The Foundation serves the investment needs of a variety of constituencies, including donor-directed and other funds. We strive to provide outstanding, risk-adjusted returns recognizing an appropriate level of risk, diversification and the long-term nature of the funds under our care. Performance is measured over three- to five-year periods. We are willing to tolerate short-term volatility to achieve this longer-term goal. Asset allocation is flexible within our long-term investment horizon and as guided by policy.
After investment management fees as of December 31, 2018.