Nonprofit Investment Stewards – Details, episodes & analysis

Real estate valuations have dropped 20-30%, marking the third significant correction in several decades. This isn’t just market noise; it’s a critical investment insight. 

Bob DiMeo and Devon Francis interview Rich Hill, head of real estate strategy and research at Cohen & Steers, about the current landscape of real estate investing. They discuss the impact of interest rates, the role of real estate in a diversified investment portfolio, and the potential opportunities and risks in different sectors of the real estate market today. Rich also shares his insights on anticipated changes in interest rates, trends in the real estate sector, and common misconceptions about real estate investing.

You’ll discover/learn:

• How does commercial real estate act as a diversifier in a portfolio and provide a stable stream of income for endowments and foundations?
• What does recent performance of listed REITs indicate about the future of the real estate market?
• What opportunities exist in next-generation property types like data centers, cell towers, seniors housing, and single-family rentals despite challenges in the office and multifamily sectors?
• How could anticipated changes in interest rates, particularly real rates, impact real estate returns?
• And more!

Resources: Email the Stewards | Fiducient Advisors | Bob DiMeo | Devon Francis | Richard Hill | Cohen and Steers | Insights by Fiducient Advisors (Research, Blogs, Podcasts)

About Our Guest:

Rich Hill, Senior Vice President, is Head of Real Estate Strategy & Research, responsible for identifying allocation opportunities in both listed and private real estate and related thematic and strategic research. Prior to joining the firm in 2022, Mr. Hill was a managing director and Head of Commercial Real Estate Research at Morgan Stanley, where he was responsible for public REIT equity research, CRE debt strategy and macro property research. Previously, he was a director at RBS Securities and a vice president at Bank of America Corporation. Mr. Hill has a BS from Georgetown University and is based in New York.

Did you know that 40% of a typical workweek is wasted due to poor communication? How can you decrease the amount of time lost?

Bob DiMeo and Devon Francis engage with Dean Brenner, President and CEO of the Latimer Group, to explore how clear communication can be a challenge today and how you can sharpen your skills.

You’ll learn:

• What are the challenges of modern communication
• What are the key differences between for-profit and nonprofit communication
• What are some real-life stories that highlight common communication blunders
• What essential listening and simplification techniques can improve interactions
• And more!

Resources: Email the Stewards | Fiducient Advisors | Bob DiMeo | Devon Francis | Dean Brenner | The Latimer Group | Insights by Fiducient Advisors (Research, Blogs, Podcasts)

About Our Guest:

The idea for The Latimer Group was born in Grand Canyon National Park, in fall of 2000, during a “what if” conversation between Dean and his wife Emily. Emily said the magic words… “You love to build teams, you love to teach, and you are a great public speaker… build a business around that.” Eighteen months later, The Latimer Group was off and running.

Dean is motivated by creating great environments for the people in his life. For his teammates, creating a culture of collaboration and opportunity where they can spread their wings. For our clients, creating learning environments where they are challenged, supported and empowered to make their own voice heard. And for his family, building a home environment that is based on love, laughter and great experiences.

Do you intend to incorporate ESG investing into your portfolio but don’t know where to start?

As reporting standards, disclosure requirements, and available data continue to evolve, it can be overwhelming for investors to navigate this ever-changing landscape!

In this episode, Bob DiMeo and Devon Francis speak with Sarah Hinman, CPA/PFS, CFP®, CSRIC®, Senior Consultant at Fiducient Advisors and co-chair of the firm’s Mission-Aligned Investing Committee. They explore the current landscape of ESG and Mission Aligned Investing (MAI).

You’ll discover:

• How nonprofits and investors can incorporate Mission-Aligned and ESG investing 
• Why MAI and ESG investing are never an all-or-nothing approach
• The first step for nonprofits to get started with MAI — honing in on their values
• What the future of ESG investing looks like
• And more!

Resources: Email the Stewards | Fiducient Advisors | Bob DiMeo | Devon Francis | Sarah Hinman | Fiducient’s Guide to Mission-Aligned Investing | Mission-Aligned Investing: Where Are We and Where to Next? | From $400 Million to $15 Billion: Scott Malpass’ Journey Leading Notre Dame’s Endowment and Other Lessons for Leaders | Other Insights by Fiducient Advisors (Research, Blogs, Podcasts)

About Our Guest:

Sarah provides investment consulting services to nonprofit organizations, corporate executives, family trusts, and other substantial investors. She services clients by providing advice and expertise on asset allocation, portfolio design, investment policy statements, manager search process, and overall investment management. Sarah co-chairs the firm’s Mission-Aligned Investing Committee.

