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This online version is for convenience; the official version of this Statement of Investment Policies and Procedures is housed in the University Secretariat. In case of discrepancy between the online version and the official version held by the Secretariat, the official version shall prevail.
Approving Authority: Board of Governors
Date of Most Recent Review/Revision: June 7, 2018
Office of Accountability: VP: Finance and Administration
Administrative Responsibility: Office of Finance and Administration
The creation of the Jarislowsky endowment fund at Wilfrid Laurier University (the “Endowment Fund”) was made possible by a $2 million donation from The Jarislowsky Foundation.
As per the Donor Agreement between The Jarislowsky Foundation and Wilfrid Laurier University, the $2 million gift from the Jarislowsky Foundation will be managed as a segregated investment, but always under the control and oversight of the Wilfrid Laurier University.
2.1 The overall investment objective is to ensure that the Endowment Fund will be invested in a prudent and effective manner so as to preserve and enhance capital while generating sufficient return on investment to support the annual cash flow requirements of the Chairholder position.
2.2 The Endowment Fund consists of the original capital of $2 million donated by The Jarislowsky Foundation and possibly future gifts.
3.1 Primary Objective: The primary rate of return objective is to achieve an annualized rate of return at least equal to the total of the annual spending allocation plus inflation (Consumer Price Index, all items Canada) plus investment management fees.
3.2 Secondary Objective: The secondary rate of return objective is to earn an annualized rate of return on the total Fund net of fees over moving-four-year periods which exceeds the aggregate return of the passive investment benchmarks as defined under “Authorized investments.”
4.1 The Endowment Fund will ordinarily be invested as follows:
Type of Investment |
Minimum |
Maximum |
Target |
---|---|---|---|
Cash or Cash Equivalents |
0% |
30% |
5% |
Bonds |
20% |
40% |
30% |
Total Fixed Income |
20% |
55% |
35% |
Canadian Equities |
10% |
35% |
20% |
Foreign Equities |
35% |
65% |
45% |
Total Equities |
45% |
80% |
65% |
Jarislowsky, Fraser Ltd. recognizes the long term ability of equities to achieve higher real returns than fixed income. The targeted asset mix can include a higher equity allocation based on long term investment horizon and the Endowment Fund’s ability to bear short term market volatility.
The portfolio’s benchmark will be as follows:
5% FTSE TMX Canada 91 Day Treasury Bill Index, 30.00% FTSE TMX Canada Universe Bond Index, 20.00% S&P/TSX Composite Index & 45.00% MSCI World Net Index C$.
4.2 The Canadian Equity portion of the portfolio shall be invested as follows:
Group |
Minimum |
Maximum |
---|---|---|
Group I: High Quality Growth |
50% |
100% at market |
Group II: Cyclical |
0% |
35% at market |
Group III: Junior Growth |
0% |
15% at market |
4.3 The U.S. Equity and International Equity portion of the portfolio shall be invested as follows:
Group |
Minimum |
Maximum |
---|---|---|
Group I: High Quality Growth |
80% |
100% at market |
Group II and III: Junior Growth and Cyclicals |
0% |
20% at market |
4.4 The fixed income portion of the portfolio shall be invested as follows:
4.5 The cash and cash equivalents portion of the portfolio will be invested in the Jarislowsky Money Market Funds as described in the appendix 1.
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