The evestment Education Report Representation of Universities and Colleges Across the Asset Management Industry evestment Research September 2015
Introduction The evestment Education Report depicts university and college representation across the asset management space. The financial services industry continues to be one of the leading fields of interest for students and recent graduates, and asset management in particular may play a larger role going forward. Industry expansion has been robust since 2008 with assets under management growing 8% globally to $74 trillion in 2014. 1 The following report, an update to our 2014 inaugural edition, investigates the strength of school networks within the industry, where they are most concentrated, and how these networks compare to each other. Current and prospective students aiming for a career in asset management will find the following an invaluable resource. Universities and asset management firms may use this report as a benchmark for the development of their career planning and job placement programs and recruiting strategies. Asset management firms voluntarily provide information on their key professionals to evestment alongside other firm and fund information. The following report draws from a data set of 35,000 active professionals, from 4,500 asset management firms, who represent 900 universities and colleges globally. The top seventyfive national universities and top fifteen liberal arts colleges, as ranked by U.S. News & World Report, were chosen for our ranking tables and school-specific pages. Schools are ranked based on the total number of graduates, representation based on their roles at each firm, and a variety of other factors. 1. Boston Consulting Group, Global Asset Management 2015: Sparking Growth with Go-to-Market Excellence, https://www.bcgperspectives.com/content/ articles/financial-institutions-global-asset-management-2015-sparking-growth-through-go-to-market-strategy, July-07-2015 evestment - All Rights Reserved 2
Highlights Ivy league schools predictably ranked highly across all of our rankings, both on an absolute basis and after scaling for school size. There was no clear delineation in terms of the absolute best school for a career in asset management, but top flight MBA programs were a boon for Harvard University, the University of Pennsylvania, and Columbia University. Public schools were also well represented with University of California Los Angeles, University of California Berkeley, University of Michigan Ann Arbor, and University of Virginia showing a large number of alumni across the asset management industry. Regional bias was a beneficial factor with lower ranked public schools, based on U.S. News rankings, garnering attention from local firms. Liberal arts colleges were competitive with top ranked national universities when taking into account their smaller student body size; Williams College and Middlebury College in particular placed a large number of graduates within the industry. The average asset management professional has 19.3 years of relevant work experience, the median is 19 years. Approximately 13.9 the current cohort have not worked in the industry long enough to experience a Fed rate hike. Boston based schools including Boston College, Boston University, and Tufts University benefited from the stable of large asset management firms in the area. A similar regional effect in the Midwest proved beneficial for the University of Wisconsin Madison and the University of Minnesota Twin Cities. 39.6 asset management professionals recorded on evestment s database went no further than a bachelor s degree; 38.9% held an MBA, with the remainder holding non-business administration master s degrees, Ph.D. s, and other graduate degrees. evestment - All Rights Reserved 3
Table of Contents Introduction 2 Highlights 3 Table of Contents 4 Report Overview 5 Schools by Portfolio Managers 8 Public University ings 14 Schools by Graduation 20-21 Schools by Bachelor's Programs 9-10 Intercollegiate Rivalries 15-16 Schools by Product Strategy 22 ings Schools by MBA Programs 11-12 Schools by Firm Location 17-18 Schools by Strategy Assets 23-25 Schools by 6-7 Ivy League ings 13 Schools by City 19 School Overview 26 National Universities George Washington University 45 Stanford University 64 University of Michigan - Ann Arbor 83 American University 27 Georgetown University 46 Syracuse University 65 University of Minnesota - Twin Cities 84 Baylor University 28 Georgia Institute of Technology 47 Texas A&M Univ. - College Station 66 University of NC - Chapel Hill 85 Boston College 29 Harvard University 48 Tufts University 67 University of Notre Dame 86 Boston University 30 Johns Hopkins University 49 Tulane University 68 University of Pennsylvania 87 Brandeis University 31 Lehigh University 50 University of California - Berkeley 69 University of Pittsburgh 88 Brigham Young University - Provo 32 Massachusetts Inst. of Technology 51 University of California - Davis 70 University of Rochester 89 Brown University 33 New York University 52 University of California - Irvine 71 University of Southern California 90 California Institute of Technology 34 Northeastern University 53 University of California - Los Angeles 72 University of Texas - Austin 91 Carnegie Mellon University 35 Northwestern University 54 University of California - San Diego 73 University of Virginia 92 Case Western Reserve University 36 Ohio State University - Columbus 55 University of CA - Santa Barbara 74 University of Washington 93 Clemson University 37 PA State University - University Park 56 University of Chicago 75 University of Wisconsin - Madison 94 College of William & Mary 38 Pepperdine University 57 University of Connecticut 76 Vanderbilt University 95 Columbia University 39 Princeton University 58 University of Florida 77 Virginia Tech 96 Cornell University 40 Purdue University - West Lafayette 59 University of Georgia 78 Wake Forest University 97 Dartmouth College 41 Rensselaer Polytechnic Institute 60 University of IL - Urbana- Champaign 79 Washington University in St. Louis 98 Duke University 42 Rice University 61 University of Iowa 80 Worcester Polytechnic Institute 99 Emory University 43 Rutgers, the State University of NJ 62 University of Maryland - College Park 81 Yale University 100 Fordham University 44 Southern Methodist University 63 University of Miami 82 Yeshiva University 101 Liberal Arts Colleges Claremont McKenna College 105 Middlebury College 109 Vassar College 113 Amherst College 102 Colby College 106 Pomona College 110 Washington and Lee University 114 Bowdoin College 103 Davidson College 107 Swarthmore College 111 Wellesley College 115 Carleton College 104 Haverford College 108 United States Naval Academy 112 Williams College 116 Methodology 117 Contact Information 118 evestment - All Rights Reserved 4
Report Overview Summary The characteristics cited in the following pages are based on employee data reported to evestment. Given the nature of investment manager databases, our information on asset management professionals skews heavily in favor of front office roles, see figure 2. While this is but a fraction of each firms workforce, these individuals represent some of the key decision makers within these organizations: those managing, or helping to manage, portfolios and those heading the various support roles required to run successful asset management firms. The report is broken into two sections. The first section, pages 5 25, contains aggregate rankings and other statistics and schools comparative representation rates within the asset management industry. The second section, pages 26 116, contains information organized by university or college. Figure 1: Distribution of start year in financial services industry for all current employees *includes half of 2006 start year cohort 5% 4% 3% 2% 1% Average years of experience: 19.3 13.9% have not seen a Fed rate hike* 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 2014 Figure 2: Distribution of reported professionals roles Portfolio Manager/ Analyst 73.6% Research/ Economist/ Strategist 5.1% Other/ Unspecified 13.1% Investor Relations/ Marketing 5.6% Risk Management/ Due Diligence 2.5% Figure 3: Distribution of bachelor s degree-receiving graduation years for current portfolio managers 300 250 200 150 100 50 Average age assuming bachelor's degree received at age 22: 48 0 1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2012 evestment - All Rights Reserved 5
ing by Universities and colleges ranked based on the total number of graduates working in asset management as reported to evestment University University University 1 University of Pennsylvania 974 32 Vanderbilt University 130 63 Case Western Reserve University 52 2 Harvard University 843 33 University of Maryland - College Park 122 64 Rensselaer Polytechnic Institute 46 3 Columbia University 788 34 Northeastern University 117 64 Wake Forest University 46 4 University of Chicago 769 34 University of Rochester 117 65 University of Miami 44 5 New York University 739 36 Lehigh University 116 67 Purdue University - West Lafayette 42 6 Stanford University 437 37 Tufts University 113 68 Pepperdine University 39 7 Northwestern University 381 38 Ohio State University - Columbus 112 69 Virginia Tech 38 8 Cornell University 353 38 University of Texas - Austin 112 69 California Institute of Technology 33 9 University of California - Los Angeles 345 40 Southern Methodist University 110 71 Baylor University 28 10 Boston College 343 41 Johns Hopkins University 107 72 American University 20 11 University of California - Berkeley 333 42 University of Washington 104 73 Yeshiva University 19 12 University of Virginia 318 43 Washington University in St. Louis 103 74 Clemson University 17 13 Massachusetts Institute of Technology 311 44 University of Iowa 102 75 Worcester Polytechnic Institute 11 14 University of Michigan - Ann Arbor 308 45 Emory University 98 15 Yale University 280 45 George Washington University 98 16 Boston University 266 47 University of Connecticut 94 17 Duke University 264 48 University of Pittsburgh 84 1 Williams College 94 18 Dartmouth College 263 49 University of Florida 73 2 Middlebury College 72 19 Princeton University 255 50 College of William & Mary 72 3 Washington and Lee University 57 20 University of Southern California 241 50 Tulane University 72 4 Colby College 48 21 Georgetown University 227 52 University of California - Santa Barbara 71 5 Bowdoin College 46 22 University of Illinois - Urbana- Champaign 226 53 Brigham Young University - Provo 66 6 Amherst College 37 23 University of Notre Dame 216 54 University of California - San Diego 63 7 Claremont McKenna College 35 24 University of Minnesota - Twin Cities 183 55 Rice University 59 7 Wellesley College 35 25 Fordham University 166 55 Syracuse University 59 9 Vassar College 34 26 Penn. State University - University Park 165 55 University of Georgia 59 10 Swarthmore College 29 27 Brown University 158 58 Georgia Institute of Technology 58 11 United States Naval Academy 24 28 University of North Carolina - Chapel Hill 154 59 Texas A&M University - College Station 57 12 Carleton College 23 29 University of Wisconsin - Madison 145 59 University of California - Irvine 57 13 Davidson College 22 30 Rutgers, the State University of New Jersey 144 61 University of California - Davis 55 13 Pomona College 22 31 Carnegie Mellon University 137 62 Brandeis University 52 15 Haverford College 21 Liberal Arts College evestment - All Rights Reserved 6
