• University of Pennsylvania (2015, p. 2): “The evolution of
[University of Pennsylvania]’s asset allocation towards a stronger
equity orientation, greater diversification, and more inefficient
markets has been steady over time.”
• Carnegie Mellon (2014, p. 11): “Within the last 10 years, the uni-
versity’s long-term strategic allocation strategy shifted from one
based on traditional, publicly held investments to one focused on
allocation to nontraditional or alternative investments, such as
private equity, hedge funds and private real asset funds.”
• Yale (2014, p. 1): “Because investment management involves as
much art as science, qualitative considerations play an extremely
important role in portfolio decisions. The definition of an asset
class is quite subjective, requiring precise distinctions where none
exist. Returns, risks, and correlations are difficult to forecast.”
• Wellesley College (2014, p. 12): “The Investment Committee and
Investment Office team regularly review the expectations upon
which the Policy Portfolio is based, with the goal of refining tar-
get allocations in order to improve the portfolio’s risk/return
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