and generated dismal results. Fortunately, our long-term commitment to alternative assets proved to be much needed diversifiers and enabled Tulane’s endowment to generate outsized returns.
Dear Faculty, Staff, Alumni, and Friends of Tulane University,
It is my pleasure to provide you with our Fiscal Year 2024 Endowment Report. Tulane’s endowment reached a new high of $2.27 billion as of June 30, 2024, thanks to generous donations, solid financial management and strong investment performance. Our investment strategy, grounded in patient long-term value creation coupled with prudent risk management, allows us to provide consistent financial support for Tulane’s academic programs, scholarships, and campus initiatives, even in times of market uncertainty.
During FY2022, Pooled Endowment and Eminent Scholars generated returns of 6.2% and -7.7%, respectively, well ahead of their benchmarks and the 65/35 passive benchmark return of -13.7%. Performance was led by strong results in our private capital and marketable alternatives portfolios. The private capital portfolio continues to generate a significant illiquidity premium that will be a driver of endowment performance for years to come. With marketable alternatives, our commitment and patience finally paid off as our managers were able to capitalize on idiosyncratic opportunities throughout the year. I am confident our marketable alternatives portfolio will hold up well and be a good diversifier in this particularly volatile and uncertain market environment. The stark difference in returns between Pooled Endowment and Eminent Scholars speaks to the diversification power of alternative assets in an environment where traditional asset classes have become highly correlated. Eminent Scholars’ limitation on alternative assets caused it to trail Pooled
Endowment by nearly 1400 basis points during the fiscal year. Despite the difficult investment environment in FY2022, Tulane’s endowment reached a new high of $2.05 billion as of June 30, 2022.
Over the last ten years, Pooled Endowment and Eminent Scholars generated returns of 10.6% and 8.4%, respectively, ahead of their benchmark returns of 8.0% and 6.7%, respectively. Our consistent performance has led to long-term success. That consistency has been anchored by a wonderfully talented and incredibly stable team as well as unwavering support from our Endowment Management Committee.
This year presented a unique mix of challenges and opportunities in the global markets, yet our focus on long-term results and disciplined investment strategies allowed us to navigate these complexities with resilience. I am proud to share that Tulane’s endowment has achieved exceptional results over the long term. Over the last ten years, Pooled Endowment and Eminent Scholars delivered annual returns of 8.9% and 7.4%, respectively, and a combined return of 8.7%, ranking among the top 4% of all endowments, according to Cambridge Associates. Importantly, we have accomplished this while maintaining among the lowest volatility of our peers, highlighting our focus on managing risk without sacrificing returns.
As we move forward, our investment team remains committed to adapting to the evolving market landscape while staying true to the principles that have served us well. We are confident that our focus on sustainable, long-term growth will continue to benefit Tulane University and its community for generations to come.
Thank you for your continued support and trust in our stewardship of Tulane’s endowment.
ACCOMPLISHMENTS:
Hired five new managers and exited six funds across the
Added to or trimmed from 21
Added three new private capital relationships and re-upped with
F Closed three new co-investments
FISCAL YEAR 2024 HIGHLIGHTS
While the current market environment feels daunting given persistent inflation, rising rates, a looming recession, geopolitical tensions, and global energy shortages, I am confident that our portfolio can withstand potential headwinds along the way. Over more than a decade, our staff and Committee have built a well-diversified, multi-asset class portfolio that can weather near-term challenges and uncertainty while enabling it to achieve its long-term return objectives. On behalf of myself and my entire team, we are honored to have the opportunity to manage the endowment and remain committed to serving the Tulane community.
