endowment report 2011

endowment management committeemr. robert m. devlin, chair*

curragh capital partnersnew York, nY

mr. christopher m. James, Vice-chair* #partner Fund management

San Francisco, ca

mr. Louis m. FreemanFreeman companies

new orleans, La

mr. david c. FriezoLydian asset management

westport, ct

Mr. James M. Lapeyre, Jr. (ex officio)the Laitram corporation

new orleans, La

mr. michael F. mcKeeverLegacy Venture partners

greenwich, ct

mr. rick S. reesLongueVue capital

metairie, La

mr. Lawrence m.v.d. Schloss*city of new York cio

new York, nY

mr. andrew B. wisdomcrescent capitalnew orleans, La

mr. e. richard Yulman*Serta international

miami, FL

* member of investment committee# investment committee chair

Letter from the cio 1

markets 2

tulane’s endowment 3-5

development 6-7

darwin Fenner 8

pooled endowment 9-11

eminent Scholars 12

Separately invested 13

Staff 14-15

analyst program & Location 16-17taB

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Dear Faculty, Staff, Alumni and Friends of Tulane University,

Welcome to the second edition of our annual Endowment Report reviewing the performance and investment activity of Tulane University’s Endowment. In spite of considerable and ongoing economic uncertainty, the equity markets powered ahead during the fiscal year by more than 30% (in the case of the S&P 500). Our results improved over last year, with the Pooled Endowment up by 17.0% (as compared to 13.4% last fiscal year). In addition, the greater reliance on public equities allowed the Eminent Scholars portfolio to perform even better, returning 18.0%. As a result, I am pleased to report that at June 30, 2011, the total Endowment once again exceeded the $1 billion level.

I temper my announcement of these lofty results with a reminder that we should not expect returns of this magnitude as a matter of practice. In fact, our results would have been even better had we been positioned more aggressively throughout the year and been less skeptical of the economic “recovery” being fueled by government stimulus. As a result, our returns will look less favorable this year compared to our benchmark and some of the other endowments and universities. I fully acknowledge this fact, knowing full well that incrementally higher returns come with exponentially higher risk. While our perpetual time horizon allows us to make selectively riskier investments, our implementation is also mindful of the envi-ronment in which we operate. The economic headwinds that exist today are likely to persist for years as imbalances in the financial markets are resolved. We should expect more modest growth for the Endowment in the future.

This year I am especially pleased to highlight in our annual report the Darwin-Fenner Student Managed Fund, a small but important contributor to our long-term success. Under the current stewardship of Sheri Tice, professor in the A. B. Freeman School of Business at Tulane, this modest investment of the Endowment bridges the chasm between academia and Wall Street, providing students a firsthand learning opportunity that also creates value for the institution. Over the last five years, the Darwin-Fenner large cap and mid cap portfolios have outperformed their respective indexes by over 65 basis points and 245 basis points, respectively. More importantly, it provides a proving ground from which to launch careers in finance, including two students who have joined our office.

My thanks again this year to the members of the Endowment Committee for their generous commitment of time that enables our investment process, and to the dedicated team of investment professionals with whom I have the privilege of working with on a daily basis.

Jeremy T. CriglerChief Investment OfficerTulane University

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FiScaL Year 2011accompLiShmentS

• Endowment performance remains ahead of benchmark for fiscal years 2010/11

• Continued success expanding our direct private equity and real assets programs

• Developed modeling capability to evaluate marginal contribution to risk by managers

• Negotiated and signed an ISDA agreement allowing tail-risk hedging implementation if needed

• Conducted extensive manager due diligence: 110 calls, 188 manager meetings, 21 conferences and 28 annual meetings

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marKet eVentS FY 2011

Fiscal year 2011 was a period unusually packed with market surprises: Cultural revolutions, natural disasters and extraordinary political events dominated macro sentiment and the investment landscape. Volatility across asset classes was subsequently at the highest levels since the 2008-09 financial crisis, and the application of extraordinary fiscal and monetary measures in many developed countries has distorted traditional tools for measuring value. However, as we enter fiscal year 2012, the very issues that make investment management so challenging are creating fertile conditions for prudent risk takers. While markets will likely continue to focus on the European sovereign crisis and slowing global growth, the Endowment’s overweighting to emerging markets should prove a good source of growth.

