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Yale Beats Harvard Again

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Yale’s massive endowment beat Harvard again. The endowment returned 12.3% (net of all fees) for the year ended June 30, 2018. The endowment assets surged to US$ 29.4 billion as of June 30, 2018. The Harvard Management Company, which oversees the endowment, generated a 10% for the same period compared to Yale. Harvard’s endowment is bigger at US$ 39.2 billion. Yale avoided an overhaul of its endowment like Harvard. Harvard endowment’s CEO N. P. Narvekar is still realigning the portfolio, selling off assets and reducing staff closer to 100 people.

For Yale, U.S. stocks generated a 12.4% return versus foreign equities at 14%. Yale’s absolute return portfolio generated a return of 4.8%, while venture capital posted a return of 16%. Surprisingly, Yale struggled with real estate at 2.7% and natural resources at 1.7%.

Out of all the Ivy League schools, Princeton leads the pack with 14.2% return for fiscal year 2018, with Brown University coming in at second place with a 2018 FY return of 13.2%.

Big Bet on VC, Lowering U.S. Stocks

Yale has a 26% asset allocation target to absolute return for fiscal year 2019 and a 18% target for venture capital, while targeting 3% for U.S. stocks.

Calamos Investments to Acquire Timpani Capital Management

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Naperville, Illinois-based Calamos Investments signed a deal to acquire Milwaukee-based Timpani Capital Management LLC, which focuses on small and small-midcap growth investing. Founded in April 2008, Timpani Capital Management oversees around US$ 588 million in assets. The deal is expected to close in the second quarter of 2019.

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RDIF and Russia-Japan Investment Fund to Invest in Russian Subsidiary of SBI Holdings

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The Russian Direct Investment Fund (RDIF) and the Russia-Japan Investment Fund (launched by RDIF, the Japan Bank for International Cooperation and JBIC IG Partners) have reached an agreement with the Japanese corporation SBI Holdings to invest in SBI Bank LLC, SBI Holdings’ subsidiary in Russia. SBI Bank LLC will undergo a large-scale reorganization.

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Ocasio-Cortez and Maxine Waters to Oversee US Banking System via House

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The youngest woman ever to serve in U.S. Congress – starting at the age of 29 – already has an opponent in her sights. Freshman U.S. Representative Alexandria Ocasio-Cortez, often dubbed AOC on Twitter, was appointed to the House Financial Services Committee, where the democratic socialist will oversee Wall Street. This committee oversees the banks and financial institutions of the United States. With Republicans controlling the U.S. Senate and the White House, and the Democrats controlling the House, one can expect less game-changing bills being turned into laws in the banking sector.

While bartending and waiting tables at the Flats Fix taco bar in Union Square, Ocasio-Cortez upset the more centrist Representative Joe Crowley, Chairman of the House Democratic caucus. Encouraged by her success, other far left democrats are planning to challenge moderate democrats in the 2020 primaries. Ocasio-Cortez is also expected to further strengthen the influence of Chairwoman Maxine Waters of the House Financial Services Committee. [ Content protected for Sovereign Wealth Fund Institute Standard subscribers only. Please subscribe to view content. ]

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