Author: Sophia Caira
This podcast features Jack Brennan (Founding Chair, CIS and Chairman Emeritus, The Vanguard Group) and Joseph H. Davis, Ph.D. (Global Chief Economist and Global Head of the Investment Strategy Group, The Vanguard Group), as they provide insights on the macro and micro outlook for the new year, capital market trends, investment challenges, risks, and best practices for institutional investing.
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This webinar featured Jack Brennan (Founding Chair, CIS and Chairman Emeritus, The Vanguard Group) and Joseph H. Davis, Ph.D. (Global Chief Economist and Global Head of the Investment Strategy Group, The Vanguard Group), as they provide insights on the macro and micro outlook for the new year, capital market trends, investment challenges, risks, and best practices for institutional investing.
In this webinar, moderated by Paulita Pike (Managing Partner, Ropes & Gray), Craig Husting (CIO, Public School & Education Employee Retirement Systems of Missouri), and Bob DiMeo (Chairman & Co-Founder, Fiducient Advisors) share actionable insights and strategies to help Catholic institutional endowments navigate investment challenges while balancing risk, returns, and faith-based values.
00:00 – Welcome, opening prayer, and Introductions
03:00 – Governance for Catholic Institutions
05:40 – Advice for smaller Catholic institutions with fewer institutions
10:35 – Asset allocation for endowments
18:03 – How to establish a meaningful benchmark
21:15 – Q: What do you think about replacing hedge funds with buffered ETFs?
25:43 – Catholic alignment in institutional investment portfolios
29:43 – Q: What size does an endowment need to be to invest in alternatives?
31:49 – Q: What is a long-term investment period within which to think of alternatives?
32:37 – Hedge funds as a reducer of risk
34:12 – Q: How do you see the role of active vs. index in aligning with Catholic principles?
38:58 – Q: How do fiduciaries incorporate Catholic values into due diligence when thinking about alternatives?
40:45 – Q: How can investment committees effectively work with consultants to identify and implement Catholic-aligned alternatives?
41:57 – Best practices for monitoring performance of alternatives
46:50 – How to approach conversations with trustees and non-investment stakeholders regarding Catholic values
48:41 – Meeting both long-term growth and short-term spending needs
53:25 – Advice on building a Catholic endowment
55:10 – Thank you and closing
In this podcast, Paulita Pike, CIS Trustee and Managing Partner of Ropes & Gray, moderates a panel from our 2024 Symposium on What Keeps Us Up At Night. Panelists include Adam Berger, Senior Managing Director, Multi-Asset Strategist and Portfolio Manager at Wellington Management, Michelle Knight, CEO & Chief Economist at Ropes Wealth Partners, and Paul Schott Stevens, CIS Trustee and Retired CEO of the Investment Company Institute.
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This presentation is furnished or informational purposes only and is intended solely for the person to whom it is delivered by or on behalf of Catholic Investment Services (“CIS”). This presentation is confidential and may not be reproduced in its entirety or in part, or redistributed to any party in any form, without the prior written consent of CIS. This presentation does not constitute an offer to sell or the solicitation of an offer to purchase any securities offered by any funds or accounts managed by CIS. Certain statements contained herein that indicate future possibilities constitute forward-looking statements and should not be construed as predictions of performance. Actual results may differ materially. In calculating projections and case targets, CIS utilizes certain specific inputs that, in some cases, are estimated, and certain assumptions that ultimately may not hold true with respect to any investment. These estimates and assumptions may deviate materially from modelled expectations. No assurances can be made that the investment philosophy, investment objectives, projections or case targets will be achieved. The information and assumptions included in this presentation are made in good faith and based upon information reasonably available to CIS as of the date noted herein and will not be updated. The information contained herein does not purport to present a complete picture of the activities, results, actions and/or plans of CIS or any fund or account managed by CIS. Clients or prospective investors should consult advisory agreements, private placement memorandums and/or other documents describing any securities and explaining the services and risks associated with an investment in such securities prior to investing. Investing involves the risk of loss and investors should be prepared to bear potential losses. Past performance is not necessarily indicative of future results.
In this keynote, Juhi Dhawan, Senior Managing Director, Partner and Macro Strategist at Wellington Management Company, discusses the optimism surrounding the US Economy’s productivity trends as well as its debt.
