dominated the narrative. There has since been a meaningful upward shift in global interest rates that has altered market conditions on a global basis as we head into November. Periods of market stress and turmoil have long provided excellent buying opportunities for patient investors, including the Foundation.  

Socially Responsible Investments 

Our Socially Responsible Investments (SRI) Portfolio is externally managed by PAX World Investments. It offers full Environmental, Social and Governance (ESG) integration. Please find their quarterly performance review here:

PAX Balanced Fund (PDF)