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capitaL marKetS perFormance aS oF FiScaL Year end 2011

1 Year 5 Years 10 Years U.S. eqUitY naSdaq 32.7% 6.0% 3.4%russell 2000 32.4% 3.4% 3.4%S&p 500 30.7% 2.9% 2.7% internationaL eqUitY mSci ac asia ex Japan 25.7% 11.5% 14.3%mSci ac world ex-US 29.8% 4.1% 8.0%mSci emerging markets 27.8% 11.6% 16.1% Fixed income Barclays aggregate 3.9% 6.5% 5.7%merrill Lynch hY master ii 15.4% 9.2% 8.8%mL 90 day t-Bills 0.2% 2.0% 2.1%

marKetaBLe aLternatiVeS hFri equity hedge 13.9% 3.6% 5.5%hFri event-driven 12.5% 5.1% 7.8%hFri macro 6.8% 6.0% 7.9%

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endowment

pooLed endowment $707.6

eminent SchoLarS $146.4

SeparateLY inVeSted $140.8

giFt annUitieS/LiFe income trUStS $20.2

total endowment $1,015.0

FiScaL Year 2011endowment highLightS

• Tulane’s Total Endowment increased by $126.3 mil-lion to $1.015 billion

• 51 new Endowment funds were created during the fiscal year

• $27.5 million in gifts and transfers were contributed to the endowment

• The Total Endowment supported $34.4 million in University activities

• The Pooled Endowment and Eminent Scholars portfolios returned 17.0% and 18.0%, respectively

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gifts + stewardship = institutional excellenceimportance oF an endowment

The lifeblood of any university is the generous financial support from its donor community. These gifts are both varied in their size and impact. But an endowment, by design, is unique among those gifts, as it benefits both current and future generations by being invested in per-petuity and by providing ongoing program support. These collective gifts over time, combined with strong investment performance, ensure the long-term stability and growth of the insti-tution. A $1 million gift made 10 years ago and invested in the Pooled Endowment generated $553,000 in support for professor salaries, student scholarships, and institutional research, while the corpus of the original gift would have grown to $1.1 million. This is because endow-ments, as long-horizon investors, have a greater investment opportunity set and better tools to protect the endowment from the myriad risks that exist in today’s market. That same $1 million gift, but deferred and invested in the stock market would have produced none of the academic support and would be worth less than $1 million today.

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endowment SUpport BY program

SchooL oFarchitectUre

1%

FinanciaL aid15%

SchooL oF LiBeraL artS

14% Law SchooL5%

SchooL oF medicine

25%

SchooL oF pUBLic heaLth & tropicaL

medicine4%

generaL UniVerSitY

18%

SchooL oF SociaL worK

1%SchooL oF Science

& engineering5%

centerS, inStitUteS& LiBrarieS

3%

athLeticS1%

a. B. Freeman SchooLoF BUSineSS

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carnegie corporation oF new YorKproFeSSorShipS in SociaL entrepreneUrShip

Carnegie Corporation of New York Professorship, Jill H. and Avram A. Glazer Pro-fessorship, Paul Tudor Jones II Professorship, NewDay Professorship and Louise and Leonard Riggio Professorship.

donorS: Carnegie Corporation through an award granted to Tulane President Scott Cowen in 2009. Additional endowed support comes from Jill H. and Avram A. Glazer, James Family Foundation, NewDay Foundation, Riggio Foundation and the Louisiana Board of Regents.