ing by for School Size Universities and colleges ranked based on the number of graduates in asset management as reported to evestment adjusting for student body size University University University 1 University of Chicago 769 32 Boston University 266 63 Brigham Young University - Provo 66 2 Dartmouth College 263 33 Washington University in St. Louis 103 64 Worcester Polytechnic Institute 11 3 University of Pennsylvania 974 34 Emory University 98 65 University of California - San Diego 63 4 Princeton University 255 35 Rensselaer Polytechnic Institute 46 66 University of California - Irvine 57 5 Harvard University 843 36 University of Michigan - Ann Arbor 308 67 Ohio State University - Columbus 112 6 Boston College 343 37 Wake Forest University 46 68 University of Georgia 59 7 Massachusetts Institute of Technology 311 38 Tulane University 72 69 University of California - Davis 55 8 Stanford University 437 39 University of North Carolina - Chapel Hill 154 70 American University 20 9 Yale University 280 40 University of Southern California 241 71 University of Florida 73 10 Columbia University 788 41 Case Western Reserve University 52 72 Virginia Tech 38 11 Brown University 158 42 University of Illinois - Urbana- Champaign 226 73 Texas A&M University - College Station 57 12 University of Notre Dame 216 43 Northeastern University 117 74 Purdue University - West Lafayette 42 13 California Institute of Technology 33 44 University of Iowa 102 75 Clemson University 17 14 Lehigh University 116 45 Rutgers, the State University of New Jersey 144 15 Northwestern University 381 46 Johns Hopkins University 107 16 Duke University 264 47 Pepperdine University 39 17 New York University 739 48 University of Minnesota - Twin Cities 183 1 Williams College 94 18 Cornell University 353 49 University of Wisconsin - Madison 145 2 Washington and Lee University 57 19 University of Virginia 318 50 George Washington University 98 3 Claremont McKenna College 35 20 Georgetown University 227 51 Penn. State University - University Park 165 4 Bowdoin College 46 21 University of Rochester 117 52 University of Connecticut 94 5 Colby College 48 22 Tufts University 113 53 University of Maryland - College Park 122 6 Amherst College 37 23 Rice University 59 54 Yeshiva University 19 7 Middlebury College 72 24 Fordham University 166 55 University of California - Santa Barbara 71 7 Swarthmore College 29 25 Carnegie Mellon University 137 56 Syracuse University 59 9 Haverford College 21 26 Vanderbilt University 130 57 University of Pittsburgh 84 10 Wellesley College 35 27 Southern Methodist University 110 58 Georgia Institute of Technology 58 11 Pomona College 22 28 College of William & Mary 72 59 University of Miami 44 12 Vassar College 34 29 University of California - Berkeley 333 60 University of Washington 104 13 Carleton College 23 30 Brandeis University 52 61 University of Texas - Austin 112 14 Davidson College 22 31 University of California - Los Angeles 345 62 Baylor University 28 15 United States Naval Academy 24 Liberal Arts College evestment - All Rights Reserved 7
ing by Portfolio Managers Universities and colleges ranked based on the total number of portfolio managers and analysts as reported to evestment University PM/ Analyst University PM/ Analyst University 1 University of Pennsylvania 795 31 Rutgers, the State University of New Jersey 103 61 Brandeis University 40 2 Columbia University 651 32 Vanderbilt University 101 61 Case Western Reserve University 40 3 Harvard University 638 33 University of Texas - Austin 93 61 Georgia Institute of Technology 40 4 University of Chicago 630 34 Tufts University 91 61 Syracuse University 40 5 New York University 581 34 University of Rochester 91 61 University of Georgia 40 6 Stanford University 337 36 University of Maryland - College Park 89 66 Colby College 38 7 Northwestern University 295 37 Emory University 85 66 Rensselaer Polytechnic Institute 38 8 Cornell University 290 38 Northeastern University 84 66 Wake Forest University 38 9 University of California - Los Angeles 272 38 University of Iowa 84 69 Bowdoin College 36 10 Boston College 264 40 Johns Hopkins University 81 69 University of California - Irvine 36 11 University of California - Berkeley 260 41 Washington University in St. Louis 80 71 University of Miami 35 12 University of Virginia 256 42 Lehigh University 79 72 Purdue University - West Lafayette 32 13 Massachusetts Institute of Technology 249 42 Ohio State University - Columbus 79 73 Virginia Tech 31 14 University of Michigan - Ann Arbor 242 44 University of Washington 75 74 Amherst College 30 15 Dartmouth College 220 45 George Washington University 70 75 Wellesley College 28 16 Yale University 218 45 Williams College 70 76 Vassar College 26 17 Duke University 208 47 University of Connecticut 69 77 Claremont McKenna College 24 18 Boston University 204 48 Southern Methodist University 68 78 Pepperdine University 22 19 Princeton University 198 49 University of Pittsburgh 65 78 Pomona College 22 20 University of Illinois - Urbana- Champaign 182 50 University of Florida 62 78 Swarthmore College 22 21 University of Southern California 178 51 College of William & Mary 56 81 California Institute of Technology 21 22 Georgetown University 174 52 Tulane University 51 82 Carleton College 20 23 University of Notre Dame 172 53 Brigham Young University - Provo 50 83 Baylor University 18 24 University of Minnesota - Twin Cities 144 53 Rice University 50 84 Davidson College 17 25 University of Wisconsin - Madison 125 55 Middlebury College 46 84 United States Naval Academy 17 26 Fordham University 123 55 Washington and Lee University 46 86 Haverford College 16 27 University of North Carolina - Chapel Hill 122 57 University of California - Davis 45 86 Yeshiva University 16 28 Brown University 121 58 Texas A&M University - College Station 44 88 American University 13 29 Carnegie Mellon University 119 58 University of California - San Diego 44 89 Clemson University 12 30 Penn. State University - University Park 110 58 University of California - Santa Barbara 44 90 Worcester Polytechnic Institute 9 PM/ Analyst evestment - All Rights Reserved 8
ing by Bachelor s Graduates Universities and colleges ranked based on the total number of bachelor s graduates working in asset management as reported to evestment University BA/BS University BA/BS University BA/BS 1 University of Pennsylvania 391 32 Vanderbilt University 73 62 Purdue University - West Lafayette 27 2 Harvard University 249 33 Ohio State University - Columbus 69 64 Wake Forest University 26 3 University of Virginia 195 34 University of Maryland - College Park 67 65 Rensselaer Polytechnic Institute 24 4 Cornell University 192 35 University of Washington 65 66 Baylor University 23 5 Yale University 184 36 Southern Methodist University 60 67 California Institute of Technology 20 6 Princeton University 183 36 University of Iowa 60 68 University of California - Irvine 18 7 Boston College 179 36 University of Texas - Austin 60 69 University of Miami 17 8 University of California - Berkeley 164 39 University of California - Santa Barbara 59 70 Case Western Reserve University 14 9 University of Michigan - Ann Arbor 153 40 Fordham University 58 71 American University 12 10 Dartmouth College 149 41 Northeastern University 56 72 Pepperdine University 11 11 University of Illinois - Urbana- Champaign 147 41 University of Connecticut 56 72 Yeshiva University 11 12 University of Notre Dame 143 41 Washington University in St. Louis 56 74 Clemson University 10 13 Stanford University 142 44 College of William & Mary 53 75 Worcester Polytechnic Institute 7 14 Columbia University 141 45 University of Florida 50 14 New York University 141 46 Brigham Young University - Provo 47 16 Duke University 137 46 Emory University 47 Liberal Arts College BA/BS 16 Georgetown University 137 46 University of California - San Diego 47 1 Williams College 80 18 University of California - Los Angeles 129 49 Johns Hopkins University 44 2 Middlebury College 63 19 Brown University 127 49 Texas A&M University - College Station 44 3 Washington and Lee University 50 20 Penn. State University - University Park 123 51 George Washington University 42 4 Bowdoin College 44 21 Northwestern University 107 51 University of California - Davis 42 4 Colby College 44 22 Boston University 101 53 Syracuse University 40 6 Amherst College 33 22 University of Southern California 101 53 University of Rochester 40 6 Claremont McKenna College 33 24 Lehigh University 95 55 Carnegie Mellon University 39 8 Wellesley College 32 24 Massachusetts Institute of Technology 95 55 Tulane University 39 9 Vassar College 30 26 University of Minnesota - Twin Cities 91 57 University of Georgia 34 10 Swarthmore College 27 26 University of Wisconsin - Madison 91 58 Rice University 33 11 United States Naval Academy 21 28 Rutgers, the State University of New Jersey 89 59 Virginia Tech 32 12 Davidson College 20 29 Tufts University 83 60 University of Pittsburgh 31 13 Carleton College 19 30 University of North Carolina - Chapel Hill 79 61 Georgia Institute of Technology 28 13 Pomona College 19 31 University of Chicago 75 62 Brandeis University 27 15 Haverford College 18 evestment - All Rights Reserved 9
ing by Bachelor s Graduates for School Size Universities and colleges ranked based on the number of bachelor s graduates working in asset management as reported to evestment adjusting for student body size University BA/BS University BA/BS University BA/BS 1 University of Pennsylvania 391 32 Johns Hopkins University 44 63 American University 12 2 Princeton University 183 33 Boston University 101 64 University of Texas - Austin 60 3 Yale University 184 34 Tulane University 39 65 University of Miami 17 4 Harvard University 249 35 University of Michigan - Ann Arbor 153 66 Brigham Young University - Provo 47 5 Dartmouth College 149 36 Wake Forest University 26 67 Ohio State University - Columbus 69 6 Boston College 179 37 University of Southern California 101 68 University of California - Davis 42 7 Massachusetts Institute of Technology 95 38 University of California - Berkeley 164 69 University of Florida 50 8 California Institute of Technology 20 39 University of Illinois - Urbana- Champaign 147 70 Virginia Tech 32 9 Stanford University 142 40 Rensselaer Polytechnic Institute 24 71 University of Georgia 34 10 Lehigh University 95 41 Yeshiva University 11 72 Texas A&M University - College Station 44 11 Brown University 127 42 George Washington University 42 73 Purdue University - West Lafayette 27 12 Duke University 137 43 University of North Carolina - Chapel Hill 79 74 University of California - Irvine 18 13 Georgetown University 137 44 University of California - Los Angeles 129 75 Clemson University 10 14 Columbia University 141 45 Case Western Reserve University 14 15 University of Notre Dame 143 46 Northeastern University 56 16 University of Chicago 75 47 University of Wisconsin - Madison 91 Liberal Arts College BA/BS 17 Tufts University 83 48 University of Iowa 60 1 Williams College 80 18 Cornell University 192 49 Rutgers, the State University of New Jersey 89 2 Washington and Lee University 50 19 University of Virginia 195 50 Syracuse University 40 3 Claremont McKenna College 33 20 Northwestern University 107 51 University of Minnesota - Twin Cities 91 4 Bowdoin College 44 21 Vanderbilt University 73 52 Penn. State University - University Park 123 5 Middlebury College 63 22 Southern Methodist University 60 53 Pepperdine University 11 6 Colby College 44 23 Rice University 33 54 University of Connecticut 56 7 Amherst College 33 24 College of William & Mary 53 55 University of California - Santa Barbara 59 8 Swarthmore College 27 25 Washington University in St. Louis 56 56 Georgia Institute of Technology 28 9 Haverford College 18 26 Brandeis University 27 57 University of Maryland - College Park 67 10 Wellesley College 32 27 Carnegie Mellon University 39 58 University of Washington 65 11 Pomona College 19 28 Fordham University 58 59 Baylor University 23 12 Vassar College 30 29 New York University 141 60 Worcester Polytechnic Institute 7 13 Davidson College 20 30 University of Rochester 40 61 University of Pittsburgh 31 14 Carleton College 19 31 Emory University 47 62 University of California - San Diego 47 15 United States Naval Academy 21 evestment - All Rights Reserved 10