F Completed an extensive (12th annual) review of all managers in the portfolio
F Total Endowment ended the year at $2.3 billion
F Completed operational due diligence on 21 new and existing managers
F Distributions to support the operating budget totaled $82.5 million
F Conducted 550+ manager meetings calls and conferences
F 73 new Endowment Funds were created during the fiscal year
Sincerely,
Richard Chau
Richard Chau Chief Investment Officer
F Hired a new Investment Analyst, Harrison Pearlson (B ’22)
F New gifts and transfers into the Endowment totaled $59.9 million
F FY24 combined return of 9.0% for Pooled Endowment and Eminent Scholars
F Completed our 14th annual summer analyst program and sponsored a Girls Who Invest scholar
F 10-year combined annual return of 8.7%
F Hired a new Investment Analyst, Zoe Haas (BSM ’24)
F Completed our 16th annual summer analyst program
F Relocated office to White Plains, New York
IMPORTANCE OF AN ENDOWMENT Protection – Innovation – Commitment
After 190 years, Tulane University has established itself as one of the world’s preeminent educational and research institutions. The University’s mission exists in perpetuity; continuously offering new programs and new services requires an ever-growing pool of financial resources. The Endowment is unique among the University’s revenue streams since it provides perpetual support for Tulane’s students, both current and prospective. To put the power of the Endowment in perspective, a $1,000,000 gift made twenty years ago and invested in the Pooled Endowment generated more than $1,199,000 in distributions used to recruit the
highest quality students regardless of financial need, to pay professorships and fund basic research, and to perpetuate community service initiatives. Most importantly, that original gift is now valued at $1,976,000 net of the payout. It is positioned to generate even greater distributions over the next decade and will continue to support the University in perpetuity. We urge you to support the Endowment because these specific gifts ensure the long-term financial strength of the Institution, benefiting future generations of Tulanians.
POWER OF COMPOUNDING (20 YEARS)
After 20 years: A $1 million Endowment Gift would have paid out $1.2 million and still be worth $2.0 million. Total value of $3.2 million.
Tulane
School of Medicine receives $10 million from the Marshall family to fight cancer
A combined $10 million gift from the Marshall Heritage Foundation and the Marshall Legacy Foundation will help transform Tulane University’s fight against cancer by creating a faculty chair, a dedicated research fund and state-of-the-art laboratories at the School of Medicine.
The gift, prompted by Board of Tulane member and alumnus E. Pierce Marshall Jr., honors the memory of Marshall’s father, E. Pierce Marshall, who died in 2006 of complications from leukemia at age 67.
“Tulane was founded in 1834 as a medical school focused on combating yellow fever in the New Orleans region. This gift will exponentially enhance Tulane’s efforts against one of the most devastating scourges of modern times – cancer. We could not be more grateful to Pierce and his family for this extraordinary investment in Tulane’s School of Medicine through a gift that is a moving and consequential tribute to his father,” Tulane University President Michael A. Fitts said.
The donation also helps advance Tulane’s plans to make its downtown campus a regional hub for biotechnological innovation and bolsters the university’s pursuit of a prestigious National Cancer Institute designation for the New Orleans metro area in partnership with LCMC Health, the Louisiana Cancer Research Center and LSU Health New Orleans.
“Of all the gifts our family has made to Tulane, this one is the most meaningful,” said Marshall, the president and chief executive officer of Élevage Capital Management, a Dallas investment firm. “My father passed away prematurely from leukemia. By making this investment in Tulane School of Medicine, my family hopes to make a substantial difference in the fight against cancer. I look forward to seeing Tulane’s doctors and scientists make incredible breakthroughs in the years ahead.”
The gift will:
• Dedicate $3 million to establish the E. Pierce Marshall Memorial Chair, an endowed faculty position whose holder will focus on cancer research.
• Provide $2 million to create the E. Pierce Marshall Memorial Research Endowed Fund, which will specifically support cancer research.
• Commit $5 million to finance the renovation of the seventh floor of the School of Medicine’s Hutchinson Memorial Building, including the construction of a suite of laboratories for cancer research to be named the E. Pierce Marshall Memorial Laboratories.
“This tremendous gift is a boon for the advancement of oncological science at our medical school,” Dr. Lee Hamm, senior vice president and dean of the School of Medicine said. “It gives Tulane the ability to hire a brilliant mind in cancer research and provides us with both the ample resources and the top-notch facilities to unlock the mysteries behind this disease and develop medical solutions. I thank Pierce and his family for their exceptional generosity.”
Marshall graduated from Tulane’s A. B. Freeman School of Business with a bachelor’s degree in management in 1990. In addition to his role on the Board of Tulane, the university’s main governing body, he serves on the Business School Council and the Executive Campaign Council for the Always the Audacious fundraising campaign. He lives in Dallas with his wife, Kristen, and their son.
The Marshall family’s anchor gift in 2014 created the Marshall Family Commons inside the expanded Goldring/Woldenberg Business Complex on Tulane’s uptown campus. Pierce Marshall has been a recurring judge for the annual Tulane Business Model Competition and has philanthropically supported its operations. He is a member of the Olive and Blue Society of top donors to Tulane Athletics and was inducted into the Paul Tulane Society, which honors individuals and organizations who have given $1 million or more to the university.
