© The Citadel
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TCF Investment
Management
The primary investment objectives for The Citadel Foundation's endowed funds are:
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Preserve and expand the assets of the funds,
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Expose the assets to prudent risk through efforts to obtain reasonable return,
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Provide current income for operating needs of The Citadel, and
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Achieve long-term growth for future needs of The Citadel.
After an extensive process of consideration and review, The Citadel Foundation has recently changed investment managers. The Foundation is co-investing its assets with the University of Richmond through The Richmond Fund. This change allows us access to a broader range of asset classes and a dedicated investment management team focused solely on our portfolio.
For more information about the reasoning and desired long-range impact of this decision, please review these Frequently Asked Questions.
Investment Performance & Asset Allocation
2005 |
2006 |
2007 |
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| Market Value |
$143,017,000 |
$159,986,000 | $164,827,899 |
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| Return | 7.9% |
14.6% |
7.1% |
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| Portfolio Market Benchmark* | 6.0% |
14.2% |
5.8% |
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Historic (10-year)
TCF Investment
Performance
Historic Return on Investment
(TCF-managed funds only, net of costs, for the period ended 12-31-2007)
1 year return |
7.1 % |
3 year return |
9.8 % |
5 year return |
11.8 % |
10 year return |
5.9 % |
26.5 year return (since inception, Smith Barney) |
10.5% |
Historic Year-End Performance for the Past 10 Years
(as of 12-31 of each year)
1997 |
22.3 % |
1998 |
18.0 % |
| 1999 |
11.3 % |
2000 |
- 4.3 % |
2001 |
- 7.7 % |
2002 |
-12.8 % |
2003 |
19.8 % |
2004 |
10.1 % |
2005 |
7.9 % |
2006 |
14.6 % |
2007 |
7.1 % |
Investment and Foundation Management Documents:
1. TCF Investment and Distribution Policy (PDF)
2. Frequently Asked Questions about Changing Investment Managers (PDF)
3. IRS 501(c)3 Charitable Determination Letter (PDF)
4. 2005 Fiduciary Audit Report Summary (HTML)
Prudent Investment Practices
The Citadel Foundation is firmly committed to ensuring that the most efficient and effective fiduciary processes and practices are in place to prudently manage and invest philanthropic resources.
Toward that end, our Investment Committee took the initiative in 2005 to conduct the first fiduciary audit of the Foundation's financial practices. Different from a financial audit, fiduciary audits are exceedingly rare and represent the leading edge in integrity for governing bodies.
We are proud to announce that the Foundation has received a highly positive report on the financial practices we employ, and we invite you to read the Investment Committee's summary of the independent auditors' findings.
You may also access this document in a printer-friendly Portable Document Format (PDF) here.
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