ing by MBA Graduates Universities and colleges ranked based on the total number of MBA graduates working in asset management as reported to evestment University MBA University MBA University MBA 1 University of Chicago 619 24 University of Notre Dame 53 47 Penn. State University - University Park 18 2 University of Pennsylvania 494 24 Yale University 53 47 Rice University 18 3 Columbia University 486 26 Vanderbilt University 46 49 University of Miami 16 4 New York University 466 27 University of Iowa 43 50 Lehigh University 13 5 Harvard University 430 28 Emory University 41 50 Wake Forest University 13 6 Northwestern University 209 28 Rutgers, the State University of New Jersey 41 52 College of William & Mary 11 7 Stanford University 173 28 University of Pittsburgh 41 52 University of Florida 11 8 University of California - Los Angeles 172 31 University of Texas - Austin 39 54 Brigham Young University - Provo 9 9 Cornell University 116 32 Case Western Reserve University 37 54 University of Georgia 9 10 University of Michigan - Ann Arbor 112 33 George Washington University 36 56 Johns Hopkins University 8 11 University of Southern California 108 33 Washington University in St. Louis 36 57 Purdue University - West Lafayette 6 12 Massachusetts Institute of Technology 104 35 Northeastern University 35 58 Syracuse University 5 13 Fordham University 100 35 Southern Methodist University 35 58 Texas A&M University - College Station 5 14 University of California - Berkeley 97 37 University of Wisconsin - Madison 33 60 Baylor University 4 15 Duke University 96 38 University of Connecticut 32 60 Georgia Institute of Technology 4 16 Dartmouth College 94 38 University of Maryland - College Park 32 60 Rensselaer Polytechnic Institute 4 17 University of Virginia 85 40 Georgetown University 28 63 American University 3 18 University of Minnesota - Twin Cities 83 40 Ohio State University - Columbus 28 63 University of California - Davis 3 19 Boston University 82 42 University of Washington 26 65 Clemson University 2 20 Boston College 79 43 University of California - Irvine 25 65 University of California - San Diego 2 21 University of Rochester 62 44 Pepperdine University 24 65 Virginia Tech 2 22 Carnegie Mellon University 55 45 Tulane University 22 68 Brandeis University 1 22 University of North Carolina - Chapel Hill 55 45 University of Illinois - Urbana- Champaign 22 evestment - All Rights Reserved 11
ing by MBA Graduates for School Size Universities and colleges ranked based on the number of MBA graduates working in asset management as reported to evestment adjusting for student body size University MBA University MBA University MBA 1 New York University 466 24 University of California - Berkeley 97 47 University of North Carolina - Chapel Hill 55 2 University of Chicago 619 25 Southern Methodist University 35 48 University of Georgia 9 3 Lehigh University 13 26 Dartmouth College 94 49 University of Florida 11 4 University of Connecticut 32 27 Rensselaer Polytechnic Institute 4 50 University of Miami 16 5 Boston College 79 28 University of Wisconsin - Madison 33 51 Yale University 53 6 Columbia University 486 29 University of Notre Dame 53 52 Rice University 18 7 University of Minnesota - Twin Cities 83 30 University of Maryland - College Park 32 53 University of Texas - Austin 39 8 University of Iowa 43 31 Pepperdine University 24 54 Syracuse University 5 9 Case Western Reserve University 37 32 Northeastern University 35 55 Johns Hopkins University 8 10 Fordham University 100 33 Vanderbilt University 46 56 College of William & Mary 11 11 Boston University 82 34 Wake Forest University 13 57 Georgetown University 28 12 University of Rochester 62 35 University of Virginia 85 58 Baylor University 4 13 University of Pennsylvania 494 36 University of California - Irvine 25 59 Texas A&M University - College Station 5 14 University of Pittsburgh 41 37 Carnegie Mellon University 55 60 American University 3 15 University of Southern California 108 38 University of Illinois - Urbana- Champaign 22 61 Purdue University - West Lafayette 6 16 Tulane University 22 39 Washington University in St. Louis 36 62 University of California - Davis 3 17 University of California - Los Angeles 172 40 Massachusetts Institute of Technology 104 63 Georgia Institute of Technology 4 18 Harvard University 430 41 Ohio State University - Columbus 28 64 Virginia Tech 2 19 Stanford University 173 42 University of Michigan - Ann Arbor 112 65 Brigham Young University - Provo 9 20 Rutgers, the State University of New Jersey 41 43 Penn. State University - University Park 18 66 University of California - San Diego 2 21 Northwestern University 209 44 Duke University 96 67 Clemson University 2 22 Cornell University 116 45 Emory University 41 68 Brandeis University 1 23 George Washington University 36 46 University of Washington 26 evestment - All Rights Reserved 12
Ivy League ing Ivy league schools represent an overwhelming percentage of the U.S. asset management workforce, particularly among portfolio managers and front office analysts. The following depicts the scale and relative representation of Ivy Leaguers in the asset management space, based on degree program and role. School Bachelor's Graduates 1 1 University of Pennsylvania 391 2,636 2 4 Harvard University 249 1,774 3 8 Cornell University 192 3,596 4 3 Yale University 184 1,285 5 2 Princeton University 183 1,248 6 5 Dartmouth College 149 1,093 7 7 Columbia University 141 2,022 8 6 Brown University 127 1,603 School School MBA Graduates 1 2 University of Pennsylvania 974 7,308 2 4 Harvard University 843 7,243 3 6 Columbia University 788 10,145 4 8 Cornell University 353 6,521 5 5 Yale University 280 3,500 6 1 Dartmouth College 263 1,777 7 3 Princeton University 255 2,079 8 7 Brown University 158 2,392 1 2 University of Pennsylvania 494 1,711 2 1 Columbia University 486 1,270 3 3 Harvard University 430 1,867 4 4 Cornell University 116 585 5 5 Dartmouth College 94 558 6 6 Yale University 53 625 - - Brown University - - - - Princeton University - - School Portfolio Managers & Analysts School Master's & PhD Graduates 1 2 University of Pennsylvania 795 7,308 2 5 Columbia University 651 10,145 3 4 Harvard University 638 7,243 4 8 Cornell University 290 6,521 5 1 Dartmouth College 220 1,777 6 6 Yale University 218 3,500 7 3 Princeton University 198 2,079 8 7 Brown University 121 2,392 1 4 Columbia University 120 8,123 2 2 Harvard University 107 5,469 3 1 Princeton University 59 831 4 7 University of Pennsylvania 53 4,672 5 6 Cornell University 34 2,925 6 5 Yale University 27 2,215 7 3 Brown University 13 789 8 8 Dartmouth College 5 684 evestment - All Rights Reserved 13
Public University ing Generally representing the largest student bodies, public schools boast solid placement in asset management. Name brand recognition and top flight MBA programs are closely linked with the number of current asset management professionals. School School Bachelor's Graduates 1 4 University of California - Los Angeles 345 11,577 2 3 University of California - Berkeley 333 10,699 3 1 University of Virginia 318 6,369 4 5 University of Michigan - Ann Arbor 308 11,828 5 7 University of Illinois - Urbana- Champaign 226 11,926 6 10 University of Minnesota - Twin Cities 183 12,529 7 12 Penn. State University - University Park 165 12,164 8 6 University of North Carolina - Chapel Hill 154 7,603 9 11 University of Wisconsin - Madison 145 9,982 10 9 Rutgers, the State University of NJ 144 9,418 11 14 University of Maryland - College Park 122 10,140 12 22 Ohio State University - Columbus 112 15,373 12 19 University of Texas - Austin 112 12,830 14 18 University of Washington 104 11,305 15 8 University of Iowa 102 6,627 16 13 University of Connecticut 94 7,336 17 16 University of Pittsburgh 84 7,580 18 25 University of Florida 73 14,136 19 2 College of William & Mary 72 2,292 20 15 University of California - Santa Barbara 71 6,303 21 20 University of California - San Diego 63 8,158 22 23 University of Georgia 59 8,936 23 17 Georgia Institute of Technology 58 5,240 24 27 Texas A&M University - College Station 57 11,935 24 21 University of California - Irvine 57 7,741 26 24 University of California - Davis 55 8,567 27 28 Purdue University - West Lafayette 42 9,104 28 26 Virginia Tech 38 7,635 29 29 Clemson University 17 4,668 1 1 University of Virginia 195 3,726 2 4 University of California - Berkeley 164 7,315 3 3 University of Michigan - Ann Arbor 153 6,351 4 5 University of Illinois - Urbana- Champaign 147 7,533 5 7 University of California - Los Angeles 129 7,342 6 12 Penn. State University - University Park 123 10,099 7 11 University of Minnesota - Twin Cities 91 7,449 7 8 University of Wisconsin - Madison 91 6,416 9 10 Rutgers, the State University of NJ 89 6,830 10 6 University of North Carolina - Chapel Hill 79 4,441 11 21 Ohio State University - Columbus 69 10,626 12 16 University of Maryland - College Park 67 7,043 13 17 University of Washington 65 7,048 14 9 University of Iowa 60 4,237 14 20 University of Texas - Austin 60 8,374 16 14 University of California - Santa Barbara 59 5,333 17 13 University of Connecticut 56 4,973 18 2 College of William & Mary 53 1,460 19 23 University of Florida 50 8,286 20 19 University of California - San Diego 47 6,336 21 26 Texas A&M University - College Station 44 9,024 22 22 University of California - Davis 42 6,581 23 25 University of Georgia 34 6,360 24 24 Virginia Tech 32 5,486 25 18 University of Pittsburgh 31 4,165 26 15 Georgia Institute of Technology 28 2,842 27 27 Purdue University - West Lafayette 27 6,603 28 28 University of California - Irvine 18 6,069 29 29 Clemson University 10 3,394 evestment - All Rights Reserved 14
Intercollegiate Rivalries School rivalries are commonplace in the U.S. While competition is usually relegated to intercollegiate sports and youthful pranks, students and even graduates are quick to enlist comparisons across a wide array of factors whenever the topic is broached. To facilitate such competition, we present the following six intercollegiate rivalries based on our data. Ohio State University - Columbus University of Michigan - Ann Arbor Duke University University of North Carolina - Chapel Hill Harvard University Yale University Network Size: 112 308 Network Size: 264 154 Network Size: 843 280 Penetration: for School Size 112 (15373) 308 (11828) Penetration: for School Size 264 (4750) 154 (7603) Penetration: for School Size 843 (7243) 280 (3500) Hedge Funders: % Working in Hedge Funds 5.6% 6.1% Hedge Funders: % Working in Hedge Funds 7.4% 2.7% Hedge Funders: % Working in Hedge Funds 9.7% 10.7% Seniority: Average Industry Experience (s) 20.2 20.3 Seniority: Average Industry Experience (s) 21.0 21.1 Seniority: Average Industry Experience (s) 23.3 22.7 Regional Cache: Representation at Midwestern Firms 1.7% 2.4% Regional Cache: Representation at NC-Based Firms 7.6% 13.8% Regional Cache: Representation at New England Firms 6.2% 1.4% Winner 0-5 Winner 3-2 Winner 4-1 evestment - All Rights Reserved 15
Intercollegiate Rivalries School rivalries are commonplace in the U.S. While competition is usually relegated to intercollegiate sports and youthful pranks, students and even graduates are quick to enlist comparisons across a wide array of factors whenever the topic is broached. To facilitate such competition, we present the following six intercollegiate rivalries based on our data. Northwestern University University of Illinois - Urbana- Champaign University of Notre Dame University of Southern California Boston College Boston University Network Size: 381 226 Network Size: 216 241 Network Size: 343 266 Penetration: for School Size 381 (6166) 226 (11926) Penetration: for School Size 216 (3356) 241 (11963) Penetration: for School Size 343 (3402) 266 (9340) Hedge Funders: % Working in Hedge Funds 5.4% 3.1% Hedge Funders: % Working in Hedge Funds 6. 5.5% Hedge Funders: % Working in Hedge Funds 6.5% 4.4% Seniority: Average Industry Experience (s) 23.0 22.9 Seniority: Average Industry Experience (s) 20.1 21.4 Seniority: Average Industry Experience (s) 19.6 20.0 Regional Cache: Representation at Illinois-Based Firms 4.5% 2.8% Regional Cache: Representation at Home State Firms 4.8% 4.7% Regional Cache: Representation at Boston-Based Firms 7.4% 5. Winner 5-0 Winner 3-2 Winner 4-1 evestment - All Rights Reserved 16
Top Schools by Firm Location Regional Concentration: Top ten schools based on the number of alumni recorded working within each region Northeast School University of Pennsylvania 575 New York University 519 Columbia University 496 Harvard University 460 University of Chicago 268 Boston College 261 Cornell University 200 Massachusetts Institute of Technology 194 Boston University 193 Dartmouth College 152 South School University of Virginia 129 University of Texas - Austin 118 University of Pennsylvania 114 University of Chicago 71 Harvard University 69 University of North Carolina - Chapel Hill 65 Duke University 58 Southern Methodist University 57 Columbia University 55 Vanderbilt University 52 evestment - All Rights Reserved 17