giFt detaiLS: In 2009, Tulane President Scott Cowen received the Carnegie Cor-poration Leadership Award that included a grant of $500,000 to be used at his discre-tion. President Cowen used the grant to establish five professorships in social entrepre-neurship. Social entrepreneurship is the process of using innovation to create sustainable, scalable solutions to our most pressing social challenges. Working at the intersection of business, nonprofit, and government, social entrepreneurs blend models to create inno-vative, sustainable, and scalable mission-driven ventures to effect positive social change. This gift was soon matched by four generous naming gifts in the amount of $100,000 each by Jill H. and Avram A. Glazer, James Family Foundation, NewDay Foundation, and the Riggio Foundation. Through these matches, the combined values were leveraged to appoint the inaugural class of social entrepreneurship professors in 2011, creating the Jill H. and Avram A. Glazer Professorship, Paul Tudor Jones II Professorship, NewDay Professorship and Louise and Leonard Riggio Professorship. In May 2010, the Loui-siana Board of Regents under its endowed professorship program provided $40,000 in matching funds for the Carnegie Corporation of New York Professorship.

cUrrent comBined VaLUeS: carnegie corporation of new York professorship $149,440 Jill h. and avram a. glazer professorship $213,500 paul tudor Jones ii professorship $256,190 newday professorship $213,500 Louise and Leonard riggio professorship $217,750

pUrpoSe: The professorships in social entrepreneurship provide five faculty positions, creating an interdisciplinary and collaborative team to develop a social entrepreneurship coordinate major and pioneer efforts to stimulate social innovation in the region. The profes-sors promote social entrepreneurship on campus through classes and workshops, embark on new research and encourage students to innovate for the betterment of their communities.

inaUgUraL recipientS:LAURA MURPHY, Carnegie Corporation of New York Professor of Social Entrepre-neurship, is a clinical professor in the Department of Global Health Systems and Develop-ment at the School of Public Health and Tropical Medicine.

AARON SCHNEIDER, Jill H. and Avram A. Glazer Professor of Social Entrepre-neurship, teaches comparative politics, international political economy and Latin Ameri-can politics as an assistant professor of political science.

CAROL WHELAN, Paul Tudor Jones II Professor of Social Entrepreneurship, is a professor of practice in the Tulane Teacher Preparation and Certification Program at Newcomb-Tulane College.

BYRON MOUTON, NewDay Professor in Social Entrepreneurship, is an established architect, educator, New Orleans native and alumnus of Tulane University and director of the School of Architecture’s URBANbuild program.

NGHANA LEWIS, Louise and Leonard Riggio Professor of Social Entrepreneurship, is associate professor of English and director of African and African diaspora studies.

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the timothY c. white memoriaL SchoLarShip

donor: T. Michael Goodrich

giFt detaiLS: In 2010, the Timothy C. White Memorial Scholarship was established by T. Michael Goodrich. Through his gift of $200,000 in 2009 and a pledge of $400,000 to be paid over two subsequent years, Goodrich endowed a scholarship to benefit an engineer-ing undergraduate student in honor of his former classmate, Timothy C. White, who died serving his country in Vietnam in 1969.

cUrrent VaLUe: $414,951

pUrpoSe: For most of his life, T. Michael Goodrich carried with him the memo-ry of his Tulane classmate and friend who was tragically killed in a helicopter crash during the war in Vietnam in 1969. The scholarship he endowed in Timothy White’s name pays homage to the generous spirit that characterizes so many memories of the late Tulane football player.

Goodrich and White met in a tiny class of 12 undergraduates studying civil engineering at Tulane in the early 1960s. During this time, White often tutored his teammates and friends and his friendship is credited with inspiring many of them to succeed. White went on to earn a master’s degree in engineering at Stanford and worked briefly for the U.S. Army Corps of Engineers until he was called to active duty in Vietnam, where he died three months into his tour.

