Jim Williams
Former CIO & Treasurer, J. Paul Getty Trust. On 1 show, 1 appearance. The Shows tab opens the full record on each.
investorexecutive
Williams served from 2002 to 2024 as the inaugural Vice President, Chief Investment Officer, and Treasurer of the J. Paul Getty Trust, overseeing its multi-billion-dollar endowment. Prior to the Getty, he spent nearly thirty years managing pension investments at Ford Motor Company and served as president of Harbor Capital Advisors.
1shows
1appearances
25statements
2resolved
2supported
0contradicted
100%fully supported
1said about them ↓ Everything Jim Williams said on any show that made the record, most notable first. Each card names its show and opens the statement there.
Getty Trust overweights energy on strong fundamentals despite negative sentiment
“We have the overweights that I mentioned in China, and the other big overweight is in energy. And what we like about energy, and still do, is the fundamentals are really, really good, but the attitudes, the news reports, the emotions are not good, and that's r…”
Getty Trust private equity beats public equity by 6% over full cycles
“From studies we've done, we've known that our private equity returns are the highest asset class return that we have. We know that over full market cycles, it's a good full six percentage points above public equity or above the total fund return.”
Specialists select better managers, but generalists make better asset allocation decisions
“From that expertise, I think you can do a superior job in manager selection under an asset class structure, but it has shortcomings. You can become too narrow and too insulated or isolated within your asset class, and the generalists do a better job on asset a…”
Portfolio returns are driven primarily by manager selection over asset allocation
“And our internal analysis and look across this is that it's really more manager driven.”
Getty overweights China as managers outperform benchmarks by 1,000 basis points
“And right now we have a really big overweight on China, but I think it has more to do that we have high conviction in several Chinese managers than it is about a view on China. We like China. We think there's a tailwind story there, but the real reason we have…”
Getty Trust endowment generated $1 billion in alpha over 15 years
“If we looked at our returns versus benchmark going back over the 15 years that we're here, it's between one and two percent, call it a percent and a half, do a percent and a half on the assets that we have compounded over 15 years. We've had over seven billion…”
Venture capital is one of few asset classes with persistent returns
“There is some statistical persistence and Venture capital. It's one of the few that has statistical persistence”
Getty Trust investment office holds final authority on manager selection decisions
“And the speed advantage is just that the trustees have delegated broad authority to us in the investment office that we have final authority on manager decisions. We don't have to go back to the committee.”
Co-investments are the Getty Trust's best-performing asset class
“If we put all of our co-investments together from all the different asset classes and put all the co-investments into one pool, it would be our best performing asset class.”
Getty Trust only executes co-investments alongside existing high-conviction managers
“The big but is that it has to be with an existing high conviction manager only. We never do a co-investment that comes in over the transom. We don't do a cold call co-investment. We only do it with our highest conviction managers.”
Limited partners must require GP financial alignment because GPs know more
“We will never know as much as a GP does. You just have to accept that about anything you underwrite. You do not know as much as a GP. So there needs to be a pretty strong alignment of interest. A knowledge that the GP is putting some of their own money in this…”
Secondary market bids for legacy fund stubs carry excessively steep discounts
“Anytime you look at the secondary markets to do a sale, what you're offered for these old stubs is such a large discount that it's not worth doing that. So we'll let this pretty meaningfully big number of small stubs stay in the portfolio and let it run off.”
Getty Trust remains underweight US public equities due to rich valuations
“US markets are pretty richly valued, so we are underweight, our targets, but not by huge amounts, but you try to maintain some discipline in your targets, but we are underweight.”
Getty Trust overweights international equities, emerging markets, and China
“In international, we are overweight. We think they're earlier in their cycle, so we're overweight. Particularly in emerging and within emerging, particularly in China.”
Getty Trust's hedge fund portfolio focuses on relative value and arbitrage
“We tend to be more in relative value and arbitrage type strategies. The beta is down around a .3. So it's not a big, heavy equity presence there. We don't do much in macro. The binary bets of up or down are less appealing to us.”
Getty Trust investment analysts must leave rather than expect internal promotion
“We had one person move from being an analyst to being a managing director, but that's not a normal process, and that may never happen again. So the analyst will eventually have to leave. There's not a step for them, and I try to tell them that really early on.…”
The current macroeconomic environment is a least dirty shirt market
“This is kind of a least dirty shirt market. So portfolios are made up of a collection of least dirty shirts. There aren't a lot of great opportunities today. It's a least dirty shirt portfolio.”
Getty Trust holds virtually no core fixed income, preferring credit risk
“Our overweights, we still have some overweights in credit. We have virtually no core fixed income. It's all, we'd rather take credit risk than any kind of duration risk.”
Small-to-mid-market managers offer greater inefficiencies and better opportunities across asset classes
“And again, as in all of the asset classes, we have a pretty big bias toward small to mid-market. The smaller managers in virtually every asset class is the space where we're more focused. We think there's more inefficiencies and greater opportunities in that s…”
Getty Trust endowment fully supports 95% of operational budget
“Here we fully support 95% of what the Getty does.”
Getty Trust targets equal allocations to public and private illiquid assets
“It'll be between 40 to 50% illiquid is, is pretty comfortable. And then you have that area in the middle that is hedge funds. So there's about 40 to 45% that are really public market. And then you have that hedge fund semi-liquid stuff in the middle. And then …”
Getty Trust targets an 8% long-term expected return across market cycles
“So we have a long-term expected return through market cycles of something, eight percent plus.”
Getty Trust's investment team consists of 10 professionals across asset classes
“We're organized along asset class categories. So we have four managing directors. Each of them has an analyst, and then an assistant and myself. So the whole department is 10. We have no responsibilities for back office work.”
Getty Trust concentrates up to 5% of total fund in single managers
“Our largest public equity in domestic equity is a five percent position, and in international equity, we have a five percent position. That's at the manager level. A manager for the total fund, not in the asset class. So it's a very sizable, 30% piece of an as…”
The other half of the tape: Jim Williams's own voice is left out of every number here. Other people bring the name up 1 time in 1 episode across the shows. every mention, with the transcript →
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Capital Allocators 1
2020 1 mention in 1 episode
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| Show | Role there | Eps | Statements | Record | |
|---|---|---|---|---|---|
| CAPITAL ALLOCATORSLEDGER | Former CIO & Treasurer, J. Paul Getty Trust | 1 | 25 | 100% 2/2 | full record on Capital Allocators → |