Top Schools by Firm Location Regional Concentration: Top ten schools based on the number of alumni recorded working within each region Midwest School University of Chicago 230 University of Wisconsin - Madison 185 Northwestern University 142 University of Minnesota - Twin Cities 102 University of Illinois - Urbana-Champaign 88 University of Michigan - Ann Arbor 75 University of Notre Dame 72 University of Iowa 63 University of Pennsylvania 56 Ohio State University - Columbus 52 West School University of California - Los Angeles 214 University of California - Berkeley 188 Harvard University 175 Stanford University 168 University of Southern California 166 University of Pennsylvania 136 University of Chicago 131 Columbia University 91 New York University 85 University of Washington 74 evestment - All Rights Reserved 18
Top Schools for Firms Located in Select Metropolitan Areas Firms Located within 75 Mile Radius of Anchor City Regional Bias: Excepting a handful of dominating schools, local recruiting plays a significant factor in graduates employment locations New York, NY New York University Columbia University University of Pennsylvania Harvard University University of Chicago Cornell University Fordham University Yale University Princeton University Stanford University Boston, MA Harvard University Boston College Boston University University of Pennsylvania Massachusetts Institute of Technology University of Chicago Dartmouth College Columbia University Northeastern University Cornell University Chicago, IL University of Chicago Northwestern University University of Illinois - Urbana- Champaign University of Wisconsin - Madison University of Michigan - Ann Arbor University of Notre Dame University of Pennsylvania Harvard University Stanford University University of Iowa Los Angeles, CA University of California - Los Angeles University of Southern California Harvard University University of Pennsylvania University of Chicago University of California - Berkeley Stanford University Columbia University New York University Northwestern University University of California - Irvine Washington, D.C. University of Virginia University of Maryland - College Park University of Pennsylvania Columbia University Harvard University Johns Hopkins University George Washington University University of Chicago Georgetown University Stanford University Duke University Philadelphia, PA University of Pennsylvania Pennsylvania State University - University Park New York University Columbia University Harvard University University of Chicago Princeton University University of Virginia Northwestern University Duke University Yale University Lehigh University evestment - All Rights Reserved 19
Top Feeder Schools by Graduation Change in schools placement dominance over time: Columbia, UPenn, and UChicago have strong ties to asset managers (ties extend list) 1961-1965 1966-1970 1971-1975 1976-1980 Yale University Harvard University New York University Stanford University University of Virginia University of Pennsylvania Columbia University University of IL - Urbana- Champaign Northwestern University Princeton University Brown University University of Pennsylvania Harvard University Columbia University New York University Stanford University University of Virginia University of Notre Dame University of Chicago Yale University Northwestern University Harvard University University of Pennsylvania New York University Stanford University University of Michigan - Ann Arbor Yale University Northwestern University Columbia University University of IL - Urbana- Champaign University of Virginia University of Southern California University of Pennsylvania Harvard University Princeton University New York University University of Chicago Columbia University Stanford University University of Virginia Cornell University University of IL - Urbana- Champaign University of California - Los Angeles 1981-1985 1986-1990 1991-1995 1996-2000 University of Pennsylvania Harvard University Stanford University University of Chicago University of Virginia Columbia University University of Michigan - Ann Arbor New York University Duke University Yale University Harvard University University of Pennsylvania University of Chicago Columbia University New York University Northwestern University University of California - Los Angeles University of Virginia University of IL - Urbana- Champaign University of California - Berkeley Harvard University University of Pennsylvania Columbia University New York University University of Chicago University of Michigan - Ann Arbor Stanford University Boston College Northwestern University University of California - Los Angeles Yale University University of Pennsylvania University of Chicago Harvard University New York University Columbia University Northwestern University Boston College Massachusetts Institute of Technology Duke University University of California - Berkeley Cornell University 2001-2005 2006-2010 2011-2015 University of Pennsylvania University of Chicago New York University Harvard University Columbia University Boston College Stanford University Cornell University University of California - Los Angeles Massachusetts Institute of Technology Columbia University University of Chicago University of Pennsylvania Harvard University New York University Massachusetts Institute of Technology Boston College Stanford University Princeton University Boston University Columbia University University of Pennsylvania University of Chicago Harvard University University of California - Berkeley Cornell University Stanford University Northwestern University New York University Boston College LEGEND Ivy League Public Non-Ivy Private Liberal Arts evestment - All Rights Reserved 20
Top Feeder Schools by Graduation for School Size Change in schools placement dominance over time: Top liberal arts colleges are very competitive with Ivies in an apples-to-apples comparison 1961-1965 1966-1970 1971-1975 1976-1980 Yale University Amherst College Bowdoin College Washington and Lee University Williams College Princeton University Brown University Harvard University Stanford University United States Naval Academy University of Pennsylvania University of Notre Dame Dartmouth College Carleton College Colby College Harvard University Princeton University California Institute of Technology Washington and Lee University Rice University Swarthmore College Bowdoin College Colby College Williams College Haverford College Harvard University Yale University University of Pennsylvania Princeton University Amherst College Swarthmore College Princeton University Washington and Lee University Williams College Bowdoin College Wellesley College University of Pennsylvania Dartmouth College Colby College Harvard University 1981-1985 1986-1990 1991-1995 1996-2000 Williams College Amherst College Bowdoin College Colby College Vassar College Swarthmore College University of Pennsylvania Middlebury College California Institute of Technology Stanford University Williams College Dartmouth College University of Chicago Amherst College Bowdoin College Harvard University Princeton University University of Pennsylvania California Institute of Technology Washington and Lee University Colby College Williams College Dartmouth College Harvard University University of Pennsylvania Washington and Lee University Boston College University of Chicago Princeton University Yale University University of Chicago Colby College Claremont McKenna College Williams College Dartmouth College Princeton University Boston College University of Pennsylvania Massachusetts Institute of Technology Swarthmore College 2001-2005 2006-2010 2011-2015 University of Chicago Boston College University of Pennsylvania Princeton University Dartmouth College Williams College Massachusetts Institute of Technology Stanford University Washington and Lee University Claremont McKenna College University of Chicago Princeton University Washington and Lee University Massachusetts Institute of Technology Columbia University University of Pennsylvania Davidson College Boston College Carleton College Harvard University Amherst College Bowdoin College University of Chicago Williams College University of Pennsylvania Haverford College Claremont McKenna College Harvard University Columbia University Middlebury College LEGEND Ivy League Public Non-Ivy Private Liberal Arts evestment - All Rights Reserved 21
Top U.S. Schools by Product Strategy population by strategy class U.S. Equity U.S. Fixed Income European & U.K. Equity European & U.K. Fixed Income University of Pennsylvania University of Chicago Harvard University Columbia University New York University Northwestern University Stanford University University of California - Los Angeles University of Virginia University of Illinois - Urbana- Champaign New York University University of Pennsylvania University of Chicago Columbia University Northwestern University Cornell University University of California - Los Angeles University of Minnesota - Twin Cities Boston College Harvard University Harvard University Columbia University New York University University of Chicago University of Pennsylvania University of California - Los Angeles Princeton University Massachusetts Institute of Technology Boston College California Institute of Technology University of Chicago Columbia University Boston College Massachusetts Institute of Technology University of Pennsylvania New York University Boston University University of California - Los Angeles University of Notre Dame Dartmouth College Global, International & EAFE Equity Global, International & EAFE Fixed Income Emerging Markets Equity Emerging Markets Fixed Income University of Chicago University of Pennsylvania Columbia University Harvard University New York University University of California - Los Angeles Cornell University Northwestern University Massachusetts Institute of Technology Stanford University University of Chicago Columbia University New York University University of Pennsylvania University of California - Los Angeles Harvard University Massachusetts Institute of Technology Boston College Cornell University University of California - Berkeley Columbia University University of Pennsylvania Harvard University University of Chicago New York University Massachusetts Institute of Technology University of California - Los Angeles Cornell University Boston College Princeton University Columbia University University of Pennsylvania Harvard University New York University University of Chicago Massachusetts Institute of Technology Boston University Dartmouth College Georgetown University Duke University Hedge Fund Fund of Hedge Funds Asia-Pacific & Sub-Region Equity Asia-Pacific & Sub-Region Fixed Income University of Pennsylvania Harvard University Columbia University New York University University of Chicago Stanford University Massachusetts Institute of Technology University of California - Los Angeles Yale University University of California - Berkeley University of Pennsylvania Harvard University New York University Columbia University Princeton University University of Michigan - Ann Arbor University of Chicago Massachusetts Institute of Technology Yale University College of William & Mary University of Chicago University of Pennsylvania Harvard University Columbia University University of California - Berkeley New York University University of California - Los Angeles Stanford University University of Michigan - Ann Arbor Princeton University Columbia University New York University Massachusetts Institute of Technology Boston College University of Pennsylvania University of California - Los Angeles Boston University Yale University Brown University California Institute of Technology evestment - All Rights Reserved 22
