Headed by Matt Stone, the team oversees all of the University’s investments in the public markets, including:
The most unconstrained way to invest across asset classes. We invest in Absolute Return because we believe that, over full cycles, our portfolio will have a superior risk adjusted return to cheaper, more liquid, more passive approaches.
Purchasing the securities of stressed or distressed companies with an appropriate margin of safety can lead to a favorable risk-adjusted return profile; premiums can be extracted in distressed-for-control situations, leading to an even better risk/reward profile. The Private Debt category also includes a wide variety of other illiquid credit oriented opportunities that take advantage of market dislocations and inefficiencies around the globe.
Fixed Income and Credit
Fixed Income, primarily US Treasuries and TIPs, is a source of liquidity and deflation protection. At times it includes a source of inflation protection through TIPS. Through a combination of internal and external management, an optimal risk/reward profile can be maintained.
The Credit portfolio, which is also designed to be a source of liquidity, consists mostly of Investment Grade Corporate or other highly rated securities.
As public equities have no contractual limitations on upside growth, public equities should be an essential component of any diversified institutional portfolio. Over time, public equities should provide a premium return compared to credit funds, fixed income, and cash.
The PMAR team carefully selects the best managers whose investments and strategies align closely with that of the University of Chicago to ensure the best investment relationships for the approximately $4.4 billion portfolio we oversee.
Matthew H. Stone, CFA
MBA, University of Chicago Booth School of Business
BA, University of Pennsylvania
BS, Wharton School of Economics
Elisabeth Roth, CFA
Senior Portfolio Manager (Credit Focus)
MBA, Georgetown University
BA, Tufts University
Andrew James, CFA
Senior Portfolio Manager (Equity Focus)
MBA, Marquette University
BA, Marquette University