SIX PRINCIPLE DETERMINANTS

OF AN ENDOWMENT'S PERFORMANCE

AND LONGEVITY

RELATIVE

IMPORTANCE/

ITEM	WEIGHTING

Effectiveness of foundation

investment committee and staff	25%

Foundation spending rate	25%

Asset allocation	25%

Style or investment philosophy

of investment managers	12%

Choice of investment managers

or mutual funds	8%

Security selection	5%

100%

Reference:	John E. Craig, Jr.

Executive Vice President

Commonwealth Fund