Top Schools by Strategy Assets Under Management The following pages show the assets under management for U.S. Large Cap Equity, U.S. Small Cap Equity, U.S. Core Fixed Income, Global Large Cap Equity, and EAFE Large Cap Equity strategies based on the school affiliation of each product s primary portfolio manager. The top twenty-five U.S. schools according to recorded AUM were selected. In contrast to other measures based on the number of people from each school, these tables show the amount of assets for PMs from each school, and therefore their relative influence in the markets. Private schools in the Northeast and prestigious public universities were generally well represented in each of the tables. Despite the smaller number of graduates per year, liberal arts schools Williams College and Amherst College were also winners in this exercise. While a higher number of graduates certainly helped schools cross the AUM threshold, there were some outliers, with few graduates, who held an outsized amount of AUM. We also note that individuals with graduate degrees may be double counted. For instance, a Wharton undergrad-harvard MBA U.S. large cap equity portfolio manager s AUM would be included twice, in both the first and second row of the table on this page. U.S. Large Cap Equity School Mean 3 Return Mean 3 Information Ratio AUM (USD MM) University of Pennsylvania 18.45% 0.187 $260,835 Harvard University 18.74% 0.256 $243,140 University of Wisconsin - Madison 17.47% -0.062 $175,279 Stanford University 17.79% 0.241 $155,436 University of Illinois - Urbana-Champaign 17.9 0.073 $103,127 University of Chicago 18.13% 0.280 $90,216 Washington and Lee University 17.87% 0.050 $81,945 University of Virginia 17.7-0.177 $74,573 University of Michigan - Ann Arbor 17.1 0.013 $67,546 University of Notre Dame 18.16% 0.300 $64,004 University of California - Los Angeles 17.64% 0.169 $60,611 Cornell University 19.04% 0.742 $56,517 Amherst College 20.35% 0.544 $51,779 Columbia University 18.26% 0.311 $51,611 Princeton University 17.93% 0.115 $48,893 University of North Carolina - Chapel Hill 18.06% 0.007 $46,756 Ohio State University - Columbus 19.66% 0.550 $38,084 University of California - Berkeley 19.69% 0.792 $35,361 New York University 16.99% -0.108 $35,099 Rensselaer Polytechnic Institute 19.17% 0.701 $31,423 Dartmouth College 17.99% 0.215 $28,197 Yale University 17.36% -0.150 $24,751 Boston University 18.68% 0.510 $23,204 Northwestern University 18.07% 0.124 $20,808 Boston College 18.8 0.554 $20,304 Notes: 1. School aggregation based on the primary portfolio managers only, 2. Strategy classifications include varied sub-strategies (e.g.: U.S. large cap value and U.S. large cap growth), 3. All data as of June-31-2015, 4. Information ratios calculated against managers stated preferred benchmark, 5. Certain firms chose not to disclose AUM data and were excluded from totals evestment - All Rights Reserved 23
Top Schools by Strategy Assets Under Management U.S. Small Cap Equity School Mean 3 Return Mean 3 Information Ratio AUM (USD MM) Harvard University 19.17% 0.421 $44,320 Yale University 16.66% -0.154 $27,063 Columbia University 16.06% -0.490 $24,343 Stanford University 20.4 0.513 $14,527 Brown University 14.8-0.738 $13,413 New York University 18.18% 0.404 $10,869 University of Pennsylvania 18.47% 0.574 $10,180 University of Wisconsin - Madison 16.94% 0.150 $10,172 Vanderbilt University 22.51% 1.621 $9,809 Cornell University 20.59% 0.719 $9,594 Boston College 17.29% -0.173 $8,909 University of California - Los Angeles 20.65% 0.919 $8,468 University of Virginia 19.5 0.095 $8,434 Lehigh University 16.63% 0.419 $7,079 Williams College 22.68% 0.952 $6,293 University of Chicago 18.65% 0.296 $6,032 Fordham University 19.01% 0.646 $5,913 Northwestern University 19.1 0.693 $4,972 University of Illinois - Urbana-Champaign 19.3 0.432 $4,665 University of Florida 15.55% -0.025 $4,279 University of Notre Dame 18.18% 0.371 $4,080 Dartmouth College 16.45% -0.042 $3,626 Princeton University 17.9 0.209 $3,487 Ohio State University - Columbus 18.35% 0.091 $3,436 University of California - Davis 18.0 0.302 $3,016 U.S. Core Fixed Income School Mean 3 Return Mean 3 Information Ratio AUM (USD MM) New York University 2.25% 0.982 $65,839 Massachusetts Institute of Technology 2.47% 1.428 $64,962 Yale University 3.05% 1.363 $48,856 Princeton University 2.19% 1.444 $37,089 George Washington University 4.47% 1.443 $30,100 University of Pennsylvania 2.5 0.975 $17,568 Columbia University 2.63% 1.139 $14,420 Boston College 2.58% 1.160 $7,890 University of Iowa 2.68% 0.960 $7,817 Texas A&M University - College Station 2.07% 0.850 $7,379 Rice University 2.07% 0.850 $7,379 Amherst College 3.1 1.718 $6,793 Wake Forest University 3.49% 2.937 $6,191 Cornell University 2.74% 1.693 $4,349 Georgetown University 2.41% 0.262 $3,177 University of Connecticut 2.23% 1.414 $2,391 Boston University 2.24% 0.844 $2,330 Pennsylvania State University - University 2.03% 0.357 $2,133 Stanford University 2.03% 0.357 $2,133 University of Minnesota - Twin Cities 3.14% 1.713 $1,927 Duke University 2.87% 1.374 $1,876 University of California - Berkeley 3.28% 1.358 $1,610 University of Chicago 2.18% 0.626 $1,330 Brown University 1.15% N/A $1,329 Dartmouth College 2.57% 1.481 $438 Notes: 1. School aggregation based on the primary portfolio managers only, 2. Strategy classifications include varied sub-strategies (e.g.: U.S. large cap value and U.S. large cap growth), 3. All data as of June-31-2015, 4. Information ratios calculated against managers stated preferred benchmark, 5. Certain firms chose not to disclose AUM data and were excluded from totals evestment - All Rights Reserved 24
Top Schools by Strategy Assets Under Management Global Large Cap Equity School Mean 3 Return Mean 3 Information Ratio AUM (USD MM) Cornell University 16.1 1.217 $40,753 Harvard University 14.61% 0.214 $34,320 Columbia University 14.33% 0.396 $23,240 Princeton University 15.05% 0.913 $22,631 Massachusetts Institute of Technology 22.48% 2.627 $20,615 Rensselaer Polytechnic Institute 13.55% N/A $11,314 University of Virginia 19.61% 1.748 $11,061 Rutgers, the State University of NJ 12.05% -0.613 $6,899 University of Minnesota - Twin Cities 17.83% 1.294 $6,661 New York University 17.76% 0.629 $6,415 University of California - Berkeley 15.06% -0.341 $5,482 University of California - Davis 13.27% -0.864 $5,472 University of Pennsylvania 14.68% 0.361 $4,863 Pennsylvania State University - University 14.56% 0.136 $4,710 University of Chicago 12.86% -0.462 $4,604 Stanford University 12.45% -0.213 $4,216 University of Michigan - Ann Arbor 13.57% -0.228 $2,600 Clemson University 18.8 1.909 $2,245 Georgetown University 12.43% -0.494 $2,175 Williams College 15.73% 0.489 $2,007 Boston College 15.93% 1.013 $1,825 Colby College 17.75% 1.219 $1,734 Yale University 14.16% N/A $956 University of Texas - Austin 14.29% 0.528 $666 Syracuse University 16.08% 0.867 $449 EAFE Large Cap Equity School Mean 3 Return Mean 3 Information Ratio AUM (USD MM) Cornell University 12.86% 1.200 $20,650 Harvard University 13.65% 0.387 $18,157 University of Wisconsin - Madison 14.45% 0.821 $18,109 Rensselaer Polytechnic Institute 12.77% 0.228 $17,602 Stanford University 13.63% 0.519 $17,338 Wellesley College 12.08% 0.029 $16,278 Boston University 13.16% 0.697 $8,767 Rutgers, the State University of NJ 11.08% -0.394 $7,484 University of Chicago 12.41% 0.168 $7,240 Wake Forest University 14.9 2.131 $4,866 Georgetown University 10.85% -0.449 $3,746 Washington University in St. Louis 11.27% -0.212 $3,243 University of Michigan - Ann Arbor 12.71% 0.275 $2,633 University of Pennsylvania 10.39% -0.487 $2,359 University of California - Los Angeles 12.59% 0.433 $1,958 University of California - San Diego 16.04% 3.118 $1,809 Colby College 11.07% -0.356 $1,757 Johns Hopkins University 11.07% -0.356 $1,757 Pennsylvania State University - University 11.22% -0.181 $1,727 Princeton University 14.31% 0.965 $1,343 Ohio State University - Columbus 14.03% 0.466 $985 Boston College 12.9 0.878 $864 Carnegie Mellon University 12.73% 0.217 $745 Northwestern University 14.81% 1.473 $575 Massachusetts Institute of Technology 16.47% 1.050 $515 Notes: 1. School aggregation based on the primary portfolio managers only, 2. Strategy classifications include varied sub-strategies (e.g.: U.S. large cap value and U.S. large cap growth), 3. All data as of June-31-2015, 4. Information ratios calculated against managers stated preferred benchmark, 5. Certain firms chose not to disclose AUM data and were excluded from totals evestment - All Rights Reserved 25
School Overview Summary Figure 1: Bachelor s degree (left) and master s degree in business administration (right) by school type, *distribution of degrees are based solely on the ninety schools specified in the following pages The following section contains asset management employee information arranged by school. Based on data provided to evestment, we look at degrees obtained, graduation dates, firm locations and roles, and investment product representation. Both absolute and scaled rankings are based on the combined list of universities and liberal arts colleges with the figure used to adjust each category presented as the scale factor. School-to-school comparisons may be helpful for those looking to further their education and contemplating asset management as a potential career choice. In this vein, we offer metrics to show each school s network strength across a number of different vectors. Non-Ivy Private, 36. Public, 31.7% Ivy, 24.2% Liberal Arts, 8. Non-Ivy Private, 49.3% Ivy, 31.3% Public, 19.4% Figure 2: Firm locations recorded on evestment for current employees Other North America, 0.6% Canada, 6.9% United States, 61.2% United Kingdom, 13.6% France, 2.3% Middle East, 0.2% Germany, 1.8% Switzerland, 1.8% Other Europe, 2.8% Japan, 1.7% Other Australia, 3. Asia/Pacific, 2.1% Latin America, 0.4% South Africa, 1.7% Other Africa, 0.1% Figure 3: Distribution of highest degree attained *Professionals electing not to provide educational backgrounds were excluded 45% 4 35% 3 25% 2 15% 1 5% 39.6% 34.5% 16.2% Bachelor's MBA Master's (ex. MBA) 4.4% 3.7% MBA + Other Grad. Degree Doctorate (ex. JD/MD) 1.5% JD 0.1% Other evestment - All Rights Reserved 26
American University Washington, D.C. (Private) for Firm Size 20 87 3,688 85 Bachelor's 12 86 1,636 78 Master's excluding MBAs 5 51 1,526 56 Master of Business Admin. 3 63 87 60 Doctorate excluding JD, MD 0 526 Juris Doctor 0 Other/Unspecified 1 Morgan Stanley IM & AIP Cedar Ridge Partners LLC Wellesley Investment Advisors, Inc. Dodge & Cox American Century Investments Heitman Real Estate Securities Azzad Asset Management Hilton Capital Management Torray LLC Cedar Ridge Partners LLC Distribution of by Firm Location Portfolio Managers & Analysts 13 65. 88 Strategists & Economists 0 Risk Management & Due Diligence 2 10. 35 Investor Relations & Marketing 2 10. 67 Other/Unspecified 3 US Equity 5 Global Equity 2 US Balanced 2 Emerging Markets Fixed Income 1 Private Real Estate 1 Global Fixed Income 1 Fund of Hedge Funds 1 Europe Equity 1 US Fixed Income 1 Hedge Fund 1 1961-65 0 1966-70 0 1971-75 0 1976-80 0 1981-85 0 1986-90 2 74 1991-95 1 81 1996-00 5 60 2001-05 1 81 2006-10 1 67 2011-15 0 Firms Represented: 20 33% evestment - All Rights Reserved 27
Baylor University Waco, Texas (Private) for Firm Size 28 81 3,559 77 Bachelor's 23 76 2,623 74 Master's excluding MBAs 2 67 628 57 Master of Business Admin. 4 60 87 58 Doctorate excluding JD, MD 0 308 Juris Doctor 1 Other/Unspecified 0 Invesco Hodges Capital Management Orleans Capital Management Corporation American Beacon Advisors, Inc. Franklin Templeton Investments Orleans Capital Management Corporation Hodges Capital Management Tygh Capital Management, Inc. DeRoy & Devereaux American Beacon Advisors, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 18 64.3% 83 Strategists & Economists 0 Risk Management & Due Diligence 3 10.7% 24 Investor Relations & Marketing 3 10.7% 61 Other/Unspecified 4 US Equity 10 US Fixed Income 4 Global Equity 4 US Balanced 3 EAFE Equity 2 Emerging Markets Equity 1 Hedge Fund 1 Global Fixed Income 1 1961-65 0 1966-70 0 1971-75 0 1976-80 1 64 1981-85 3 62 1986-90 8 44 1991-95 2 76 1996-00 1 86 2001-05 4 56 2006-10 0 2011-15 0 Firms Represented: 20 43% evestment - All Rights Reserved 28
Boston College Chestnut Hill, Massachusetts (Private) for Firm Size 343 10 3,402 11 Bachelor's 179 7 1,531 8 Master's excluding MBAs 79 4 1,462 3 Master of Business Admin. 79 20 193 5 Doctorate excluding JD, MD 0 409 Juris Doctor 6 Other/Unspecified 26 State Street Global Advisors Wellington Management Company, LLP MFS Investment Management The Boston Company Asset Management, LLC Standish Mellon Asset Management Company LLC Longfellow Investment Management Co. Boston Trust & Investment Management Company American Capital Management, Inc. PanAgora Asset Management, Inc. Emerson Investment Management, LLC Distribution of by Firm Location Portfolio Managers & Analysts 264 77. 10 Strategists & Economists 12 3.5% 19 Risk Management & Due Diligence 11 3.2% 6 Investor Relations & Marketing 21 6.1% 6 Other/Unspecified 35 US Equity 98 US Fixed Income 61 Global Equity 38 EAFE Equity 25 International Equity 24 Emerging Markets Equity 22 Hedge Fund 19 Global Fixed Income 19 Global Balanced 14 US Balanced 10 1961-65 0 1966-70 0 1971-75 2 29 1976-80 5 30 1981-85 14 17 1986-90 21 14 1991-95 37 8 1996-00 45 7 2001-05 47 6 2006-10 22 7 2011-15 7 9 Firms Represented: 177 61% evestment - All Rights Reserved 29