Sarah earned a BS in Accounting from the University of Illinois at Urbana-Champaign and a BA in Fashion Marketing and Management from The Illinois Institute of Art in Chicago. Sarah also earned a Master of Accounting Science from the University of Illinois at Urbana-Champaign. She is a Certified Public Accountant (CPA), a Personal Financial Specialist (PFS), a Certified Financial Planner (CFP®), and a Chartered SRI Counselor (CSRIC®). Sarah also passed the CFA Level I exam. In her free time, Sarah enjoys cooking and reading.

Under Scott Malpass’ leadership, the University of Notre Dame’s endowment fund grew from $400 million in 1988 to nearly $15 billion by 2020, ranking among the top 1% of endowments globally!

Post Notre Dame, Scott co-founded Grafton Street Partners and he remains passionate regarding his founder role with Catholic Investment Services.

In this episode, Bob DiMeo and Devon Francis interview Scott, tapping into his investment experience, governance best practices, and his advice for today’s endowment managers.

You’ll discover:

• Scott’s journey to becoming the Chief Investment Officer at the University of Notre Dame
• Why responsible investing does not necessitate sacrificing returns
• Scott’s views on the blurring lines between ESG investing and socially responsible investing
• Noteworthy trends that may excite (or concern) today’s investors
• And more!

Resources: Email the Stewards | Fiducient Advisors | Bob DiMeo | Devon Francis | Scott Malpass | Grafton Street Partners | University of Notre Dame | Insights by Fiducient Advisors (Research, Blogs, Podcasts)

About Our Guest:

Scott C. Malpass is the former Vice President and Chief Investment Officer of the University of Notre Dame, where he currently serves as an Adjunct Professor of Finance at the University’s Mendoza College of Business. Under Malpass’s leadership, the Notre Dame endowment pool grew from $400 million in 1988 to more than $14 billion as of June 30, 2020. Over Malpass’s 32 years of leadership, the Notre Dame Endowment achieved investment performance ranking amongst the very top of endowments globally, transforming opportunities at the University in all aspects of academic and student life. He is currently a member of the Board of Directors of The Vanguard Group, Inc., Paxos Trust Company, LLC, and Catholic Investment Services, Inc. He is also a member of the Board of Superintendence of the Institute for the Works of Religion in Vatican City, commonly referred to as the Vatican Bank. Malpass is a 1984 graduate of Notre Dame and received a Master of Business Administration degree from the University in 1986.

How have markets impacted your endowment or foundation… and what strategies should you be considering right now? It’s time to review this year from a stewardship perspective and consider what strategies to employ heading into 2024.

In this Quarterly Quick Takes, Bob DiMeo and Devon Francis are back with Brad Long, CFA®, Chief Investment Officer at Fiducient Advisors. They share meaningful insights on navigating the uncertainty of markets and the economy going forward.

You’ll discover:

• The potential impact of market fluctuations and a looming recession 
• The importance of fortifying controllable factors, such as expenses and committee best practices
• How Fiducient’s 2023 forecasts played out thus far – and what to expect going forward
• Is now as important as ever for your portfolio to be thoughtfully diversified? 
• Domestic vs. International, Cash vs. Bonds, etc.
• And more!

Resources: Email the Stewards | Fiducient Advisors | Bob DiMeo | Devon Francis | Brad Long | Insights by Fiducient Advisors (Research, Blogs, Podcasts) | How Nonprofit Leaders Can Think Long-Term To Better Manage Your Money And Your Organization With David Nierenberg

About Our Guest:

Brad joined Fiducient Advisors in 2012. He is chair of the firm’s Investment Committee and a member of the firm’s Discretionary Committee, Research Forum, Capital Markets Team, and Mission-Aligned Investing Committee. Before joining the firm, Brad worked in various research capacities at Citigroup and Wells Fargo in New York. He received a BA in Finance and a Minor in Economics from The University of Colorado and is a CFA® charter holder and member of the CFA Society of Chicago and CFA Institute. Additionally, he is active with Greenhouse Scholars, a nonprofit providing financial and personal support to under-resourced college students. In his free time, Brad loves cooking and spending time with his wife and young sons in his free time.