The Timothy C. White Memorial Scholarship carries forward the spirit of White’s generosity and commitment to academic excellence by giving undergraduate en-gineering students the opportunity to pursue their degrees without the burden of over-whelming debt. Forty years after White’s death, Goodrich has created an enduring tribute to his friend. “It’s something I’ve always wanted to do in his honor,” Goodrich said. “I never forgot him.”

recipient: Joseph Greene received the Timothy C. White Memorial Scholarship En-dowed Fund for the 2010-2011 and 2011-2012 academic years. Joseph is a junior in chemical engineering from The Woodlands, Texas.

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darwin Fenner StUdent managed FUndoVerViewThe Darwin Fenner Student Managed Fund is a $2.5 million long-only domestic equity fund that invests a portion of Tulane University’s Endowment. The course is conducted as an Hon-ors Seminar, is managed by invited BSM, MBA/PMBA and MFIN/MACCT students, and consists of large cap and mid cap publicly traded equity portfolios. The purpose of the course is to enhance student understanding of investment theory and practice by combining leading academic research and portfolio management with hands-on experience, as well as to prepare students for a career in equity research or asset management. Since its inception as an honors seminar, the Darwin Fenner course has had 517 students enrolled.

hiStorYThe Fund was established in November 1999 with an initial gift of 1,000 shares of Merrill Lynch stock made by Darwin Fenner, and was named the Darwin Fenner Student Managed Fund in memory of his father; Tulane University subsequently allocated additional money from its Endowment to the fund. When the Fund was established, its market value was $2,000,000. In December 1999, ap-proximately $500,000 was invested in stocks selected by students in an existing MBA/PMBA investments elective course, and the remaining $1,500,000 was invested in an S&P 500 index fund. Over the course of April 2001 through May 2003, the investment in the S&P 500 index fund was sold off in three pieces and reinvested in additional stocks selected by the students.

In the spring of 2002, the course format was redesigned as an Honors Seminar with Sheri Tice as its instructor. The key tenets to the new course which differentiated itself from other comparable university programs included: rigorous academic content, a focus on both portfolio management and security selection and allowing admission through invitation only. Following the final sale of the prior S&P 500 index fund investment, the entire Dar-win Fenner portfolio was managed by Professor Tice’s students beginning in spring of 2004. To allow for more students to participate in the course, the Darwin Fenner Supervisory Board decided to split the fund into two portfolios in May 2005.

coUrSe StrUctUre Students work in teams of three, with each team assigned a sector to evaluate over the semester. Teams evaluate the stocks in their sector and give a buy or do not buy recommendation for each, as well as a sell or hold recommenda-tion for each current holding. Finance faculty and former students attend the final portfolio deliberation and participate in the discussion, but nev-ertheless, the participating students make the stock investment deci-sions for the portfolio. Based on each group’s analysis, class discussions, cur-rent portfolio composition, and port-folio risk/return analysis, the portfolio will be altered by the class at the end of the semester. Since the new format was introduced, the Darwin Fenner Student Managed Fund has enjoyed higher returns and lower risk than the S&P 500!

other UniVerSitY FUndSA survey of student managed funds in 2007 by Professor Edward Lawrence of the University of Missouri found 241 schools with funds of at least $100,000 and 73 with funds greater than $1,000,000; median size across the entire 289-school peer set was $378,000. Of the 73 programs, 15 were launched prior to 1990, with notable members including the $62 million student man-aged fund at the University of Wisconsin–Madison and the $12 million student managed fund at the University of Arkansas–Fayetteville, which were created in 1970 and 1971, respectively.

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The Darwin Fenner Investment fund program led by Professor Tice was, by itself, worth the tuition paid and

time spent for the entire master’s program. From the first research paper discussed to the final deliberation, the

program seems designed to breed professional investors.————

Chris Pinto, MFIN ’10Managing Partner at Rowan Asset Management

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The scope and structure of the course demands a new level of analytical rigor, forces creative andcollaborative discussion, and requires real-worldaccountability. Few classes offer this opportunity,

and it has been invaluable to me in asset management, private equity, and consulting.

————Justin Adendorff, BSM ’04 and MFIN ’06

CFA, CPA, Consultant at Bain & Co.

