Foundation Announces Strong Third Quarter

During its most recent meeting, Richmond Jewish Foundation’s Investment Committee exercised its fiduciary responsibility to the community’s endowed assets by reviewing the third quarter investment performance results and by analyzing the Foundation’s investment asset allocation.

“The Foundation is pleased to report that our main portfolio, the enhanced fund, is up 21% for the year thanks in part to a positive 13% third quarter,” said GD Rothenberg, Chairman of the Investment Committee. “We’ve weathered a difficult storm. Our commitment to maintaining a diversified portfolio combined with our long-term view of permanent funds is paying off with a tremendous quarter.”

In 2005, the Investment Committee developed an Investment Policy Statement (IPS) outlining a strategy which establishes investment risks and returns including the percentage of funds invested in stocks, bonds, and cash, as well as the selection of investment managers.  The committee regularly monitors and reviews the Foundation’s investments which have been managed for nearly four years by SEI Investments.

During the quarterly meeting, the Investment Committee reviewed SEI’s changes in equity managers as well as studied the Foundation’s asset allocation mix to determine the percentage of assets in each investment class needed to meet long-term growth goals and short-term spending needs.

RJF takes the fiduciary role very seriously. Recently, RJF received the Consultant’s Assessment of Fiduciary Excellence (CAFE) certification. This certification acknowledges that the investment practices of the Foundation conform to twenty-two best practices in the industry. These standards promote an optimal level of investment governance and the prudent management of investment assets for the RJF Board and Investment Committee. This process ensures the highest level of ethical and moral standards.

The other members of the Investment Committee include Beryl Ball, Michael Blumberg, Tom Byer, David Gardner, Stewart Kasen, Lynn Kessler, Roger Leibowitz, Gail Moskowitz, Adam Plotkin, Richard Schwarzschild, and Bob Weisberger.