Boston University Boston, Massachusetts (Private) for Firm Size 266 16 9,340 46 Bachelor's 101 22 3,980 47 Master's excluding MBAs 62 7 4,214 14 Master of Business Admin. 82 19 273 11 Doctorate excluding JD, MD 8 16 1,146 29 Juris Doctor 12 Doctor of Medicine 1 Other/Unspecified 22 State Street Global Advisors Wellington Management Company, LLP MFS Investment Management Grantham, Mayo, Van Otterloo & Co. LLC Eaton Vance Management F.L.Putnam Investment Management Company Cadence Capital Management LLC Ironwood Investment Management, LLC Boston Advisors Walden Asset Management Distribution of by Firm Location Portfolio Managers & Analysts 204 76.7% 18 Strategists & Economists 16 6. 17 Risk Management & Due Diligence 3 1.1% 24 Investor Relations & Marketing 11 4.1% 21 Other/Unspecified 32 US Equity 83 US Fixed Income 44 Global Equity 37 EAFE Equity 31 Emerging Markets Equity 17 Global Fixed Income 13 International Equity 13 Hedge Fund 13 US Balanced 10 Emerging Markets Fixed Income 10 1961-65 0 1966-70 3 15 1971-75 3 23 1976-80 6 20 1981-85 12 22 1986-90 20 17 1991-95 28 14 1996-00 18 24 2001-05 24 14 2006-10 19 10 2011-15 4 16 Firms Represented: 150 56% evestment - All Rights Reserved 30
Brandeis University Waltham, Massachusetts (Private) for Firm Size 52 65 1,687 44 Bachelor's 27 71 831 40 Master's excluding MBAs 21 22 774 8 Master of Business Admin. 1 68 120 68 Doctorate excluding JD, MD 3 36 82 4 Juris Doctor 0 Other/Unspecified 3 OFI Global Asset Management Morgan Stanley IM & AIP State Street Global Advisors Indus Capital Partners LLC Wellington Management Company, LLP Quest Management Inc. Osterweis Capital Management AFL-CIO Housing Investment Trust Caravel Management LLC Sentinel Asset Management, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 40 76.9% 61 Strategists & Economists 5 9.6% 46 Risk Management & Due Diligence 1 1.9% 53 Investor Relations & Marketing 1 1.9% 74 Other/Unspecified 5 US Equity 15 Emerging Markets Equity 7 Global Equity 6 US Fixed Income 6 Global Fixed Income 3 Emerging Markets Fixed Income 3 Hedge Fund 3 EAFE Equity 3 International Equity 2 Asia Pacific Equity 2 1961-65 0 1966-70 0 1971-75 0 1976-80 2 53 1981-85 3 62 1986-90 5 56 1991-95 6 57 1996-00 4 67 2001-05 2 71 2006-10 2 57 2011-15 1 38 Firms Represented: 40 44% evestment - All Rights Reserved 31
Brigham Young University Provo Provo, Utah (Private) for Firm Size 66 55 8,413 78 Bachelor's 47 49 7,024 81 Master's excluding MBAs 6 48 1,150 46 Master of Business Admin. 9 54 301 65 Doctorate excluding JD, MD 0 239 Juris Doctor 0 Other/Unspecified 13 Accuvest Global Advisors Westwood Global Investments, LLC Wasatch Advisors, Inc. Summit Global Investments, LLC Dodge & Cox Summit Global Investments, LLC Westwood Global Investments, LLC Thomson Horstmann & Bryant, Inc. Atlantic Asset Management, LLC Chautauqua Capital Management, LLC Distribution of by Firm Location Portfolio Managers & Analysts 50 75.8% 53 Strategists & Economists 6 9.1% 36 Risk Management & Due Diligence 0 Investor Relations & Marketing 4 6.1% 53 Other/Unspecified 6 US Equity 16 Global Equity 13 US Fixed Income 9 Emerging Markets Equity 8 EAFE Equity 5 Hedge Fund 5 International Equity 5 Global Fixed Income 4 Japan Equity 3 Emerging Markets Fixed Income 2 1961-65 0 1966-70 0 1971-75 1 47 1976-80 1 64 1981-85 3 62 1986-90 9 40 1991-95 7 55 1996-00 6 55 2001-05 8 38 2006-10 2 57 2011-15 2 24 Firms Represented: 54 26% evestment - All Rights Reserved 32
Brown University Providence, Rhode Island (Ivy) for Firm Size 158 27 2,392 20 Bachelor's 127 19 1,603 17 Master's excluding MBAs 10 37 479 10 Master of Business Admin. 0 Doctorate excluding JD, MD 3 36 310 23 Juris Doctor 0 Other/Unspecified 21 FMR Corp. Legg Mason Inc. Wellington Management Company, LLP MFS Investment Management J.P. Morgan Investment Management Inc. Trevor Stewart Burton & Jacobsen inc D.B. Fitzpatrick & Co., Inc. Nichols Asset Management, LLC Cain Brothers Asset Management Marque Millennium Capital Management Distribution of by Firm Location Portfolio Managers & Analysts 121 76.6% 28 Strategists & Economists 12 7.6% 19 Risk Management & Due Diligence 0 Investor Relations & Marketing 11 7. 21 Other/Unspecified 14 US Equity 55 US Fixed Income 24 Global Equity 20 Hedge Fund 11 Emerging Markets Equity 10 EAFE Equity 10 Global Fixed Income 8 International Equity 7 Global Balanced 6 US Balanced 5 1961-65 3 9 1966-70 1 35 1971-75 4 21 1976-80 5 30 1981-85 15 15 1986-90 14 24 1991-95 18 25 1996-00 10 38 2001-05 10 33 2006-10 4 40 2011-15 1 38 Firms Represented: 137 28% evestment - All Rights Reserved 33
California Institute of Technology Pasadena, California (Private) for Firm Size 33 79 526 22 Bachelor's 20 78 232 14 Master's excluding MBAs 5 51 122 6 Master of Business Admin. 0 Doctorate excluding JD, MD 9 15 172 3 Juris Doctor 0 Other/Unspecified 0 Dimensional Fund Advisors, Inc. PIMCO QS Investors, LLC Allianz Global Investors AXA Investment Managers Quotient Investors, LLC QS Investors, LLC OakBrook Investments, LLC First Quadrant L.P. Algert Global LLC Distribution of by Firm Location Portfolio Managers & Analysts 21 63.6% 81 Strategists & Economists 9 27.3% 24 Risk Management & Due Diligence 1 3. 53 Investor Relations & Marketing 0 Other/Unspecified 2 US Equity 11 Global Balanced 8 US Fixed Income 7 Global Equity 7 EAFE Equity 7 Emerging Markets Equity 6 Hedge Fund 5 Global Fixed Income 5 EAFE Fixed Income 4 Europe Equity 4 1961-65 0 1966-70 1 35 1971-75 0 1976-80 1 64 1981-85 4 58 1986-90 4 63 1991-95 1 81 1996-00 4 67 2001-05 2 71 2006-10 3 46 2011-15 1 38 Firms Represented: 25 48% evestment - All Rights Reserved 34
Carnegie Mellon University Pittsburgh, Pennsylvania (Private) for Firm Size 137 31 3,793 39 Bachelor's 39 60 1,283 41 Master's excluding MBAs 35 12 2,226 13 Master of Business Admin. 55 22 421 37 Doctorate excluding JD, MD 3 36 284 20 Juris Doctor 0 Other/Unspecified 15 Federated Investors, Inc. Morgan Stanley IM & AIP Snow Capital Management, LP Newfound Research LLC Putnam Investments Robinson Capital Management, LLC Kirr, Marbach & Company, LLC TWIN Capital Management, Inc. Amundi Smith Breeden LLC Monarch Partners Asset Management LLC Distribution of by Firm Location Portfolio Managers & Analysts 119 86.9% 29 Strategists & Economists 7 5.1% 32 Risk Management & Due Diligence 1 0.7% 53 Investor Relations & Marketing 6 4.4% 39 Other/Unspecified 4 US Equity 41 US Fixed Income 30 Hedge Fund 12 EAFE Equity 11 Global Fixed Income 9 Global Equity 8 Emerging Markets Equity 7 International Equity 6 Emerging Markets Fixed Income 5 Global Balanced 4 1961-65 1 22 1966-70 1 35 1971-75 2 29 1976-80 1 64 1981-85 3 62 1986-90 7 46 1991-95 11 39 1996-00 9 40 2001-05 14 24 2006-10 11 20 2011-15 5 13 Firms Represented: 85 32% evestment - All Rights Reserved 35
Case Western Reserve University Cleveland, Ohio (Private) for Firm Size 52 65 2,627 56 Bachelor's 14 85 888 60 Master's excluding MBAs 3 59 1,081 62 Master of Business Admin. 37 32 108 9 Doctorate excluding JD, MD 0 658 Juris Doctor 2 Other/Unspecified 1 Ancora Advisors LLC Victory Capital Management Inc. Boyd Watterson Asset Management, LLC Winslow Asset Management, Inc. MAI Capital Management, LLC Winslow Asset Management, Inc. Silvant Capital Management LLC Ancora Advisors LLC Agincourt Capital Management LLC Apex Capital Management, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 40 76.9% 61 Strategists & Economists 3 5.8% 56 Risk Management & Due Diligence 1 1.9% 53 Investor Relations & Marketing 1 1.9% 74 Other/Unspecified 7 US Equity 21 US Fixed Income 11 Hedge Fund 3 Global Equity 3 US Balanced 2 International Equity 2 EAFE Equity 1 Emerging Markets Equity 1 Private Real Estate 1 Global Balanced 1 1961-65 0 1966-70 1 35 1971-75 1 47 1976-80 2 53 1981-85 1 76 1986-90 1 83 1991-95 2 76 1996-00 12 33 2001-05 5 50 2006-10 2 57 2011-15 0 Firms Represented: 42 33% evestment - All Rights Reserved 36
Clemson University Clemson, South Carolina (Public) for Firm Size 17 89 4,668 90 Bachelor's 10 89 3,394 90 Master's excluding MBAs 2 67 1,054 71 Master of Business Admin. 2 65 115 67 Doctorate excluding JD, MD 1 55 220 41 Juris Doctor 0 Other/Unspecified 2 Greenwood Capital Associates, LLC Cohen & Steers Capital Management, Inc. Advisors Asset Management Generali Investments Europe S.p.A. SGR Reams Asset Management Greenwood Capital Associates, LLC Reams Asset Management Richmond Capital Management Opus Capital Group, LLC ICC Capital Management, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 12 70.6% 89 Strategists & Economists 2 11.8% 60 Risk Management & Due Diligence 1 5.9% 53 Investor Relations & Marketing 1 5.9% 74 Other/Unspecified 1 US Equity 9 US Fixed Income 6 International Equity 2 Hedge Fund 2 Global Fixed Income 1 Europe Fixed Income 1 Infrastructure 1 EAFE Equity 1 Emerging Markets Equity 1 Global Equity 1 1961-65 0 1966-70 1 35 1971-75 2 29 1976-80 0 1981-85 0 1986-90 5 56 1991-95 1 81 1996-00 2 81 2001-05 0 2006-10 0 2011-15 0 Firms Represented: 15 19% evestment - All Rights Reserved 37
College of William and Mary Williamsburg, Virginia (Public) for Firm Size 72 51 2,292 42 Bachelor's 53 46 1,460 38 Master's excluding MBAs 3 59 572 45 Master of Business Admin. 11 52 189 56 Doctorate excluding JD, MD 0 260 Juris Doctor 1 Other/Unspecified 6 Guggenheim Investments AJO Investment Management of Virginia, LLC Aegis Financial Corporation T. Rowe Price Group, Inc. RiverFront Investment Group, LLC Donald Smith & Co., Inc. Equity Investment Corporation Alpha Omega Wealth Management, LLC Investment Management of Virginia, LLC Distribution of by Firm Location Portfolio Managers & Analysts 56 77.8% 51 Strategists & Economists 5 6.9% 46 Risk Management & Due Diligence 1 1.4% 53 Investor Relations & Marketing 4 5.6% 53 Other/Unspecified 6 US Equity 27 US Fixed Income 11 Fund of Hedge Funds 6 Hedge Fund 5 EAFE Equity 3 Global Equity 2 US Balanced 2 Commodities 1 Asia Pacific Equity 1 Global Fixed Income 1 1961-65 1 22 1966-70 0 1971-75 1 47 1976-80 6 20 1981-85 6 43 1986-90 7 46 1991-95 13 33 1996-00 7 53 2001-05 4 56 2006-10 0 2011-15 1 38 Firms Represented: 61 24% evestment - All Rights Reserved 38
Columbia University New York, New York (Ivy) for Firm Size 788 3 10,145 18 Bachelor's 141 14 2,022 22 Master's excluding MBAs 97 1 6,794 15 Master of Business Admin. 486 3 1,270 6 Doctorate excluding JD, MD 23 5 1,329 8 Juris Doctor 15 Other/Unspecified 63 Lord, Abbett & Co. LLC Lazard Asset Management LLC Baron Capital Morgan Stanley IM & AIP Franklin Templeton Investments Pzena Investment Management, LLC Sound Shore Management, Inc. Teton Advisors, Inc. Quotient Investors, LLC Douglas C. Lane & Associates Distribution of by Firm Location Portfolio Managers & Analysts 651 82.6% 2 Strategists & Economists 46 5.8% 2 Risk Management & Due Diligence 13 1.6% 4 Investor Relations & Marketing 29 3.7% 3 Other/Unspecified 49 US Equity 244 Global Equity 116 US Fixed Income 88 EAFE Equity 70 International Equity 64 Emerging Markets Equity 62 Hedge Fund 49 Global Fixed Income 39 Emerging Markets Fixed Income 32 US Balanced 25 1961-65 4 6 1966-70 13 3 1971-75 8 8 1976-80 15 6 1981-85 29 6 1986-90 50 4 1991-95 60 3 1996-00 69 5 2001-05 53 5 2006-10 67 1 2011-15 24 1 Firms Represented: 433 47% evestment - All Rights Reserved 39
Cornell University Ithaca, New York (Ivy) for Firm Size 353 8 6,521 30 Bachelor's 192 4 3,596 28 Master's excluding MBAs 24 20 2,150 24 Master of Business Admin. 116 9 585 22 Doctorate excluding JD, MD 10 12 775 15 Juris Doctor 2 Doctor of Medicine 2 Other/Unspecified 31 Lord, Abbett & Co. LLC Federated Investors, Inc. State Street Global Advisors MFS Investment Management Lazard Asset Management LLC The Colony Group, LLC White Pine Capital, LLC O'Shaughnessy Asset Management, LLC Pzena Investment Management, LLC Boston Harbor Investment Management Distribution of by Firm Location Portfolio Managers & Analysts 290 82.2% 8 Strategists & Economists 20 5.7% 10 Risk Management & Due Diligence 2 0.6% 35 Investor Relations & Marketing 17 4.8% 13 Other/Unspecified 24 US Equity 96 US Fixed Income 65 Global Equity 46 EAFE Equity 29 International Equity 29 Emerging Markets Equity 25 Hedge Fund 19 Global Fixed Income 15 US Balanced 11 Canada Equity 8 1961-65 1 22 1966-70 3 15 1971-75 2 29 1976-80 13 8 1981-85 14 17 1986-90 24 11 1991-95 25 17 1996-00 32 10 2001-05 39 8 2006-10 16 12 2011-15 11 6 Firms Represented: 244 27% evestment - All Rights Reserved 40
