Helmsley Charitable Trust
also referred to as: the helmsley charitable trust
36 statements across 3 episodes · 9 bullish · 8 bearish · 2 people on the record · first statement Aug 6, 2018 by Roz Hewsenian · said 8 times in 3 episodes since 2018 · across every show →
Mentions by year
brought up most by Ted Seides (4), Roz Hewsenian (4)
tap a year for its mentions
2024 4 mentions in 1 episode
2021 2 mentions in 1 episode
Everything said about Helmsley Charitable Trust, oldest first
Aug 6, 2018
Helmsley holds higher safe asset allocations than peer foundations like Hewlett
“Robert Wood Johnson, Hewlett Packard, if you look at what their allocations are for the equivalent of our safe assets category, it's more in the 10 to 12% range. We're higher, but we've been far more selective in the private capital range and more concentrated…”
Aug 6, 2018 neutral
Peer endowments carry 300 managers, leaving no time for new diligence
“So a lot of our peers have two to 300 managers, which, and staffs about the same size, which means that a substantial portion of their resources are dedicated to monitoring existing managers, which means how much time can you spend looking at new managers?”
Aug 6, 2018 neutral
Aug 6, 2018 neutral
Aug 6, 2018 neutral
Helmsley avoids re-underwriting private co-investments, relying solely on underwriting the manager
“We're not re-underwriting the investment the way some of our peers have. We don't feel we can bring anything to that party. We underwrote the manager, and that's where our due diligence ends as far as the underwriting is concerned.”
Aug 6, 2018 bullish
Aug 6, 2018 positive
Aug 6, 2018 negative
Style-box investing forces allocators to pass on exceptional unclassified opportunities
“And I recognize right away that the box approach to investing was a disaster. It forced you to fill a box because you had one, and then you had to pass on an investment if you didn't have a box for it. So one of the things that became clear is that opportunist…”
Aug 6, 2018 positive
Aug 6, 2018 bearish
Helmsley passed on Abraaj after its founder announced an absurd $10B fund
“The tipping point came when the founder announced that he was going to raise a ten billion dollar fund. We all looked at each other, and we said, ten billion dollars in emerging markets, private equity, venture capital? The numbers don't add up. And so we just…”
Aug 6, 2018 positive
Giving junior associates manager sourcing authority removes biases and yields better opportunities
“My associates, my investment officers, and my directors, who are all responsible for managers, have equal opportunity for sourcing and doing due diligence, and by allowing the younger people to have the same authority to source a manager, I get
Some very inte…”
Aug 6, 2018
Aug 6, 2018 negative
Manager excuses for lagging holdings usually explain 110% of total fund underperformance
“The manager starts making excuses for an investment holding instead of just selling it and getting on with it. And you start looking at the investment excuses, and you do sub-portfolio attribution, and you figure out the investment excuses are really what's ac…”
Aug 6, 2018 neutral
Aug 6, 2018 negative
Sep 2, 2021
Helmsley Charitable Trust Targets at Least 5% of Each VC Fund
“The way that we size our positions is we start out with how much is the GP raising? We want to be at least five percent of the fund. Sometimes that's not possible with a firm like Sequoia, but we want to be at least five percent of the fund. We want it to have…”
Sep 2, 2021 negative
Aug 19, 2024 neutral
Fenton: Helmsley Targets Five Percent Plus Inflation Return to Maintain Perpetuity
“Because as a foundation, our goal is to last into perpetuity. We have to pay out five percent. That's the IRS mandated payout. So our long-term performance objective is five percent plus inflation. Obviously, inflation had been a hot topic. Our baseline for th…”
Aug 19, 2024
Aug 19, 2024
Hewsenian: Generalist Teams Increase Motivation But Multiply Management Challenges
“In doing so, it keeps them interested and motivated because they're always looking at new and different things. That's both a benefit, but it creates a bigger management challenge, and that's why everything that Joshua just said was so important.”
Aug 19, 2024 neutral
Aug 19, 2024 bearish
Fenton: Normalizing Markets Challenge Thirty-Year Era of Illiquid Private Assets
“I think the environments are slowly returning to what I would call normal pre-financial crisis levels of investment scenario. There are obviously big adjustments happening as we speak, but I think there's an environment that will Have impacts on how institutio…”
Aug 19, 2024 negative
Fenton: Asset Managers Unnecessarily Avoid Consulting LPs on Succession Planning
“There seems to be a pretty deep-rooted reluctance on the part of managers to survey their best clients about what might be the best way forward. Just help me out here. The clients would love to help you because they don't want you to go in the wrong direction …”
Aug 19, 2024 positive
Hewsenian: Departing CIOs Need a One-Year Gap Before Joining Committee
“First of all, I wasn't given a choice, but second of all, I think ideally that would be the best way to do it because it gives the successor the opportunity to get his or her sea legs under them without necessarily the scrutiny of sitting there in front of you…”
Aug 19, 2024 positive
Aug 19, 2024 neutral
Aug 19, 2024
Aug 19, 2024
Fenton: Leaders Should Provide Information Rather Than Direct Advice
“I think one thing that I've learned is that instead of giving advice, people respond better if you give them information, and so I guess that would be the thing that I would ever tell somebody is if someone comes to you for advice, don't tell them what to do. …”
Aug 19, 2024
Fenton: Helmsley's Manager Onboarding Process Takes One to Two Years
“New managers take a year or two to sort of emerge through our process. We don't have a need to make quick changes, and so we generally do a strategy review of, is there something we want to do that's come along that's new? Or something we don't have, want to i…”
Aug 19, 2024 negative
Hewsenian: Abrupt CIO Exits Cause Investment Teams to Resign Preemptively
“Around us, CIOs were leaving their jobs without a transition, and the teams below them would leave In anticipation of a new boss coming in over them, and they wanted to take matters into their own hands rather than just wait for fate to dictate what would happ…”
Aug 19, 2024 positive
Hewsenian Selected Fenton as Helmsley CIO Successor For Stakeholder Approval
“Of the four directors that I had, any one of the four could have succeeded me, but I thought that Joshua had the best chance of acceptance by the trustees, by the investment committee, and so I began focusing on him five years ago”
Aug 19, 2024 positive
Aug 19, 2024 positive
Aug 19, 2024 neutral
Aug 19, 2024
Fenton Reserves the First 90 Minutes of Office Days For Drop-Ins
“One thing I did is I blocked out the first hour and a half of every one of my days that are in the office. I called it office hours and made a priority not to schedule things that conflicted with that, if at all possible, so that anyone felt like if they had s…”
Aug 19, 2024 neutral
Fenton: Comparing Specific Case Studies to Pitch Decks Reveals Manager Inconsistencies
“One of the ways to do that is by asking details about investment examples, and then flipping back to the generic slide deck, you can generally find inconsistencies, and you want a manager who's going to not feel like you just called them out and get really def…”