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This presentation is furnished or informational purposes only and is intended solely for the person to whom it is delivered by or on behalf of Catholic Investment Services (“CIS”). This presentation is confidential and may not be reproduced in its entirety or in part, or redistributed to any party in any form, without the prior written consent of CIS. This presentation does not constitute an offer to sell or the solicitation of an offer to purchase any securities offered by any funds or accounts managed by CIS. Certain statements contained herein that indicate future possibilities constitute forward-looking statements and should not be construed as predictions of performance. Actual results may differ materially. In calculating projections and case targets, CIS utilizes certain specific inputs that, in some cases, are estimated, and certain assumptions that ultimately may not hold true with respect to any investment. These estimates and assumptions may deviate materially from modelled expectations. No assurances can be made that the investment philosophy, investment objectives, projections or case targets will be achieved. The information and assumptions included in this presentation are made in good faith and based upon information reasonably available to CIS as of the date noted herein and will not be updated. The information contained herein does not purport to present a complete picture of the activities, results, actions and/or plans of CIS or any fund or account managed by CIS. Clients or prospective investors should consult advisory agreements, private placement memorandums and/or other documents describing any securities and explaining the services and risks associated with an investment in such securities prior to investing. Investing involves the risk of loss and investors should be prepared to bear potential losses. Past performance is not necessarily indicative of future results.
This podcast features CIS Co-Founder and Chairman Emeritus of The Vanguard Group, Jack Brennan, and Ruchir Sharma, Chairman of Rockefeller International and Founder and Chief Investment Officer of Breakout Capital. The panelists discuss Ruchir Sharma’s book titled: What Went Wrong with Capitalism.
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In this podcast, the panel discusses developments since the release of Mensuram Bonam a year ago. This podcast features CIS Board Chair and Founder Scott Malpass, Bernard Brenninkmeijer, Chairman of Porticus North America and a leading Catholic investor and philanthropist, Fr. Séamus Finn, OMI, Director of the Oblates’ US Province Office of Justice, Peace, and Integrity of Creation, and Katie McCloskey, Vice President of Social Responsibility, Mercy Investment Services. The panel also discusses outcomes from the recent Mensuram Bonam Faith Consistent Investment Conference sponsored by the Vatican, where all panelists above participated as speakers.
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In this session from our 2023 Catholic Investor Symposium, Catholic Investment Services’ CEO, Tom Lanctot, leads a panel discussion on aligning Catholic values with investment success. He is joined by Matt Rozyczka, CIO at Duquesne University, Tom Skiba, Investment Committee Chair for the Diocese of Fort Wayne South Bend, and Sister Suzanne Brennan, CSC, Councilor of the Congregation of the Sisters of the Holy Cross.
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In this webinar, the panel discussed developments since the release of Mensuram Bonam a year ago. This webinar featured CIS Board Chair and Founder Scott Malpass, Bernard Brenninkmeijer, Chairman of Porticus North America and a leading Catholic investor and philanthropist, Fr. Séamus Finn, OMI, Director of the Oblates’ US Province Office of Justice, Peace, and Integrity of Creation, and Katie McCloskey, Vice President of Social Responsibility, Mercy Investment Services. The panel also discussed outcomes from the recent Mensuram Bonam Faith Consistent Investment Conference sponsored by the Vatican, where all panelists above participated as speakers.
00:00 – Tom Lanctot, CIS CEO, Welcome and opening prayer
03:50 – Scott Malpass, CIS Founding Chair, Introduction and starting the conversation
06:00 – History of Mensuram Bonam
09:53 – Discernment, how the committee approached MB
15:00 – How is Mensuram Bonam received?
17:20 – USCCB Guidelines vs. Mensuram Bonam
21:38 – Impact investing for Catholic institutions
26:15 – Engagement as a Catholic investor
28:30 – What is the difference between Catholic investing and ESG?
34:13 – Q: How should the investment committee of a Catholic institution formulate faith-based standards as part of their investment policy statement and objectives? How do they develop metrics and benchmarks around those standards?
37:00 – Q: What can small religious communities do to work with Mensuram Bonam if they don’t have institutional-sized endowment funding but invest in accordance with the USCCB guidelines?
38:51 – Follow-up and resources on Mensuram Bonam
43:03 – Q: How does Mensuram Bonam and the various bishops conferences address private capital?
50:00 – Opportunities and the road ahead
52:18 – Q: What was the level of engagement with non-religious organizations in the development of Mensuram Bonam?
54:08 – Q: Is Catholic investing concessionary?
57:50 – Thank you and closing
Economic strain across many factors has continued to create challenges for Catholic institutions who seek to grow their endowments so that they may sustain their vital ministries. This webinar was a wide-ranging discussion that focused on the macro and micro environment and outlook for the new year. This webinar featured Jack Brennan, CIS Founding Chair & Chairman Emeritus, The Vanguard Group, and Joseph Davis, Vanguard’s global chief economist and global head of the Investment Strategy Group, as they assessed the current state of the capital markets, highlight investment challenges and risks, and share best practice ideas on institutional investment themes. Joe also touched on his new book titled “Megatrends”, which demonstrates how AI, debt, demographics and deglobalization may impact the economy and markets in the coming decade. The info session concluded with questions from the audience.
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