Dartmouth College Hanover, New Hampshire (Ivy) for Firm Size 263 18 1,777 3 Bachelor's 149 10 1,093 6 Master's excluding MBAs 3 59 542 42 Master of Business Admin. 94 16 558 26 Doctorate excluding JD, MD 2 43 142 13 Juris Doctor 0 Other/Unspecified 27 Wellington Management Company, LLP FMR Corp. Janus Capital Management LLC Grantham, Mayo, Van Otterloo & Co. LLC Jennison Associates LLC OMT Capital Management, LLC Thornburg Investment Management, Inc. Frontier Capital Management Company, LLC Disciplined Growth Investors, Inc. Donald Smith & Co., Inc. Distribution of by Firm Location Portfolio Managers & Analysts 220 83.7% 15 Strategists & Economists 11 4.2% 21 Risk Management & Due Diligence 2 0.8% 35 Investor Relations & Marketing 8 3. 33 Other/Unspecified 22 US Equity 95 US Fixed Income 33 Global Equity 28 Hedge Fund 17 EAFE Equity 12 Global Fixed Income 11 International Equity 9 Emerging Markets Equity 9 Emerging Markets Fixed Income 8 Global Balanced 7 1961-65 0 1966-70 4 12 1971-75 3 23 1976-80 8 15 1981-85 12 22 1986-90 21 14 1991-95 28 14 1996-00 25 17 2001-05 20 17 2006-10 10 22 2011-15 2 24 Firms Represented: 175 28% evestment - All Rights Reserved 41
Duke University Durham, North Carolina (Private) for Firm Size 264 17 4,750 28 Bachelor's 137 16 1,799 18 Master's excluding MBAs 12 30 1,941 39 Master of Business Admin. 96 15 876 44 Doctorate excluding JD, MD 7 19 1,010 30 Juris Doctor 10 Other/Unspecified 16 BlackRock Morgan Stanley IM & AIP Wells Capital Management Incorporated Legg Mason Inc. Janus Capital Management LLC Pacific View Asset Management, LLC Princeton Capital Management Sheets Smith Wealth Management AlphaSimplex Group, LLC CBRE Clarion Securities, LLC Distribution of by Firm Location Portfolio Managers & Analysts 208 78.8% 17 Strategists & Economists 17 6.4% 16 Risk Management & Due Diligence 3 1.1% 24 Investor Relations & Marketing 14 5.3% 16 Other/Unspecified 22 US Equity 97 US Fixed Income 40 Global Equity 38 International Equity 18 Emerging Markets Equity 15 Hedge Fund 15 EAFE Equity 14 US Balanced 12 Emerging Markets Fixed Income 9 Global Fixed Income 7 1961-65 1 22 1966-70 2 24 1971-75 5 15 1976-80 6 20 1981-85 21 9 1986-90 22 13 1991-95 19 24 1996-00 35 8 2001-05 16 21 2006-10 10 22 2011-15 6 11 Firms Represented: 193 25% evestment - All Rights Reserved 42
Emory University Atlanta, Georgia (Private) for Firm Size 98 45 3,701 48 Bachelor's 47 49 1,744 45 Master's excluding MBAs 1 73 1,284 76 Master of Business Admin. 41 28 384 45 Doctorate excluding JD, MD 1 55 673 58 Juris Doctor 2 Doctor of Medicine 1 Other/Unspecified 5 EARNEST Partners, LLC ClearBridge Investments, LLC Montag & Caldwell, LLC Guggenheim Investments Ancora Advisors LLC Montag & Caldwell, LLC HighVista Strategies LLC EARNEST Partners, LLC Trigran Investments, Inc. Oak Associates, ltd. Distribution of by Firm Location Portfolio Managers & Analysts 85 86.7% 37 Strategists & Economists 3 3.1% 56 Risk Management & Due Diligence Investor Relations & Marketing 2 2. 67 Other/Unspecified 8 US Equity 44 US Fixed Income 19 US Balanced 13 International Equity 9 Emerging Markets Equity 8 Global Equity 7 EAFE Equity 6 Global Fixed Income 4 Global Balanced 4 Hedge Fund 3 1961-65 1 22 1966-70 0 1971-75 1 47 1976-80 3 41 1981-85 5 46 1986-90 11 33 1991-95 10 42 1996-00 10 38 2001-05 8 38 2006-10 1 67 2011-15 3 21 Firms Represented: 83 25% evestment - All Rights Reserved 43
Fordham University New York, New York (Private) for Firm Size 166 25 4,575 38 Bachelor's 58 42 1,919 42 Master's excluding MBAs 3 59 2,063 75 Master of Business Admin. 100 13 328 10 Doctorate excluding JD, MD 2 43 593 47 Juris Doctor 9 Other/Unspecified 12 TIAA-CREF Asset Management, LLC Klingenstein, Fields & Co. Federated Investors, Inc. Lazard Asset Management LLC MacKay Shields LLC Klingenstein, Fields & Co. SeaCrest Investment Management LLC Spectrum Asset Management Inc. Hillswick Asset Management, LLC Ryan Labs, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 123 74.1% 26 Strategists & Economists 9 5.4% 24 Risk Management & Due Diligence 7 4.2% 8 Investor Relations & Marketing 9 5.4% 28 Other/Unspecified 18 US Fixed Income 35 US Equity 33 Global Fixed Income 14 Global Equity 11 EAFE Equity 9 Hedge Fund 8 Global Balanced 8 International Equity 6 Emerging Markets Equity 5 Emerging Markets Fixed Income 5 1961-65 1 22 1966-70 1 35 1971-75 1 47 1976-80 6 20 1981-85 5 46 1986-90 10 36 1991-95 17 26 1996-00 17 25 2001-05 8 38 2006-10 12 18 2011-15 4 16 Firms Represented: 123 56% evestment - All Rights Reserved 44
George Washington University Washington, D.C. (Private) for Firm Size 98 45 7,199 65 Bachelor's 42 56 2,282 57 Master's excluding MBAs 9 39 3,867 67 Master of Business Admin. 36 33 185 23 Doctorate excluding JD, MD 2 43 1,050 57 Juris Doctor 4 Other/Unspecified 9 Lord, Abbett & Co. LLC ProShare Advisors LLC Carret Asset Management LLC Morgan Stanley IM & AIP PNC Capital Advisors, LLC ProShare Advisors LLC Lynx Investment Advisory, LLC TAMRO Capital Partners LLC Silvant Capital Management LLC TWIN Capital Management, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 70 71.4% 45 Strategists & Economists 5 5.1% 46 Risk Management & Due Diligence 0 Investor Relations & Marketing 9 9.2% 28 Other/Unspecified 14 US Equity 24 US Fixed Income 19 Global Equity 8 Global Fixed Income 7 Hedge Fund 6 International Equity 5 Emerging Markets Equity 4 US Balanced 3 Fund of Hedge Funds 2 EAFE Equity 2 1961-65 0 1966-70 1 35 1971-75 2 29 1976-80 7 18 1981-85 7 35 1986-90 10 36 1991-95 6 57 1996-00 6 55 2001-05 10 33 2006-10 3 46 2011-15 1 38 Firms Represented: 80 28% evestment - All Rights Reserved 45
Georgetown University Washington, D.C. (Private) for Firm Size 227 21 5,635 34 Bachelor's 137 16 1,871 20 Master's excluding MBAs 22 21 2,831 35 Master of Business Admin. 28 40 528 57 Doctorate excluding JD, MD 3 36 933 48 Juris Doctor 14 Other/Unspecified 28 Wellington Management Company, LLP OFI Global Asset Management Guggenheim Investments Ancora Advisors LLC Fred Alger Management, Inc. Private Capital Management Fulcrum Asset Management Trigran Investments, Inc. Estabrook Capital Management LLC Montgomery Investment Management, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 174 76.7% 22 Strategists & Economists 16 7. 17 Risk Management & Due Diligence 2 0.9% 35 Investor Relations & Marketing 14 6.2% 16 Other/Unspecified 21 US Equity 71 US Fixed Income 27 Global Equity 24 Hedge Fund 18 US Balanced 14 EAFE Equity 14 Global Fixed Income 10 Emerging Markets Fixed Income 10 Emerging Markets Equity 9 International Equity 8 1961-65 0 1966-70 2 24 1971-75 5 15 1976-80 6 20 1981-85 8 31 1986-90 14 24 1991-95 25 17 1996-00 28 13 2001-05 18 19 2006-10 9 24 2011-15 2 24 Firms Represented: 175 29% evestment - All Rights Reserved 46
Georgia Institute of Technology Atlanta, Georgia (Public) for Firm Size 58 60 5,240 73 Bachelor's 28 70 2,842 71 Master's excluding MBAs 18 24 1,915 28 Master of Business Admin. 4 60 127 63 Doctorate excluding JD, MD 6 21 483 16 Juris Doctor 0 Other/Unspecified 7 Voya Investment Management Co. LLC ClariVest Asset Management LLC Wells Capital Management Incorporated Cornerstone Investment Partners LLC Albion Financial Group ClariVest Asset Management LLC Insight Capital Research & Management, Inc. Buckhead Capital Management, LLC Equity Investment Corporation Real Estate Management Services Group, LLC Distribution of by Firm Location Portfolio Managers & Analysts 40 69. 61 Strategists & Economists 6 10.3% 36 Risk Management & Due Diligence 2 3.4% 35 Investor Relations & Marketing 5 8.6% 45 Other/Unspecified 5 US Equity 29 US Fixed Income 7 EAFE Equity 6 Emerging Markets Equity 6 Global Equity 6 Global Fixed Income 5 Canada Equity 3 Emerging Markets Fixed Income 2 International Equity 2 Europe Fixed Income 2 1961-65 1 22 1966-70 0 1971-75 0 1976-80 0 1981-85 1 76 1986-90 4 63 1991-95 8 51 1996-00 7 53 2001-05 0 2006-10 3 46 2011-15 2 24 Firms Represented: 46 29% evestment - All Rights Reserved 47
Harvard University Cambridge, Massachusetts (Ivy) for Firm Size 843 2 7,243 6 Bachelor's 249 2 1,774 5 Master's excluding MBAs 71 6 3,995 11 Master of Business Admin. 430 5 1,867 18 Doctorate excluding JD, MD 36 1 1,474 7 Juris Doctor 38 Doctor of Medicine 2 Other/Unspecified 86 PIMCO Wellington Management Company, LLP Dodge & Cox Grantham, Mayo, Van Otterloo & Co. LLC Kohlberg Kravis Roberts & Co. HighVista Strategies LLC AXA Investment Managers Tremblant Capital Group Pzena Investment Management, LLC Grantham, Mayo, Van Otterloo & Co. LLC Distribution of by Firm Location Portfolio Managers & Analysts 638 75.7% 3 Strategists & Economists 62 7.4% 1 Risk Management & Due Diligence 15 1.8% 1 Investor Relations & Marketing 37 4.4% 2 Other/Unspecified 91 US Equity 260 Global Equity 119 US Fixed Income 62 EAFE Equity 60 Hedge Fund 58 Emerging Markets Equity 49 International Equity 47 US Balanced 33 Global Balanced 24 Emerging Markets Fixed Income 21 1961-65 9 2 1966-70 15 2 1971-75 22 1 1976-80 30 2 1981-85 45 2 1986-90 67 1 1991-95 96 1 1996-00 78 3 2001-05 60 4 2006-10 44 4 2011-15 18 4 Firms Represented: 441 26% evestment - All Rights Reserved 48
Johns Hopkins University Baltimore, Maryland (Private) for Firm Size 107 41 7,041 61 Bachelor's 44 52 1,647 46 Master's excluding MBAs 40 8 4,785 32 Master of Business Admin. 8 56 117 55 Doctorate excluding JD, MD 5 24 609 27 Juris Doctor 0 Doctor of Medicine 1 Other/Unspecified 11 1919 Investment Counsel T. Rowe Price Group, Inc. Federated Investors, Inc. OFI Global Asset Management J.P. Morgan Investment Management Inc. Granite Point Capital Weatherbie Capital, LLC Heitman Real Estate Securities Winslow Asset Management, Inc. Investment Counselors of Maryland, LLC Distribution of by Firm Location Portfolio Managers & Analysts 81 75.7% 40 Strategists & Economists 6 5.6% 36 Risk Management & Due Diligence 2 1.9% 35 Investor Relations & Marketing 5 4.7% 45 Other/Unspecified 13 US Equity 37 Global Equity 17 US Fixed Income 13 Emerging Markets Equity 10 International Equity 10 EAFE Equity 8 Hedge Fund 5 Global Fixed Income 4 Emerging Markets Fixed Income 4 Europe Equity 3 1961-65 0 1966-70 0 1971-75 1 47 1976-80 2 53 1981-85 5 46 1986-90 4 63 1991-95 10 42 1996-00 6 55 2001-05 5 50 2006-10 4 40 2011-15 1 38 Firms Represented: 86 25% evestment - All Rights Reserved 49
Lehigh University Bethlehem, Pennsylvania (Private) for Firm Size 116 36 1,850 23 Bachelor's 95 24 1,143 16 Master's excluding MBAs 3 59 606 50 Master of Business Admin. 13 50 28 3 Doctorate excluding JD, MD 1 55 101 22 Juris Doctor 0 Other/Unspecified 10 Douglas C. Lane & Associates The Boston Company Asset Management, LLC Breithorn Capital Management LLC OFI Global Asset Management PIMCO Douglas C. Lane & Associates Breithorn Capital Management LLC Clark Capital Management Group, Inc. McClain Value Management, LLC Institutional Advisors LLC Distribution of by Firm Location Portfolio Managers & Analysts 79 68.1% 42 Strategists & Economists 9 7.8% 24 Risk Management & Due Diligence 3 2.6% 24 Investor Relations & Marketing 9 7.8% 28 Other/Unspecified 16 US Equity 41 US Fixed Income 20 Global Equity 9 Global Fixed Income 7 US Balanced 7 Hedge Fund 7 EAFE Equity 5 Global Balanced 2 Fund of Hedge Funds 2 Emerging Markets Equity 2 1961-65 1 22 1966-70 2 24 1971-75 3 23 1976-80 2 53 1981-85 8 31 1986-90 9 40 1991-95 13 33 1996-00 16 27 2001-05 4 56 2006-10 3 46 2011-15 1 38 Firms Represented: 94 38% evestment - All Rights Reserved 50