MARKET EVENTS FISCAL YEAR 2024
Most risk assets enjoyed strong returns in FY2024. Equities continued their strong momentum from the previous year, with the MSCI ACWI returning +19.4%, on better-than-expected economic data in developed markets and anticipation that central banks would begin easing. Multiple expansion contributed to the bulk of the attribution of the total return, although earnings grew a healthy 7%, led largely by higher-than-average profit margins. Margins were buoyed by easing cost pressures as inflation rates cooled relative to FY23.
The US markets enjoyed much of the positive momentum. The S&P 500 was up +24.6%, as continued investor enthusiasm for AI technologies led large-cap technology stocks to drive much of the returns for the index. Meanwhile, the smallcap Russell 2000 Index was up only +10.1%, while the Russell 3000 Value Index meaningfully underperformed the Russell 3000 Growth Index (+12.9% vs. +32.2%). Telecommunication services (+44.9%) was the highest-performing sector in the S&P 500, followed by information technology (+41.8%). Consumer staples (+5.3%) and utilities (+7.3%) were the largest underperformers as these sectors were most impacted by higher rates, higher-than-average inflation, and change in investor sentiment.
International developed markets lost some of their momentum from the previous fiscal year, but still generated modest returns. The MSCI Europe Index returned +11.7%, as markets assessed that the worst of the economic slowdown had passed and that monetary policy easing was likely to begin. The MSCI Japan Index posted a +13.2% return, buoyed by continued monetary policy support, improvement in economic data, a weaker yen, and enthusiasm for stock market reforms. While Emerging Markets recovered (+12.6%), there was large variation in returns across markets. China was down -1.6% due to mixed economic data and disappointing stimulus efforts. Meanwhile technology-heavy markets, like Taiwan, outperformed with a +40.7% return.
Private market performance was mixed for the one-year ending March 31, 2024, due to a lag to public market counterparts, as well as the continued adverse impact of higher interest rates and a material slowdown in exit activity. The Cambridge US Private Equity Index recovered YoY and returned +8.3%, while the Cambridge Venture Capital Index came in mostly flat at -0.2%. However, AI-related investments stood out and continued to enjoy good deal flow and demand higher valuations. Despite the 1-years challenges, private equity and venture capital meaningfully outperformed the public markets over longer time horizons.
While long duration fixed income assets recovered during the fiscal year, spread products rallied in concert with other risk assets with the riskiest credits generating the highest returns. While yield-to-worsts across fixed income are above their 10-year average, corporate credit spreads remain well below their 20-year average driven by continued low default rates.
The U.S. economy is experiencing moderate growth amid a challenging environment of high interest rates and persistent, albeit slowing, inflation. The Federal Reserve’s tightening monetary policy continues to influence economic dynamics, as it balances the need to curb inflation without stifling growth. The U.S. economy is beginning to show signs of softening, with unemployment rising to 4.3%, and speculation that the first rate cut may come as early as September. Meanwhile, other global markets are grappling with their own economic challenges amid escalating geopolitical tensions and a shifting landscape marked by deglobalization and re-shoring initiatives. We remain confident that our portfolio is well-positioned to navigate periods of volatility and are committed to being opportunistic in allocating capital to attractive opportunities.
CAPITAL MARKETS PERFORMANCE AS OF FISCAL YEAR END
MARKETABLE ALTERNATIVES
ENDOWMENT RETURNS
POOLED POLICY PORTFOLIO
The market value of the Pooled Endowment was $1.75 billion as of June 30, 2024. The investment of Tulane University’s endowment assets are governed by the 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, and risk parameters. The Policy Portfolio 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, risks, and opportunities presented by market dislocations. The static benchmark uses the Policy Portfolio’s weights, as shown to the right, and serves as one of the Pooled Endowment’s performance benchmarks. Over the long term, the goal is to preserve the Endowment’s purchasing power after spending and inflation.