On July 31st, 2023, a new and exciting chapter began for Fiducient Advisors. With great pleasure, we introduce you to Fiducient Advisors’ new CEO Sabrina Bailey!

With a proven track record of astute financial stewardship and a penchant for strategic brilliance, Sabrina brings a wealth of experience that promises to steer Fiducient toward even greater heights.

In this episode, Bob DiMeo and Devon Francis announce Bob’s transition to the role of chairman at Fiducient Advisors while introducing Sabrina Bailey as the new CEO. Sabrina sheds light on her professional experience, leadership style, future goals, personal hobbies, and more.

You’ll discover:

• What this leadership transition means for Fiducient Advisors and its clients
• Sabrina’s past experiences at the London Stock Exchange Group, Northern Trust, and other esteemed institutions
• Top priorities for Sabrina and how she plans to foster collaboration and innovation
• What Sabrina likes to do outside of work
• And more!

Resources: Email the Stewards | Fiducient Advisors | Bob DiMeo | Devon Francis | Sabrina Bailey | Insights by Fiducient Advisors (Research, Blogs, Podcasts) | “Why Greatness Cannot Be Planned: The Myth of the Objective” by  Kenneth O. Stanley and Joel Lehman

About Our Guest:

In her role as CEO, Sabrina is responsible for leading the firm’s strategic vision and direction to help our clients prosper. Sabrina has decades of leadership experience within the investment consulting and financial services divisions of Mercer International, Willis Towers Watson, Northern Trust and the London Stock Exchange Group, plc (LSEG). Sabrina holds an MBA in organizational leadership. Beyond her professional achievements, Sabrina is committed to giving back to the community. She is an Advisory Board Member for Salvation Army Chicago-Metro and the Co-Founder and President of Grow For Hope, a nonprofit focused on empowering women through employment and education.

Do you oversee investments, and does this market seem somewhat puzzling? The first half of 2023 was characterized by intriguing events, including AI hype, the Silicon Valley Bank failure, and strained US-China trade relations. And we experienced continued market volatility and rising interest rates. 

So where are things headed?

In this Quarterly Quick Take, Bob DiMeo and Devon Francis are back with Brad Long, CFA®, partner and chief investment officer at Fiducient Advisors. They break down this episode into three segments — The Then, The Now, and The Go Forward — and discuss our evolving investment landscape.

You’ll discover:

• How Fiducient’s past capital market predictions have fared in comparison to reality
• Key considerations for investors regarding growth vs. value stocks
• How portfolio managers may navigate the rising probability of a recession
• Insights into the current market for alternative investments
• And more!

Resources: Email the Stewards | Fiducient Advisors | Bob DiMeo | Devon Francis | Brad Long | Insights by Fiducient Advisors (Research, Blogs, Podcasts)

About Our Guest:

Brad joined Fiducient Advisors in 2012. He is chair of the firm’s Investment Committee and a member of the firm’s Discretionary Committee, Research Forum, Capital Markets Team and Mission-Aligned Investing Committee. Prior to joining the firm, Brad worked in various research capacities at Citigroup and Wells Fargo in New York. He received a BA in Finance and a Minor in Economics from The University of Colorado and is a CFA® charterholder and member of the CFA Society of Chicago and CFA Institute. Additionally, he is active with Greenhouse Scholars, a nonprofit providing financial and personal support to under-resourced college students. In his free time, Brad loves cooking and spending time with his wife and young sons.

Many nonprofits, especially schools, are contending with rising costs, challenged revenue streams, and regulatory matters — all of it in a tumultuous market environment.

In this episode, Bob DiMeo and Devon Francis speak with Katharine Wyatt, CFA chief investment officer at Loyola University Chicago. Katherine shares timely insights on how nonprofits and endowments can thrive in the current environment by adapting their asset allocation and portfolio management.

You will learn:

• How Loyola University’s endowment of over $1 billion is navigating the current markets
• Katherine’s views on why active management is far from dead
• The impact of the demographic cliff on higher education (and how to deal with it)
• Example of how Loyola University created a mission-aligned investment strategy
• And more!

Resources: Email the Stewards | Fiducient Advisors | Bob DiMeo | Devon Francis | Insights by Fiducient Advisors (Research, Blogs, Podcasts) | Katharine Wyatt on LinkedIn | Loyola University Chicago

About Our Guest:

Katharine Wyatt, CFA, is the Chief Investment Officer at Loyola University Chicago. Ms. Wyatt has over 20 years of experience in the investment industry and is a well-rounded asset allocator with experience managing large institutional portfolios and investing across public and private asset classes. At Loyola, Ms. Wyatt leads the University’s investment office, where she is responsible for investment policy and management of over $1.5 billion in endowment, operating reserves and defined benefit pension assets. 

