1. To the Board of Trustees
Investment Committee
Annual Update
To the Board of Trustees
March 23, 2017
Presented by: J. Fergus Shiel, Chair
CSF Investment Committee

2. Background Summary
CSF investment pool was separated from the Archdiocese of Boston Common Investment Fund in 2002.
Investments managed by a group of high caliber, experienced investment professionals across diverse sectors who volunteer their time.
Chair of CSF Board and Chair of the Finance Committee are ex-officio members of the Investment Committee
Transactions and reporting are handled internally by CSF staff
As of the Investment Pool sits at $67.1M
Introduce yourself and background and length of service on the committee
Highlight the quality of the committee and let people know they are listed at the back.

3. Fund Objective
Provide steady growth while ensuring capital preservation in order to serve the mission of the Catholic Schools Foundation.
This goal is not to just beat the market, but it is about ensuring the resources are available over time.
Committee is always concerned about ensuring adequate cash is available to meet the funding needs of the Foundation – first question of every meeting

4. Investment Asset Allocation As of 2.28.17
Asset allocation shifts based on market conditions and committee consensus. 3 years ago next slide

5. Asset Allocation Comparison
Asset Allocation is reviewed regularly and is responsive to market conditions
Comparision from three years ago – overall decrease in equity position with decrease in US equity position, and slight increase in Int’l
Bonds have decrease and an increase in cash

6. Equity Allocation as of February 28, 2017

7. Fixed Income Allocation as of February 28, 2017

8. Benchmarking
The Investment Committee created the investment benchmark below to assist in evaluating the performance.
Currently CSF is at 3.7% through 2.28 so slightly ahead of the benchmark
Performance in line with budget with less risk
Still feel heavy cash position is appropriate for fund objective and market conditions
Being underweight bonds and focused on short duration is also appropriate at this time, but this is also has held back performance
but good manager and sector selection has helped offset.
Cash is

9. Benchmark and Performance
Market Value
Return
Bench
12/31/2016
$64,642,554
6.84%
6.55%
12/31/2015
$61,606,820
-0.52%
0.60%
12/31/2014
$63,459,449
4.52%
7.50%
12/31/2013
$61,640,242
17.50%
17.30%
12/31/2012
$53,713,168
11.14%
10.3%
12/31/2011
$49,048,271
-0.90%
1.74%
12/31/2010
$50,038,546
14.28%
13.11%
12/31/2009
$43,893,111
27.43%
19.42%
12/31/2008
$34,900,636
-30.51%
-24.07%
12/31/2007
$49,243,264
9.22%
6.14%
12/31/2006
$44,743,733
13.48%
11.69%
12/31/2005
$35,967,482
8.60%
4.12%
12/31/2004
$32,471,562
11.46%
8.62%
12/31/2003
$28,770,185
25.14%
19.73%
12/19/2002
$21,494,424
n/a
In 14 years fund has tripled due to performance
During the crisis the fund dipped to $28M but has recovered well.
CSF Investment performance has beat the benchmark in 10 of the last 14 years.

10. CSF Investment Committee Members
Gerry Curtis, Senior Advisor Birch Hill Investment Advisors LLC
John Fantozzi, Managing Director Park Street Capital
Greg Fraser, Principal GRT Capital Partners, LLC
Linda Lynch, Managing Director, Founder Fisher Lynch Capital
Peter Lynch, Vice Chairman Fidelity Management & Research Co.
Brendan McCarthy, Founding Partner Nyes Ledge Capital
Steve Meier, EVP & Chief Investment Officer State Street Global Advisors
Meg Reynolds, Principal & CEO Westwood Global Investments
J. Fergus Shiel, (Chair) Portfolio manager Fidelity Investments
Jack Sommers, President Income Research & Management
Christine Komola, (Ex Officio) Chair, Finance Committee
Bill Mosakowski, (Ex Officio) President, CSF Board
Every member of the committee has over 25 years experience in the investment industry.
3 Members of the Committee are formerly with Cambridge Associates, the premiere advisor to endowments in the country.
7 of the 10 members are active money managers.
Areas of expertise are: Equities, Emerging Markets, Hedge Funds, Private Equity, Commodities, Fixed-Income