POLICY PORTFOLIO
EMINENT SCHOLARS POLICY PORTFOLIO
The market value of the Eminent Scholars Endowment was $256 million as of June 30, 2024. The Endowed Chair and Endowed Professorship programs under the Louisiana Board of Regents matching program are collectively known as the Eminent Scholars Endowments. The same Investment Policy Statement governs both the investment of these assets as well as the Pooled Endowment. However, the Eminent Scholars’ Policy Portfolio is tailored to satisfy specific conditions of this matching program. These conditions include greater reliance on public stocks and bonds and limited use of hedge funds and private capital. Therefore, the resulting benchmark for the Eminent Scholars endowments shown to the right is different from that of the Pooled Endowment. In recent years, the matching program conditions were broadened, allowing for a more dynamic, diversified asset allocation. 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.
HISTORICAL PERFORMANCE (NET OF FEES)
ASSET CLASS SUMMARIES
GLOBAL EQUITY
The Endowment’s Global Equity portfolio comprises 12 managers who invest in publicly-listed companies across the U.S. and international markets. The portfolio aims to capture the growth of the global economy and outperform passive indices by investing with high-quality active managers. In fiscal year 2024, global equity markets rallied, led by large cap technology companies, as investors began pricing in the benefits of artificial intelligence into future earnings expectations. The MSCI All Country World Index returned 19.4% for the year while Global Equity returned 15.0%. However, the portfolio’s long-term results remain strong, with Global Equity having outperformed the MSCI ACWI over the last five and ten years. During the year, we made the difficult decision to redeem from two longstanding relationships to concentrate the portfolio.
PRIVATE CAPITAL
The Endowment’s Private Capital portfolio consists of approximately 60 managers investing globally across buyout, venture capital, growth equity, and real asset strategies. During the year, private markets continued to face challenges from rising interest rates that led to slower deal activity, fewer exits, and less fundraising. Over the fiscal year, the Private Capital portfolio returned 5.9%, ahead of the Cambridge Associates combined Private Equity and Real Assets index return of 2.9%. Our team remained active, adding two new buyout managers and one new venture capital manager. In addition, we completed two co-investments and re-upped with three managers, including one buyout manager, one venture capital manager, and a real assets manager.
MARKETABLE ALTERNATIVES
The Endowment’s Marketable Alternatives portfolio aims to achieve attractive risk-adjusted returns that are uncorrelated to traditional asset classes, providing valuable diversification and downside protection in times of market stress. This portfolio consists of 19 managers providing exposure to strategies such as long/ short equity, multi-strategy, carbon allowances, and opportunistic credit. During the fiscal year, the Marketable Alternatives portfolio returned +12.5% versus the HFRI Fund of Funds Composite return of +8.7%. All three sub-portfolios outperformed driven largely by Long/Short Equity (+16.2%), followed by Enhanced Fixed Income (+11.1%), and Absolute Return (+10.8%). An information technology long/short manager and a US small cap long/short manager were the largest contributors to returns. During the year, there was one new commitment, three terminations were initiated, and four funds were subject to rebalancing.
CORE FIXED INCOME
The Endowment’s Core Fixed Income portfolio includes exposure to U.S. Treasuries, agency mortgages, and investment-grade bonds. Fixed income generally provides moderate returns, but dampens volatility as a hedge against deflation and declining equity markets. We view this portfolio as a source of liquidity under crisis conditions. During the fiscal year, fixed income markets rose as investors began anticipating policy rate cuts based on moderating inflation data. The yield curve remained inverted, but flattened as short-term Treasury yields declined and longterm Treasury yields rose in expectation of future increased government bond issuance to fund spending commitments. The Core Fixed Income portfolio rose 4.4% for the year, outperforming the 3.4% return of the Barclays’ U.S. Intermediate Treasury Index, largely due to shorter duration. Given today’s risk versus reward, the portfolio is seeking to minimize credit and interest rate risk.
ENDOWMENT RETURNS
ENDOWMENT PERFORMANCE VS. PEERS
A wide variety of metrics, such as a constructed asset class benchmark based on our policy portfolio or a passive market index, are used to evaluate the performance of our portfolios. Most importantly, we measure our long-term results versus our principal objective, which is to preserve the purchasing power of the Endowment after spending and inflation. However, we also pay attention to how our colleagues at other foundations and endowments manage similar long-horizon portfolios. As shown
below, of the ~350 institutions reporting to Cambridge Associates, Tulane’s three-, five-, and ten-year returns rank at or above the top 5% of the peer universe. We have immense respect for our industry colleagues, each with a unique risk profile driven by institutionally specific criteria. We often invest in many of the same managers and openly share our research and analysis. And so, while our peer ranking is noteworthy, it is just one metric among many that we use to evaluate results.