“”

This past week I’ve been readingmany of the same papers which I first

came across in Darwin Fenner.————

Nicholas Horne, BSM ’05Associate at JPM European Equities

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The culmination where we selected our stocks as a group was one of the highlights of my time at Tulane – I felt like I had the chance to ‘give back’ right away with some

quality stock picks that would produce alpha for the school after I left.

————Fritz Buerger, BSM ‘04

Investment Banking Analyst at William Blair

“”

Students took this class more seriously than any other, as they felt a sense of responsibility for learning and perfecting the material to assure sound investment decisions with Tulane’s endowment. I once thought

investing was reserved for the smart guys in the room, but the program trained us to think like those smart guys. Now the question is, since the large-cap fund has consistently beaten the S&P, are we the smart money?

———— Jason Dresner, BSM ’08, Associate at Gryphon Investors

“”

In terms of preparing me for a position on the buy-side, I truly believe that the class was the single most importantone I participated in during my time at Tulane because of its real world applicability and rigorous subject matter.

————Elliott Choi, BSM ’03, Managing Partner at Athec Capital Advisors

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DArwIN fENNEr PErforMANCE • MAy 2005 Thru JuNE 2011

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pooLed poLicY portFoLioThe market value of the Pooled Endowment was $707.6 million as of June 30, 2011, including university-owned real estate. The investment of Tulane University’s endowment assets is gov-erned by an Investment Policy Statement which is reviewed at least annually by the Endowment Management Committee of the Board of Administrators. This document sets forth governance principles, investment objectives, risk parameters and performance standards. The Policy Port-folio for the Pooled Endowment included in the Investment Policy Statement represents the expected allocation of assets that will satisfy these return objectives and risk parameters. While formulated based on long-term data series, the Policy Portfolio is dynamic and responsive in its implementation to prospective economic conditions and market risks. The composite bench-marks and weights of the Policy Portfolio as shown at right serve as the Pooled Endowment’s performance benchmark measured over rolling 5-year periods.

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reaLaSSetS7.5%

Fixedincome

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Long/ShorteqUitY

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gLoBaLeqUitY

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pooLed Static BenchmarK cpi + 5%

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aSSet cLaSS SUmmarieS

gLoBaL eqUitYThe Endowment’s Global Equity portfolio is comprised of managers investing in domestic, international and emerging markets equities. The portfolio’s performance was very strong on both an absolute and relative basis, and was driven fairly equally by both domestic- and international-focused managers. U.S. managers returned 33.6% for the year, modestly ahead of the 32.4% return of the Russell 3000 benchmark. While developed and emerging international markets performed fairly evenly with each other—returning 30.4% (MSCI EAFE) and 27.8% (MSCI EM) for the fiscal year, respectively—the Endowment’s emerg-ing equity managers demonstrated a stronger ability to add excess return through stock and country selection; the international equity portfolio returned 28.2% for the year.

Long/Short eqUitY The Endowment’s Long/Short equity portfolio is invested with managers that primarily invest long and short in equities on a global or regional basis, with several that have specific sector mandates. The portfolio experienced minimal manager change during the year and only added one technology-focused fund. Performance rebounded after a disappointing FY 2010, but still only returned 12.4% versus the HFRI Equity Hedge return of 13.9%; strong attribution to performance came from managers focused on the healthcare sector and global strategies.

priVate eqUitYThe Endowment’s Private Equity portfolio consists of buyout, venture capital and for-control distressed funds. The portfolio gained 18.4% over the year and substantially outperformed its benchmark by 1.8%. Returns were driven by strong results in buyout and venture capital, reflecting the rebound in the public markets, improved credit conditions and a reopening of the IPO market. Performance of distressed investment funds was more muted. The Endowment made new commitments to two venture growth funds and a buy-out fund focused on financials and insurance.

reaL aSSetS The Endowment’s Real Assets portfolio consists primarily of exposure to oil and gas, com-modities and to a lesser extent real estate and TIPS. The portfolio increased 21.3% over the past year and outperformed its benchmark by approximately 1.8%. Rising oil prices led to double digit returns in the portfolio’s oil and gas funds. Real estate assets staged a double digit rebound after two very difficult years. Several new commitments were made to funds focused on public REITS, marketable commodities, oil & gas, and hospitality assets.

