Thesis On Investment Policy

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As with any thesis, when new investment ideas are surfaced, the research and methodologies underlying the idea must be taken from abstract concept to formal idea.

In the world of investments, the thesis serves as a game plan to help readers understand the big picture and nuances attached to an investment strategy.

Williams maintains a long-term perspective in formulating and implementing its investment policies and in evaluating its investment performance.

Investment performance is measured by two integrated long-term objectives: 1) the stated return objective and 2) the investment policy portfolio benchmark. The stated return objective is a 5% annualized real return, defined as 5% plus the return of the CPI-U Index (Consumer Price Index for All Urban Consumers). The investment policy portfolio benchmark is calculated by applying the investment performance of each asset class benchmark to the target allocation for that asset class.

He decides that he should not sell, but rather continue to rely on his original analysis and hold the stock.

Just as markets ever evolve, so too are the ideas and strategies investment professional believe are best suited to take advantage of growth and value creation opportunities.A high degree of reliance may suggest a policy portfolio with reduced expected volatility which may, in turn, moderate the long-term expected return.Williams’ policy portfolio, and long-term returns, may therefore look different from those of other schools.Ultimately, how we allocate the assets is the single largest driver of investment performance.We compare our actual investment results (for each manager, each asset class, and the total Investment Pool) to benchmarks.The investment policy portfolio benchmark allows the Investment Committee to compare the actual performance to a passively managed proxy, and to measure the contribution of active investment management and policy implementation.The Policy Portfolio is the target asset allocation of the portfolio; it represents the Investment Committee’s view on what percentage of the Investment Pool should be invested in each asset class (e.g. As such, the Policy Portfolio embodies an optimal mix of the Investment Committee’s long-term view of market opportunities, including long-term expectations for investment returns and risks for each asset class.Demonstrating how a fund fits into the competitive market landscape is an important part of a coherent story. How does the fund’s impact strategy compare to others in the market?Fund managers might ask themselves: Would the fund be unique in the marketplace? Answers to these questions influence key fund management practices, such as which types of LPs to target or investee businesses to approach given their capital requirements.A clearly articulated thesis is coherent and evidence-based, stands out among competitors in the market, and can be distilled to a concise and persuasive pitch.A well-crafted, coherent investment and impact thesis integrates all the pieces of a complex investment strategy into a single narrative that is thoughtful, thorough, and supported by data and other evidence.


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