TULANE VS. ENDOWMENT COMPOSITE
PERIODS ENDING 6/30/2024¹
TULANE VS. ENDOWMENT COMPOSITE (PERIODS ENDING 6/30/20241)
TULANE VS. ENDOWMENT COMPOSITE
PERIODS ENDING 6/30/2024¹
¹Cambridge Associates data as of September 4, 2024
²Represents the
¹Cambridge Associates data as of September 4, 2024 ²Represents
CONTINUOUS IMPROVEMENT AND LONG-TERM SUCCESS
The chart below shows the results of our journey over the last decade. In June 2013, our ten-year performance ranked in the 45th percentile of endowment returns, but over time we were rewarded for improved manager selection, constructive asset allocation, and tactical implementation, improving our ranking to the top 4% by June of 2024. During this period, the Endowment has also had a lower realized volatility.
Our collective investment process seeks to continuously enhance the portfolio’s risk-adjusted returns to preserve the purchasing power of the Endowment over time, given the current economic environment.
Conti nuous Im proveme nt and L ong - Te rm Succe ss
CONTINUOUS IMPROVEMENT AND LONG-TERM SUCCESS
10-YEAR PERFORMANCE RANK VS. ALL ENDOWMENTS
Conti nuous Im proveme nt and L ong - Te rm Succe ss
Cambridge Associates Endowment data as of September 5, 2024. N=350 for FY24
Cambridge Associates Endowment data as of September 5, 2024. N=350 for FY24
ENDOWMENT RETURNS
SUCCESSFUL RISK MANAGEMENT
Tulane’s endowment has enjoyed particularly strong results over the last five and ten years. Generally, strong returns should be viewed with some skepticism since higher returns are often the result of taking additional risk. However, Tulane has achieved strong returns without taking on additional risk, as evidenced by the Sharpe ratio. Over the last five years, the Endowment’s Sharpe ratio was 0.98, ranking Tulane in the 99th percentile among peers. Similarly, over the last ten years, the Endowment achieved a Sharpe ratio of 1.05, placing it in the 99th percentile among peers.
A scatter plot is another way to show the relationship between risk and return. Compared to the 348 endowments in the Cambridge Associates Endowment Composite database, the Endowment ranks in the 1st and 96th percentiles for both volatility and return, respectively, as shown in the upper left quadrant of the chart below. The combination of unusually muted market volatility, Tulane’s asset allocation, and strong manager selection has resulted in exceptional risk-adjusted returns over the last five and ten years.
TULANE SHARPE RATIO VS.
10 YEAR RISK VS. PEERS
Associates E&F Data as of 6/30/24 5-Year: N=368
*Cambridge Associates E&F Data as of 6/30/24
5-Year: N=368 10-Year: N=348
N=348
Tulane receives gift from Gene and Mary Koss to create professorship in Glass
Tulane Professor Gene Koss, an accomplished artist who founded the Newcomb Art Department’s renowned glass program in the 1970s, has left the university a parting gift upon his retirement: a donation to establish an endowed professorship in glass.
The gift from the prominent glass sculptor and his wife, Mary, who is a Tulane alumna and retired certified public accountant, will create the Gene and Mary Koss Professorship in Glass Endowed Fund. It will support a faculty member in the School of Liberal Arts, with the preferred holder teaching glass as a sculpture medium incorporating hot glass casting — a technique synonymous with Gene Koss’ celebrated body of work.
Koss arrived at Tulane in 1976 to teach ceramics and later founded the university’s glass program with the help of alumna and former Pace Foods owner Margaret Pace Willson (NC ’43) and her husband, Robert. Today the Newcomb Art Department boasts the state-of-the-art Pace-Willson Glass Studio — the second-largest university glass studio in the nation.
“In the late 1970s, Margaret Pace and Robert Willson made a donation that allowed me to build a small glass studio at Tulane, and they subsequently helped fund the program’s expansion,” said Gene Koss, who retired in May as the Maxine and Ford Graham Chair in Fine Art after 48 years at Tulane. “I have always been so grateful for their generosity, and Mary and I want to pass it forward to support the glass program into the future.”