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aBSoLUte retUrnThe Endowment’s Absolute Return portfolio includes event-related equity and credit, arbi-trage, short selling and other unconventional assets and strategies. The portfolio’s multi-strat-egy, relative value, long/short credit and other marketable alternative managers demonstrated significant outperformance for the fiscal year, returning 8.0% versus the custom benchmark return of 4.2%. Strong performance in the high yield, distressed and structured credit markets all drove returns. These markets all continued the strong rallies seen in fiscal year 2010, with the perceived “riskier” credits outperforming. Across the portfolio, long-biased managers and those with exposure to high yield and equities performed the best. One new manager focused on Asian event-driven equity and credit was added to the portfolio during the year, while one of the largest managers across the entire Endowment was removed as the Investment Office shifts from larger firms to more nimble, smaller funds.

Fixed incomeThe Endowment’s Fixed Income portfolio consists of core exposure to U.S. Treasuries, investment grade bonds and global bonds, as well as directionally enhanced opportunistic exposure to distressed loans and other senior credits, emerging market debt and high yield bonds. The portfolio’s core exposure underwent meaningful changes throughout the year and underperformed its Barclays Aggregate benchmark by 100 bps while returning 2.9% for the year. Underperformance was largely due to exposure to loans and international bonds, which trailed the safe-haven Treasuries as fiscal stimulus waned in the second quar-ter 2011 and investors began reducing exposure to risk assets. The portfolio’s enhanced fixed income segment was a strong performer and outgained its BoA/ML HY Master II benchmark by 100 bps, while gaining 16.4% for the year. Strong returns were driven by lev-eraged loans, restructurings and post-reorganization equities, primarily in the second half of calendar year 2010. Meanwhile, the number of restructurings and successful bankruptcy turnarounds slowed in 2011, causing some of the portfolio’s distressed credit managers to minimally lag the benchmark in the first half of 2011. Shortly after the end of fiscal year 2011, as the threat of near-term inflation decreased meaningfully following the Fed’s policy actions and statements, the Endowment began shifting its core exposure from floating rate securities towards higher quality corporates and Treasuries.

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eminent SchoLarS poLicY portFoLio

The Endowed Chair and Endowed Professorship programs under the Louisiana Board of Regents matching program are collectively known as the Eminent Scholars endow-ments. The investment of these assets is governed by the same Investment Policy Statement as the Pooled Endowment. However, the Eminent Scholars’ Policy Portfolio is tailored to satisfy certain specific conditions of this matching program. These conditions include greater reliance on public stocks and bonds and very limited use of hedge funds and private capital. The resulting benchmark for the Eminent Scholars endowments shown at right is decidedly different from that of the Pooled Endowment. Consequently, performance may vary significantly over shorter time horizons. To the extent possible, and mindful of the conditions under which these funds are generously matched by the state, many of the same investment managers and strategies are used in both portfolios.

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internationaLeqUitY12.5%

domeSticeqUitY37.5%

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SeparateLY inVeSted FUndS

Large endowments — typically $1 million or more — which are not invested in the Pooled Endowment due to specific donor restrictions are invested separately. These funds are over-seen by the Department of Treasury and Trust Investment Office in New Orleans. At fiscal year-end, the Separately Invested Endowment Funds totaled $140.8 million and are comprised of common stock, fixed income, private equity and venture capital, money mar-ket, and donor-directed externally managed accounts. For the twelve-month period ending June 30, 2011, the composite total rate of return for these funds was 23.7%.