Prior to joining Loyola, she was Director of Investments for Abbott Laboratories retirement plans which included over $18 billion in Defined Benefit and Defined Contribution assets. At Abbott, she was responsible for oversight of investments, including selection, due diligence and monitoring of external managers and was instrumental in building the alternative investments program. Ms. Wyatt started her career as a research analyst at a multi-family investment office covering hedge fund, private equity and private real asset investments.

Effective leadership and good governance can help maximize your mission but requires strategic, long-term thinking in a world increasingly focused on the short term. 

In this episode, Bob DiMeo and Devon Francis speak with David Nierenberg, director of The National World War II Museum, where he also chairs the investment committee. They explore ways to improve nonprofit leadership and governance and discuss key considerations for investment committee members today.

You will learn:

• How nonprofits can continue to advance their mission during uncertain market and economic conditions
• What David has seen work well for nonprofit boards and investment committees
• The current and future outlook regarding ESG and DEI
• Insights into asset allocation based on current market conditions (including alternative investments)
• And more!

Resources: Email the Stewards | Fiducient Advisors | Bob DiMeo | Devon Francis | Insights by Fiducient Advisors (Research, Blogs, Podcasts) | David Nierenberg on LinkedIn | “Churchill: Walking with Destiny” by Andrew Roberts | “Man’s Search for Meaning” by Viktor E. Frankl | “The Old Man and The Sea” by Ernest Hemingway

About Our Guest:

David Nierenberg wears many hats, including being a Director for The National World War II Museum in New Orleans and Chair of its investment committee.  He is also the longest-serving member of the Washington State Investment Board, which for the past two decades has been a top-performing state pension fund, priding itself on being transparent and ethical. David is Chair of The Ira Millstein Center for Global Markets and Corporate Ownership at Columbia Law School, a world leader in corporate governance. In addition, David estimates he has 200 “man-years” of service on public companies, private companies, government, and not-for-profit boards, which involved him in dozens of strategic plans, CEO searches, and the like. His volunteer efforts for investment committees are vast and span all sizes, from $15MM portfolios to over $200 billion portfolios. David attended Yale for both his undergraduate and law degrees. He and his wife Patricia were named Philanthropists of the Year in Southwest Washington.

A lot has happened in the first quarter of 2023. Continued market volatility, rising interest rates, and the hottest topic right now — the banking debacle!

In the first Quarterly Quick Take of 2023, Bob DiMeo and Devon Francis are back with Brad Long, CFA®, partner and deputy chief investment officer at Fiducient Advisors. They address top stories on the markets and the economy, including their practical portfolio implications.

You will learn:

• Three key factors expected to influence endowments and portfolios in 2023
• What is driving volatility in stocks, bonds, and alternative investments
• How nonprofit leaders, endowment committees, and other investors can navigate current market volatility
• Insights into the aftermath of the Silicon Valley Bank debacle
• And more!

Resources: Email the Stewards | Fiducient Advisors | Bob DiMeo | Devon Francis | Insights by Fiducient Advisors (Research, Blogs, Podcasts) | 2023 Outlook – Goodbye TINA (There is No Alternative) | Webcast: 2023 Essential Economic Update | Three Top Financial Challenges Facing the Nonprofit Sector – Fiducient (fiducientadvisors.com) | Five Investing Paradoxes Impacting Nonprofits and Endowments – Fiducient (fiducientadvisors.com) | Plain English with Derek Thompson: “The SVB Debacle: The Biggest Myths, the Out-of-Control Blame Game, and the Worst Takes”

About Our Guest:

Brad Long joined Fiducient Advisors in 2012. He is chair of the firm’s Investment Committee and a member of the firm’s Discretionary Committee, Research Forum, Capital Markets Team and Mission-Aligned Investing Committee. Prior to joining the firm, Brad worked in various research capacities at Citigroup and Wells Fargo in New York. He received a BA in Finance and Minor in Economics from The University of Colorado and is a CFA® charterholder and member of the CFA Society of Chicago and CFA Institute. Additionally, he is active with Greenhouse Scholars, a nonprofit providing financial and personal support to under-resourced college students. In his free time, Brad loves cooking and spending time with his wife and young sons.