Disclosure certainty 4/5 debate potential 2/5

Williams College allocates nearly 40% of its portfolio to hedge funds

Colette Chilton · Collette Chilton – Humility and Loyalty at Williams College (Capital Allocators, EP.174) · Jan 25, 2021 · at 25:39

Colette Chilton, CIO of Williams College, details the asset allocation breakdown of the college's multi-billion dollar endowment.

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“We have almost 40% of our portfolio in hedge funds”

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More from Colette Chilton

Assertion Not checkable as stated
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.”
Colette Chilton Jan 25, 2021 ▶ 26:56 Collette Chilton – Humility and Loyalty at Williams College (Capital Allocators, EP.174)
Opinion
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.”
Colette Chilton Jan 25, 2021 ▶ 9:02 Collette Chilton – Humility and Loyalty at Williams College (Capital Allocators, EP.174)
Assertion Not checkable as stated
Over 30% of Williams' endowment was in a single manager in 2006
“Well, it was more than 30%.”
Colette Chilton Jan 25, 2021 ▶ 19:41 Collette Chilton – Humility and Loyalty at Williams College (Capital Allocators, EP.174)
Disclosure
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…”
Colette Chilton Jan 25, 2021 ▶ 29:11 Collette Chilton – Humility and Loyalty at Williams College (Capital Allocators, EP.174)
Opinion
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…”
Colette Chilton Jan 25, 2021 ▶ 48:57 Collette Chilton – Humility and Loyalty at Williams College (Capital Allocators, EP.174)
Assertion Supported
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“I used to make the joke that Lucent was really a pension fund with a little bit of technology on the side, which is what drove the earnings of the company for that whole time, but nobody thought that joke was funny except for me, but it was actually pretty clo…”
Colette Chilton Jan 25, 2021 ▶ 13:19 Collette Chilton – Humility and Loyalty at Williams College (Capital Allocators, EP.174)
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