giFt annUitieS and LiFe income trUStS

Tulane University Life Income Trusts and Annuities totaled $20.2 million as of June 30, 2011. Most of these assets are managed by State Street Global Advisors and payments are made to the donor or other designated beneficiaries for a specified term or life of the beneficiaries. The remainder assets are typically contributed to Tulane’s Endowment. These funds are comprised of common stock, fixed income, and real estate investment trusts. The asset allocation is determined based on age of beneficiaries, term of trust, payout rate, and any special circumstances. For the twelve-month period ending June 30, 2011, the compos-ite total rate of return for these funds was 16.0%

market value mUrphY inStitUte $79.0

weatherhead endowment $13.2

deming endowmentS $8.9

aron endowmentS $8.6

SamUeL Stone cipr trUSt $10.2

aLL otherS comBined $20.9

total $140.8

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JeremY crigLer, chieF inVeStment oFFicerJeremy joined the Investment Management Office in January 2008. Jeremy is responsible for all aspects of managing the endowment and related assets. His 20 years of investment experi-ence include Senior Investment Officer at Cornell University and Investment Director at Duke Management Company. Oversight responsibilities have included traditional long-only and long/short equities on a global basis, absolute return hedge funds, and resource related invest-ments. In addition, he founded Trusten Capital Management where he managed a long/short micro-cap hedge fund as well as a micro-cap fund-of-funds on behalf of a large foundation. He started his investment career as an equity analyst at Fidelity Management and Research in Bos-ton. He has a BSM in Finance from the A. B. Freeman School of Business at Tulane University and an MBA from the Fuqua School of Business at Duke University. He is also a member of the Board of Directors of Cardigan Mountain School in Canaan, New Hampshire.

Scott gerdeS, reSearch anaLYStScott joined the Investment Management Office in June 2011 after completing his MBA as a Morton A. Aldrich fellow with concentrations in Finance, Energy Markets and In-ternational Business at Tulane’s A. B. Freeman School of Business. He also holds a BS in Economics and Financial Economics from Vanderbilt University and completed an abroad program in international trade at the London School of Economics. He joins the invest-ment office after completing an internship at Fifth Third Securities in fixed income trading and working in the Private Client Group at UBS for two years. He has passed all three levels of the CFA program and is awaiting the required work experience for his charter.

chriStine irwin, inVeStment aSSiStantChristine joined the Investment Management Office in February 2010. Prior to joining the office, she worked for 5 years as a performance and attribution reporting manager at Legg Mason. She previously worked for 4 years at Credit Suisse Asset Management and 2 years at Citigroup Asset Management. She has a BS in Finance from the Uni-versity of Connecticut.

michaeL JeSKe, reSearch anaLYSt Michael joined the Investment Management Office in May 2008. He graduated from Tulane University’s A. B. Freeman School of Business in May 2008 with a Master of Finance and in May 2006 with a Joint BSM in Finance and Economics. While at Tulane, he participated in the Darwin Fenner Student-Managed Fund and the Burkenroad Reports program. Prior to completing the Master of Finance, he worked for one year in forensic accounting at Legier & Materne, a local CPA firm in New Orleans. He is a CFA Level III candidate.

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max JoSeph, reSearch anaLYSt Max joined the Investment Management Office in July 2011. He graduated from Tu-lane University’s A. B. Freeman School of Business in May 2011 with a BSM in Finance and an Energy Specialization. He also completed an abroad program at the Copenhagen Business School. He rejoins the office after completing an internship with the Endow-ment during summer 2010. He is a CFA Level 1 candidate.  

diane LeBLanc,execUtiVe aSSiStant to the chieF inVeStment oFFicerDiane joined the Investment Management Office in September 2008. Prior to join-ing the investment team, she worked for 10 years as an office manager for Blazzard, Grodd & Hasenauer, a law firm specializing in regulatory compliance for insurance companies and investment firms. Prior to that, she worked at GTE Corporation for 18 years with administrative responsibilities in various departments including treasury, audit, education & training, human resources, new ventures, and marketing.

