Operating & Endowment Fund Investing

Western has two broad sources of funds to be managed and invested:

  • Endowments
  • Operating Funds (also referred to as non-endowed funds)

Endowed Portfolio
The objective of managing the Endowed Portfolio is to yield sufficient returns to provide an annual stable amount for spending and also to preserve the capital so that future generations can benefit in the same manner as current generations.

Operating Portfolio
Western has a significant amount of operating, or non-endowed funds.  These funds include donations, ancillary revenues (such as the residences and food services), government grants, capital revenues and research grants and contracts.  A core portion of these operating funds are not required to meet Western's ongoing day-to-day and year-to-year expenditure needs and this core balance of funds has a long time horizon.  Therefore, some of these funds are invested long term along with the Endowed Portfolio and the balance is invested on a short-term basis.  The objective of managing these funds is to earn additional returns over time to exceed the returns that would have been earned by investing in short term money market instruments, while ensuring that the University's daily cash needs are met.

Management of the day-to-day investment activities for Western is the responsibility of:

Martin Bélanger
Director, Investments
mbelang7@uwo.ca
519.661.2111 Ext. 80314

Tom Keenleyside
Associate Director, Investments
tkeenley@uwo.ca
519.661.2111 Ext. 82628

Tahir Aziz
Associate Director, Pension Investments
taziz9@uwo.ca
519.661.2111 Ext. 85854

Diane Stechly-Hoover
Director, Treasury Services
dstechly@uwo.ca
519.661.2111 Ext. 85408


This team works closely with Western's Investment Committee on investment matters and implementing Committee directives.  Responsibilities include:

  • determining the most appropriate asset mix
  • conducting research on new investment opportunities
  • reporting on investment performance and measuring performance against objectives
  • conducting ongoing due diligence on the external investment managers
  • recommending changes in manager structure and investment policy when appropriate
  • managing the day-to-day cash flow needs for the University

Asset Mix

External Investment Managers

Western allocates capital to external investment managers noted below, in accordance with the statement of investment objectives, policies and governance. Western relies on external investment managers to invest and as such, there are no direct investments where the university controls security selection, or buy and sell decisions. Information related to Western’s investments is updated periodically, when the relevant information becomes available.

Holdings

The following provides disclosure of Western’s investment holdings at the strategic asset class level. The disclosure is updated quarterly, using the most recent information available from our external investment managers. The information is historical, and in the case of publicly traded securities, will not represent the current positions as external investment managers adjust the composition of their funds frequently, and the market values of publicly traded securities fluctuate daily.

The presentation of specific publicly traded securities may make it appear as though the university has selected specific stocks or bonds. This is not accurate. These specific holdings may be held across a few investment managers’ funds, and so are presented in aggregate across all managers. For further clarity, security selections are made by the investment manager, not the university. Western has no direct investments where the university controls security selection, or buy and sell decisions. Every security selection has been made by an investment manager, in order to satisfy their mandate with Western.

The university’s external investment managers, and their investment styles as agreed to in their investment mandates, are also separately published by Western. 

Investment Philosophy and Beliefs

Responsible Investing Report

Performance

Spending Policy