Williams College endowment grew from $1.5 billion to $3 billion
Colette Chilton · Collette Chilton – Humility and Loyalty at Williams College (Capital Allocators, EP.174) · Jan 25, 2021 · at 24:53
Colette Chilton, Chief Investment Officer of Williams College, discusses the long-term growth of the endowment pool with host Ted Seides.
0:00 / 0:10exact quote · 10.9s
720p mp4 · rendered on demand · StarZero watermark
“You know, when I started, the pool was 1.5 billion, and now it's three billion over 14 years, and we've tried to keep the number of managers the same as when I started.”
quote is from the automated transcript, cleaned for reading: filler sounds and stutters are removed, nothing is rephrased. names can be misheard (the analysis reads context, assessments check outside sources). how →
More from Colette Chilton
Williams College's value-add comes entirely from manager selection, not market timing
“You know, all of our value add is in manager selection. It's not in calling the market or anything like that. When we do the attribution work, it's all manager selection.”
Massachusetts municipal pension funds are underfunded and mismanaged
“So the pension funds up here are terribly underfunded and mismanaged. Each city and town has its own pension fund, and so the state one started doing well, and so then the towns could invest with the state.”
Williams College allocates nearly 40% of its portfolio to hedge funds
“We have almost 40% of our portfolio in hedge funds”
One-third of Williams College's portfolio is in first-time funds
“We've done a lot of investing with first-time funds, or a day one investor, about a third of our portfolio. When I went back and looked, it's, you know, we were in fund one, or invested with somebody who started, so a lot of times the track record isn't really…”
Liberal arts grads are better suited for investing than business students
“These kids come out and they learn how to think critically and write and make an argument and put a mosaic of things together, and that's what investing is, right? So I keep telling these guys, you are the most well-suited for investing or investment managemen…”