Sam maSoUdi, managing directorSam joined the Investment Management Office in April 2008. From 2000 to 2007 he was a portfolio manager of a long/short hedge fund focused on U.S. equities. He was previously a Director at Veronis, Suhler & Associates, a media and communications focused private equity fund from 1997 to 2000. Prior to his experience at VS&A, he

spent four years as an investment banker in the real estate investment banking groups at Kidder Peabody and PaineWebber working on principal debt financings for major real estate firms. Sam received a BS in Finance and Investing from Babson College. He is a CFA and CAIA charterholder. 

marK Sinni, reSearch anaLYStMark joined the Investment Management Office in June 2009 after completing his MBA with dual concentrations in Finance and International Business at Tulane Univer-sity’s A. B. Freeman School of Business. He also received his BS in Cell and Molecular Biology from Tulane. He joins the office after completing internships at Merrill Lynch and the revenue control department of ABC, Inc. He is a CFA Level III candidate.

paUL weaVer, director oF inVeStment accoUntingPaul joined the Investment Management Office in September 2008. From 2005 to 2008, he worked at OpHedge Investment Services as Director of Fund Account-ing where he was responsible for managing the accounting group and for calculat-ing NAV’s of large, complex hedge funds. Prior to OpHedge, he has over 20 years’ experience working in various accounting related roles for both hedge funds (Paloma Partners, Parker Global Strategies) and large financial firms (Drexel Burnham Lam-bert, Goldman Sachs, UBS). He holds an MBA with a concentration in International Finance from Pace University.

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inVeStment oFFice anaLYSt program

The senior investment team in the Investment Management Office is supported by a team of Research Analysts that help maintain the Endowment’s current portfolio and research the most attractive prospective investment opportunities globally.

The analyst program was created to attract the highest caliber young talent from Tulane University to the investment office. Each year, a top student is selected from one of the University’s undergraduate or graduate colleges. Majors may include Finance, Econom-ics, Mathematics or Statistics—however the position is open to graduates of any major that possess a strong awareness of and passion for markets.

The analyst program is comprised of a three-year rotation through various asset classes including Public Equity, Private Capital and Marketable Alternatives. Analysts gain specific knowledge of these markets by evaluating investments alongside senior

members of the office, covering a range of strategies including (but not limited to): dis-tressed credit, long/short credit, arbitrage, venture capital, leveraged buyouts, real estate, long/short global equities and emerging market equities.

Analysts are able to immediately contribute to the investment efforts of the team, and the job offers a level of responsibility and hands-on experience that is far be-yond most junior analyst positions in the finance industry. After three years, analysts will complete their rotations upon having been introduced to a broad range of asset classes and investment vehicles that will certainly help them shape and pursue their future career goals.

The Investment Office is dedicated to maintaining a strong relationship with the Uni-versity, and accordingly is committed to only hiring Tulane University graduates for the Research Analyst position. Current analysts include Scott Gerdes, Max Joseph and Mark Sinni; past analysts include Michael Jeske and Adam Solan.

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Location, Location, Location

As one of the first endowments to locate their investment office away from campus—1,354 miles away, in Darien, Connecticut—Tulane has been recognized for its innovative solu-tion. Several other schools have since elected to do the same. Our motivation to locate the office in the New York City region was to provide staff with the best possible access to investment managers, research firms and industry conferences that are frequently held in the area. The team participated in nearly 350 meetings or conferences in fiscal year 2011 alone. Conveniently located right off of the Metro North rail line and I-95, the office’s location allows for a quick trip into Manhattan or other nearby financial centers includ-ing Greenwich, Stamford or Boston.

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Tulane university • Investment Management office • 9 old kings hwy, South • Darien, CT 06820 • (203) 716-8470

Work produced in collaboration with: Endo Jong, Iciss D’Udle, Marlo Stansfield & Roxy Mayhem • Long Leash Ventures • New Canaan & Stamford