Mary Koss earned a bachelor’s degree in management in 1979 from what is now the A. B. Freeman School of Business. She retired as a partner after nearly 40 years with Bourgeois Bennett LLC.
“Tulane’s outstanding professors provided me with an excellent education that contributed to my successful career,” Mary Koss said. “With this gift, we want to support Tulane professors as they continue to make an impact on the lives of students.”
Liberal Arts Dean Brian Edwards expressed the university’s gratitude for the Kosses’ gift. “Over nearly a half-century, Gene and Mary Koss have been two incredible Tulanians. Their support ensures we can maintain our leadership in glass as a sculptural medium and continue to have world-class artists such as Gene himself on the faculty long into the future.”
Gene Koss’ works have been exhibited internationally and are held in many important public and private collections, such as the Corning Museum of Glass in New York. He has received numerous awards, including from the National Endowment for the Arts.
The Arnoldsche Art Publishers of Germany released a 2019 retrospective monograph of his work.
“Gene’s career at Tulane University helped shape the Newcomb Art Department, and he is a pivotal figure in the teaching and creation of glass art in the South,” said Stephanie Porras, chair of the Newcomb Art Department. “This gift is as visionary as Gene’s art, and we’re thankful to both Mary and him.”
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. The Department of Treasury and Trust Investment Office in New Orleans oversee these funds. The Separately Invested Endowment Funds totaled over $224 million at fiscal year-end. They comprise common stock, fixed income, private equity, venture capital, money market, and donor-directed externally managed accounts.
GIFT ANNUITIES AND LIFE INCOME TRUSTS
Tulane University Life Income Trusts and Annuities totaled over $24 million as of June 30, 2024. State Street Global Advisors (SSGA) manages most of these assets, and makes payments to the donor or other designated beneficiaries for a specified term or the life of the beneficiaries. The remainder assets are typically contributed to Tulane’s endowment. These funds comprise common stock, fixed income, and real estate investment trusts. The asset allocation is determined based on the age of beneficiaries, term of trust, payout rate, and any special circumstances.
LOCATION, LOCATION, LOCATION
As one of the first universities to locate their investment office away from campus, Tulane has been recognized for its innovative approach to endowment management, paving the way for several other schools to follow our path and locate off-campus. After 16 years in Darien, Connecticut, the investment office recently moved to White Plains, New York. We were originally motivated to establish the office in the New York City region to provide staff with the best possible access to investment managers, research firms and industry conferences that frequently take place in the New York and Boston corridor. Conveniently located near the Metro North rail line, the locale allows for a 40-minute train ride into Manhattan or other nearby financial centers including Greenwich, Stamford, Boston, and Washington, DC.
RICHARD CHAU, CHIEF INVESTMENT OFFICER
Richard joined the Investment Management Office in September 2013. Prior to Tulane, he helped manage a multi-billion dollar global private equity portfolio in Bessemer Trust’s Private Equity Funds Group. Before Bessemer, Richard worked in the investment office at The Andrew W. Mellon Foundation. His previous experience also includes investment banking at Houlihan Lokey and investment consulting at Cambridge Associates. Richard has a BA in Economics and Chinese from Williams College and an MBA from Columbia Business School.
JULIA MORD, DEPUTY CHIEF INVESTMENT OFFICER
Julia joined the Investment Management Office in May 2014 and is responsible for all public markets investing. From 2006 to April 2014, Julia was an investment officer at AI International, a NYC-based family office, where she was responsible for co-managing a multi-asset class portfolio. Prior to her experience at AI International, Julia worked at Jefferies & Company and Ernst & Young. Julia has a BA in Economics from the University of Chicago, an MBA from The Wharton School at the University of Pennsylvania and is a CAIA charterholder.
JAKE KRIEGSFELD, MANAGING DIRECTOR
Jake joined the Investment Management Office in June 2013 after previously completing an internship with the Office. He graduated summa cum laude from Tulane’s A. B. Freeman School of Business in 2013 with a BSM in Finance and as a member of the William Wallace Peery Society, which recognizes 15 graduating seniors for academic excellence. Jake also earned a minor in Spanish and completed an international business program in Madrid, Spain. Jake is a CFA charterholder.
