John-Austin Saviano, former CIO of UC Berkeley, discusses how peer comparisons distort incentives in institutional endowment management.
0:00 / 0:06exact quote · 6.9s
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“You have CIOs that have compensation that is benchmarked against how they did versus their rival schools.”
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More from John-Austin Saviano
Insight
Saviano: Consultant-driven portfolios will not reach top-decile returns
“And it's the natural thing of a consultant driven pool. You're not going to be top decile. What you're really trying to avoid is you're helping them avoid being bottom quartile. You're helping them really be good stewards of the capital because you're focused …”
John-Austin SavianoJan 30, 2023▶ 13:17John-Austin Saviano – Emerging Managers and IC Governance (Capital Allocators, EP.294)
AssertionNot checkable as stated
Saviano's only disastrous fund investment was an established franchise fund
“The only disaster fund, really, truly disaster fund I ever invested in was not an emerging manager. It was a high Roman numeral fund that had a murderous row of great LPs invested in it.”
John-Austin SavianoJan 30, 2023▶ 25:05John-Austin Saviano – Emerging Managers and IC Governance (Capital Allocators, EP.294)
Insight
Saviano: Evaluating fund managers requires analyzing portfolio company fundamentals directly
“When it goes down to spending time with a fund manager, you go to the assets, you go to the companies to get down to the fundamentals and you start there and you build your understanding up from there.”
John-Austin SavianoJan 30, 2023▶ 8:00John-Austin Saviano – Emerging Managers and IC Governance (Capital Allocators, EP.294)
Insight
Saviano: Diversify Portfolios by Asset Behavior, Not Asset Class Labels
“How something behaves is far more important than what it's called. And so when you build an asset allocation, you describe the behaviors that you expect out of that asset, and you build a portfolio, you diversify a portfolio of different behaviors rather than …”
John-Austin SavianoJan 30, 2023▶ 17:01John-Austin Saviano – Emerging Managers and IC Governance (Capital Allocators, EP.294)
Insight
Saviano: Public endowments cannot afford top allocator hires and must cultivate internally
“Because again, on a place like Cal, you can't go out and hire the tip top best real assets allocator in the marketplace because you don't have that kind of money. You got to really cultivate, grow people from within. And this was one way of adding leverage to …”
John-Austin SavianoJan 30, 2023▶ 21:59John-Austin Saviano – Emerging Managers and IC Governance (Capital Allocators, EP.294)
AssertionNot publicly verifiable
Saviano: UC Berkeley Allocated One-Third of Capital to Emerging Managers
“About a third of our capital across different and different parts of the portfolio went to firms that would really reasonably be considered emerging.”
John-Austin SavianoJan 30, 2023▶ 23:25John-Austin Saviano – Emerging Managers and IC Governance (Capital Allocators, EP.294)
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