We build investment strategies that increase the impact of your charitable gift and create sustainable growth. Assets are invested based on specific fund type to maximize return and strengthen your grantmaking power.

Read the Investment Narrative for 2019 Q3

2019 Q3 Investment Performance Conference Call


Endowment Portfolio

The Endowment Portfolio maintains value and generates revenue over time to serve the community in perpetuity. Funds are invested in a diverse, carefully-defined set of asset classes to mitigate risk and provide long term total return. Endowment funds create a lasting legacy for donors that want to have an impact in San Diego today, and for future generations.

Endowment Portfolio Graph*Includes Principal Only.
**The Foundation’s Policy Index is a composite of indexes reflecting our diversified portfolio, specifically: 49% MSCI ACWI IMI (net), 17% BBgBarc US Universal Bond Index, 9.1% NCREIF ODCE, 15% HFRI FOF Index, 6% Cambridge Assoc. U.S. Private Equity Index lagged 1 Quarter, 3.9% Bloomberg Commodity Index.

Social Equity Portfolio

The Social Equity Portfolio seeks capital appreciation while investing in assets that meet certain environmental, social and governance criteria, as determined by The San Diego Foundation Investment Committee.

Endowment Social Equity Portfolio Graph*Includes Principal Only.
Investment performance of individual funds may vary from the total pool return due to the timing of contributions and grants. Gains and losses associated with principal balances and investment/custodial fees are reported in “Earnings on Investment Activity” on fund statements. Fund Statements may show a discrepancy, as some earnings (losses) were unavailable at the time of posting to the Fund Statement.

Long-Term Non-Endowment Portfolio

The Long-Term Non-Endowment Portfolio maximizes capital appreciation and income to grow grantmaking beyond the initial investment. Leveraging higher levels of investment risks to get market-like returns, this is best for donors that intend to grant funds over a long period of time.

Non Endowment - Long Term Graph*The goal of this portfolio is long-term total growth.
**The Foundation’s Policy Index for Long Term Pool is 50% MSCI ACWI IMI (net), 20% BBgBarc US Universal Bond Index, 20% HFRI FOF Index, 5.5% FTSE NAREIT, 4.5% Bloomberg Commodity Index. Fixed Income Index: 100% BBgBarc US Universal Bond Index.

View our Non-Endowment Portfolio Policy

Medium-Term Non-Endowment Portfolio

The Medium-Term Non-Endowment Portfolio incorporates opportunities for capital appreciation to enhance your investment’s rate of return and allow for more grantmaking. It tolerates moderate levels of risk. This portfolio is recommended for donors with a granting time horizon of two to five years.

Non Endowment - Medium Term Graph*The goal of this portfolio is to provide growth with moderate risk to principal.
**The Foundation’s Policy Index for Medium Term Portfolio is 30% MSCI ACWI IMI (net), 45% BBgBarc US Universal Bond Index, 20% BofA ML 1-3 Yr Treasury, 5% 91-Day T-Bills.

Short-Term Non-Endowment Portfolio

The Short-Term Non-Endowment Portfolio emphasizes capital preservation to return a moderate yield. This low-risk option does not significantly grow your investment and is best if you plan to grant funds immediately. This portfolio is recommended for donors with a granting time horizon of less than two years.

Non Endowment - Short Term Graph
*The goal of this portfolio is to provide liquidity with minimum risk to market value.


Investment Committee

With over 150 years of combined global and domestic expertise, The San Diego Foundation Board of Governors Investment Committee drives asset management and investment growth to meet fund objectives.

The Investment Committee is committed to:

  • Protecting the corpus of the Foundation
  • Preserving the spending power of the income from the fund
  • Maintaining a diversified portfolio of assets in order to meet investment return objectives while keeping the level of risk commensurate with that of the median fund in a representative foundation and endowment universe
  • Complying with applicable law

Investment Committee Members

Steve Klosterman

Steve Klosterman, AIF, Chair
Regional Director, Halbert Hargrove

Kevin Hamilton

Kevin Hamilton, Vice Chair
Consultant, Rosemont Investment Partners

Machel Allen

Machel Allen
President and CIO, Metis Global Partners

Corey Buuhoan

Corey Buuhoan
Senior Investment Officer, San Diego City Employees Retirement System

Marty Cassell

Marty Cassell, CFA
Principal, Chief Executive & Investment Officer, Chandler Asset Management

Liza Crisafi
Chief Investment Officer, San Diego City Employee’s Retirement System

Amanda Montgomery
Senior Relationship Manager, Allianz Global Investors

Dick Pfister

Dick Pfister
CEO & Founder, AlphaCore

Mark Stuart, CFRE
President & CEO, The San Diego Foundation

Contact Our Chief Investment Officer

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