PAUL WEAVER, DIRECTOR OF INVESTMENT ACCOUNTING
Paul joined the Investment Management Office in September 2008. From 2005 to 2008, Paul worked at OpHedge Investment Services as Director of Fund Accounting, where he was responsible for managing the accounting group and for calculating NAVs of large, complex hedge funds. Before OpHedge, Paul had over 20 years of experience working in various accounting-related roles for both hedge funds and large financial firms. Paul holds an MBA with a concentration in International Finance from Pace University.
LILY KIM, DIRECTOR OF INVESTMENT OPERATIONS
Lily joined the Investment Management Office in June 2021. From January 2019 to June 2021, Lily was a Senior Vice President for Wells Fargo Global Manager Research, a division of Wells Fargo responsible for overseeing approximately $750 billion in assets. Prior to joining Wells Fargo, Lily was the Head of Legal Due Diligence for Alternative Fund Solutions at Credit Suisse. Lily started her financial
career with K2 Advisors, a subsidiary of Franklin Templeton Investments. Lily earned her Juris Doctor from the University of Mississippi School of Law and received her BSBA from Mississippi College, where she was a Presidential Scholar.
BRAD BAUGUSS, ASSOCIATE DIRECTOR
Brad joined the Investment Management Office in July 2015 after completing an internship with Intrepid Capital Management the previous summer. He graduated cum laude from Tulane’s A. B. Freeman School of Business in 2015 with a BSM in Finance and Economics and a Specialization in Entrepreneurial Management. Brad is a CFA charterholder.
EDWARD ROMAN, INVESTMENT ASSOCIATE
Edward joined the Investment Management Office in August 2018 after completing an internship with the Office. He graduated cum laude from Tulane’s A. B. Freeman School of Business in 2018 with a BSM in Finance and Management Consulting and a minor in Economics. Edward is a CFA charterholder.
HARRISON PEARLSON, INVESTMENT ANALYST
Harrison joined the Investment Management Office in July 2022 after completing an investment banking internship with Deutsche Bank the previous summer. He graduated cum laude from Tulane’s A.B. Freeman School of Business in 2022 with a BSM in Finance and a minor in Accounting. Harrison is a CFA level III candidate.
MATTHEW YAM, INVESTMENT ANALYST
Matthew joined the Investment Management Office in July 2023 following a wealth management internship at Goldman Sachs the previous summer. He graduated from Tulane in 2023 as a member of the Altman Program in International Studies and Business with a dual BSM and BA degree in Finance and Political Economy. Matthew is a CFA Level II Candidate.
ZOE HAAS, INVESTMENT ANALYST
Zoe joined the Investment Management Office in July 2024 following an internship with the Financial Planning and Analysis division at Goldman Sachs the previous summer. She graduated from Tulane in 2024 with a degree Finance and Economics.
JANINE JANDROSITZ, DEPARTMENT ADMINISTRATOR
Janine joined the Investment Management Office in August 2016. Before joining the team, she worked for ten years as the VP of Administration for Lincoln Healthcare Leadership, where her role encompassed Human Resources and Office Management. She also worked as an Executive Assistant for Greenbriar Equity. Janine has a BS in Business Management from the University of Redlands.
ROBERT LYCOUDES, PERFORMANCE ASSOCIATE
Robert joined the Investment Management Office in January 2017. From November 2014 to January 2017, Robert worked in the Margin Lending department at Goldman Sachs. Before that, he worked at Interactive Brokers and interned at UBS Private Wealth Management. Robert received his BS in Mathematics and Finance from Sacred Heart University in 2012.
MARY KOPAS, PERFORMANCE ANALYST
Mary joined the Investment Management Office in February of 2020. She has worked most of her career in accounting and finance roles for government contractors, Norden Systems, a division of United Technologies, as well as Northrop Grumman. She also has experience in the non-profit sector as an accountant at Norwalk Hospital Foundation and Americares Foundation. She is a graduate of the University of Connecticut with a BS in Accounting.
on the cover: TRANSFORMATIVE HOME FOR SCIENCE AND ENGINEERING
Thanks to a lead $10 million gift from Tulane graduates Steven (’72, ’75) and Jann (’72) Paul, the Steven and Jann Paul Hall for Science and Engineering opened this year. The state-of-the-art building promises to take interdisciplinary research and innovation at Tulane to a global level. Paul Hall includes laboratories, core facilities, an auditorium and student gathering and study areas. Tulane also received $5 million in state and federal funding to build a cleanroom in Paul Hall for advanced semiconductor and materials science research.