Massachusetts Institute of Technology Cambridge, Massachusetts (Private) for Firm Size 311 13 3,111 12 Bachelor's 95 24 1,002 11 Master's excluding MBAs 96 2 1,536 2 Master of Business Admin. 104 12 812 40 Doctorate excluding JD, MD 32 3 573 2 Juris Doctor 0 Other/Unspecified 23 Wellington Management Company, LLP PIMCO Putnam Investments The Boston Company Asset Management, LLC MFS Investment Management Montgomery Investment Management, Inc. Redwood Investments, LLC Merganser Capital Management, LLC HighVista Strategies LLC F-Squared Investments Inc Distribution of by Firm Location Portfolio Managers & Analysts 249 80.1% 13 Strategists & Economists 27 8.7% 7 Risk Management & Due Diligence 5 1.6% 13 Investor Relations & Marketing 7 2.3% 37 Other/Unspecified 23 US Equity 82 Global Equity 48 US Fixed Income 40 Hedge Fund 31 Emerging Markets Equity 27 International Equity 26 EAFE Equity 25 Global Fixed Income 16 Global Balanced 12 Emerging Markets Fixed Income 12 1961-65 0 1966-70 3 15 1971-75 2 29 1976-80 8 15 1981-85 16 13 1986-90 19 19 1991-95 24 19 1996-00 35 8 2001-05 30 10 2006-10 23 6 2011-15 3 21 Firms Represented: 175 38% evestment - All Rights Reserved 51
New York University New York, New York (Private) for Firm Size 739 5 13,366 29 Bachelor's 141 14 5,009 43 Master's excluding MBAs 73 5 6,876 25 Master of Business Admin. 466 4 798 1 Doctorate excluding JD, MD 13 9 1,481 25 Juris Doctor 13 Doctor of Medicine 1 Other/Unspecified 53 Lord, Abbett & Co. LLC J.P. Morgan Investment Management Inc. Lazard Asset Management LLC TIAA-CREF Asset Management, LLC Brown Brothers Harriman & Co. Johnston Asset Management Corp Barrett Asset Management, LLC Tradition Capital Management, LLC Atalanta Sosnoff Capital, LLC Piscataqua Capital Management, LLC Distribution of by Firm Location Portfolio Managers & Analysts 581 78.6% 5 Strategists & Economists 38 5.1% 5 Risk Management & Due Diligence 15 2. 1 Investor Relations & Marketing 21 2.8% 6 Other/Unspecified 84 US Equity 223 US Fixed Income 132 Global Equity 82 International Equity 41 Hedge Fund 41 EAFE Equity 40 Global Fixed Income 36 Emerging Markets Equity 35 US Balanced 28 Emerging Markets Fixed Income 17 1961-65 7 3 1966-70 9 4 1971-75 12 3 1976-80 16 4 1981-85 23 8 1986-90 46 5 1991-95 59 4 1996-00 73 4 2001-05 64 3 2006-10 34 5 2011-15 7 9 Firms Represented: 387 52% evestment - All Rights Reserved 52
Northeastern University Boston, Massachusetts (Private) for Firm Size 117 34 7,587 58 Bachelor's 56 43 3,787 61 Master's excluding MBAs 16 27 3,122 48 Master of Business Admin. 35 35 235 32 Doctorate excluding JD, MD 0 678 Juris Doctor 1 Other/Unspecified 12 State Street Global Advisors MFS Investment Management Manulife Asset Management Grantham, Mayo, Van Otterloo & Co. LLC Standish Mellon Asset Management Company LLC Sio Capital Management, LLC Nichols Asset Management, LLC Paradigm Asset Management Co. LLC Hillcrest Asset Management, LLC Madison Square Investors LLC Distribution of by Firm Location Portfolio Managers & Analysts 84 71.8% 38 Strategists & Economists 6 5.1% 36 Risk Management & Due Diligence 2 1.7% 35 Investor Relations & Marketing 6 5.1% 39 Other/Unspecified 19 US Equity 38 US Fixed Income 24 EAFE Equity 13 Global Equity 9 Global Fixed Income 8 Global Balanced 8 US Balanced 6 Emerging Markets Equity 5 Hedge Fund 5 International Equity 4 1961-65 0 1966-70 0 1971-75 2 29 1976-80 3 41 1981-85 4 58 1986-90 11 33 1991-95 11 39 1996-00 13 32 2001-05 13 27 2006-10 6 30 2011-15 0 Firms Represented: 86 55% evestment - All Rights Reserved 53
Northwestern University Evanston, Illinois (Private) for Firm Size 381 7 6,166 25 Bachelor's 107 21 2,141 32 Master's excluding MBAs 36 11 3,130 21 Master of Business Admin. 209 6 1,047 21 Doctorate excluding JD, MD 10 12 895 17 Juris Doctor 14 Other/Unspecified 28 Northern Trust Advisory Research, Inc. William Blair & Company, LLC PIMCO Segall Bryant & Hamill, LLC Attucks Asset Management Cartica Management, LLC Gries Financial LLC Strategic Global Advisors, LLC Advisory Research, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 295 77.4% 7 Strategists & Economists 20 5.2% 10 Risk Management & Due Diligence 7 1.8% 8 Investor Relations & Marketing 24 6.3% 5 Other/Unspecified 35 US Equity 147 US Fixed Income 64 Global Equity 55 International Equity 28 EAFE Equity 26 Emerging Markets Equity 19 US Balanced 17 Hedge Fund 16 Global Fixed Income 14 Global Balanced 7 1961-65 3 9 1966-70 6 9 1971-75 9 6 1976-80 10 12 1981-85 19 11 1986-90 40 6 1991-95 35 9 1996-00 49 6 2001-05 24 14 2006-10 16 12 2011-15 8 8 Firms Represented: 234 33% evestment - All Rights Reserved 54
Ohio State University Columbus Columbus, Ohio (Public) for Firm Size 112 38 15,373 82 Bachelor's 69 34 10,626 82 Master's excluding MBAs 14 29 3,119 52 Master of Business Admin. 28 40 220 41 Doctorate excluding JD, MD 4 29 1,628 53 Juris Doctor 3 Other/Unspecified 7 Diamond Hill Capital Management, Inc. Victory Capital Management Inc. Federated Investors, Inc. Ancora Advisors LLC ICON Advisers, Inc. Diamond Hill Capital Management, Inc. Penn Square Real Estate Group ICON Advisers, Inc. Charles Schwab Bank Matterhorn Capital Management, LLC Distribution of by Firm Location Portfolio Managers & Analysts 79 70.5% 42 Strategists & Economists 6 5.4% 36 Risk Management & Due Diligence 5 4.5% 13 Investor Relations & Marketing 6 5.4% 39 Other/Unspecified 16 US Equity 49 US Fixed Income 15 Global Equity 9 US Balanced 7 Emerging Markets Equity 6 Hedge Fund 4 Global Balanced 4 EAFE Equity 4 International Equity 3 Global Fixed Income 3 1961-65 0 1966-70 2 24 1971-75 5 15 1976-80 1 64 1981-85 5 46 1986-90 13 27 1991-95 9 45 1996-00 11 36 2001-05 14 24 2006-10 7 27 2011-15 1 38 Firms Represented: 74 36% evestment - All Rights Reserved 55
Pennsylvania State University University Park University Park, Pennsylvania (Public) for Firm Size 165 26 12,164 66 Bachelor's 123 20 10,099 67 Master's excluding MBAs 11 33 1,310 31 Master of Business Admin. 18 47 157 43 Doctorate excluding JD, MD 5 24 755 34 Juris Doctor 1 Other/Unspecified 12 Federated Investors, Inc. Chartwell Investment Partners Emerald Advisers, Inc. Morgan Stanley IM & AIP Wells Capital Management Incorporated Emerald Advisers, Inc. Stratton Management Company Conestoga Capital Advisors LLC RE Advisers Corporation Institutional Advisors LLC Distribution of by Firm Location Portfolio Managers & Analysts 110 66.7% 30 Strategists & Economists 9 5.5% 24 Risk Management & Due Diligence 5 3. 13 Investor Relations & Marketing 16 9.7% 14 Other/Unspecified 25 US Equity 52 US Fixed Income 30 Hedge Fund 11 EAFE Equity 9 Global Equity 9 International Equity 8 Emerging Markets Fixed Income 3 Global Fixed Income 3 US Balanced 2 Asia Pacific Equity 1 1961-65 2 12 1966-70 2 24 1971-75 4 21 1976-80 9 13 1981-85 12 22 1986-90 12 30 1991-95 12 37 1996-00 12 33 2001-05 13 27 2006-10 6 30 2011-15 1 38 Firms Represented: 121 39% evestment - All Rights Reserved 56
Pepperdine University Malibu, California (Private) for Firm Size 39 73 2,584 62 Bachelor's 11 87 926 68 Master's excluding MBAs 1 73 1,354 77 Master of Business Admin. 24 44 160 31 Doctorate excluding JD, MD 0 304 Juris Doctor 2 Other/Unspecified 2 Aristotle Capital Management, LLC Guggenheim Investments HighMark Capital Management, Inc. Aristotle Credit Partners, LLC Stonebridge Capital Management, Inc. MindShare Capital Management, LLC RBO & Co., LLC Hahn Capital Management, LLC Aristotle Credit Partners, LLC Frontegra Asset Management LLC Distribution of by Firm Location Portfolio Managers & Analysts 22 56.4% 78 Strategists & Economists 1 2.6% 73 Risk Management & Due Diligence 3 7.7% 24 Investor Relations & Marketing 4 10.3% 53 Other/Unspecified 9 US Equity 8 US Fixed Income 6 Emerging Markets Equity 2 Hedge Fund 2 US Balanced 2 Fund of Hedge Funds 2 International Equity 1 Commodities 1 Global Equity 1 EAFE Equity 1 1961-65 0 1966-70 0 1971-75 1 47 1976-80 1 64 1981-85 3 62 1986-90 6 52 1991-95 4 62 1996-00 3 74 2001-05 1 81 2006-10 0 2011-15 0 Firms Represented: 35 58% evestment - All Rights Reserved 57
Princeton University Princeton, New Jersey (Ivy) for Firm Size 255 19 2,079 5 Bachelor's 183 6 1,248 3 Master's excluding MBAs 32 15 480 1 Master of Business Admin. 0 Doctorate excluding JD, MD 27 4 351 1 Juris Doctor 1 Other/Unspecified 18 Wellington Management Company, LLP INTECH Investment Management LLC BlackRock Federated Investors, Inc. First Eagle Investment Management, LLC INTECH Investment Management LLC Winslow Asset Management, Inc. Summit Global Management, Inc. Jamison, Eaton & Wood Inc. Davis-Rea Ltd. Distribution of by Firm Location Portfolio Managers & Analysts 198 77.6% 19 Strategists & Economists 19 7.5% 12 Risk Management & Due Diligence 7 2.7% 8 Investor Relations & Marketing 8 3.1% 33 Other/Unspecified 23 US Equity 91 Global Equity 37 US Fixed Income 24 EAFE Equity 20 Emerging Markets Equity 20 Hedge Fund 20 International Equity 19 Fund of Hedge Funds 10 Global Fixed Income 9 Global Balanced 8 1961-65 3 9 1966-70 4 12 1971-75 5 15 1976-80 19 3 1981-85 15 15 1986-90 18 20 1991-95 21 20 1996-00 28 13 2001-05 25 13 2006-10 20 9 2011-15 2 24 Firms Represented: 196 32% evestment - All Rights Reserved 58
Purdue University West Lafayette West Lafayette, Indiana (Public) for Firm Size 42 72 9,104 89 Bachelor's 27 71 6,603 88 Master's excluding MBAs 7 47 1,621 53 Master of Business Admin. 6 57 180 61 Doctorate excluding JD, MD 3 36 880 46 Juris Doctor 0 Other/Unspecified 4 GLOBALT UBS Global Asset Management Artio Global Management LLC The Boston Company Asset Management, LLC Osborn Rohs Williams & Donohoe LLC Callan Associates Inc. GLOBALT Singular Asset Management Sdn Bhd Transparent Value Advisors, LLC HAGIN Capital, LLC Distribution of by Firm Location Portfolio Managers & Analysts 32 76.2% 72 Strategists & Economists 2 4.8% 60 Risk Management & Due Diligence 0 Investor Relations & Marketing 3 7.1% 61 Other/Unspecified 5 US Equity 14 US Fixed Income 8 Global Equity 7 EAFE Equity 4 Global Fixed Income 3 Emerging Markets Equity 3 Japan Equity 2 Hedge Fund 2 Asia Pacific Equity 2 Emerging Markets Fixed Income 2 1961-65 2 12 1966-70 0 1971-75 2 29 1976-80 3 41 1981-85 1 76 1986-90 4 63 1991-95 1 81 1996-00 2 81 2001-05 0 2006-10 1 67 2011-15 0 Firms Represented: 40 19% evestment - All Rights Reserved 59
Rensselaer Polytechnic Institute Troy, New York (Private) for Firm Size 46 68 1,739 49 Bachelor's 24 75 1,244 54 Master's excluding MBAs 18 24 359 4 Master of Business Admin. 4 60 24 27 Doctorate excluding JD, MD 2 43 136 12 Juris Doctor 0 Other/Unspecified 6 The Boston Company Asset Management, LLC State Street Global Advisors James Capital Alliance, Inc. Federated Investors, Inc. Westport Asset Management, Inc. James Capital Alliance, Inc. Lattice Strategies The Boston Company Asset Management, LLC OPUS INVESTMENT MANAGEMENT, INC HGK Asset Management, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 38 82.6% 66 Strategists & Economists 2 4.3% 60 Risk Management & Due Diligence 0 Investor Relations & Marketing 2 4.3% 67 Other/Unspecified 4 US Fixed Income 11 US Equity 10 Global Equity 4 Hedge Fund 2 Emerging Markets Equity 2 International Equity 2 Global Fixed Income 2 EAFE Equity 2 US Balanced 2 Japan Equity 1 1961-65 0 1966-70 1 35 1971-75 3 23 1976-80 1 64 1981-85 1 76 1986-90 4 63 1991-95 2 76 1996-00 3 74 2001-05 1 81 2006-10 1 67 2011-15 0 Firms Represented: 38 25% evestment - All Rights Reserved 60
Rice University Houston, Texas (Private) for Firm Size 59 57 1,615 37 Bachelor's 33 63 832 37 Master's excluding MBAs 4 58 593 36 Master of Business Admin. 18 47 214 52 Doctorate excluding JD, MD 2 43 190 21 Juris Doctor 0 Other/Unspecified 8 Eagle Global Advisors, LLC Salient Partners, L.P. Vaughan Nelson Investment Management, L.P. Frost Investment Advisors, LLC Kohlberg Kravis Roberts & Co. Vaughan Nelson Investment Management, L.P. Eagle Global Advisors, LLC Private Capital Management Reams Asset Management Verity Asset Management, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 50 84.7% 53 Strategists & Economists 1 1.7% 73 Risk Management & Due Diligence Investor Relations & Marketing 1 1.7% 74 Other/Unspecified 7 US Equity 29 US Fixed Income 8 Global Equity 6 EAFE Equity 5 Hedge Fund 4 Emerging Markets Equity 4 International Equity 4 Global Balanced 2 Fund of Hedge Funds 2 Global Fixed Income 2 1961-65 0 1966-70 3 15 1971-75 0 1976-80 1 64 1981-85 1 76 1986-90 1 83 1991-95 7 55 1996-00 6 55 2001-05 9 36 2006-10 1 67 2011-15 0 Firms Represented: 49 49% evestment - All Rights Reserved 61
Rutgers, State University of New Jersey Piscataway, New Jersey (Public) for Firm Size 144 30 9,418 60 Bachelor's 89 28 6,830 64 Master's excluding MBAs 6 48 1,956 59 Master of Business Admin. 41 28 201 20 Doctorate excluding JD, MD 7 19 632 18 Juris Doctor 1 Other/Unspecified 13 Lord, Abbett & Co. LLC Prudential Fixed Income Seix Investment Advisors LLC BlackRock New York Life Investment Management LLC Integre Asset Management Pier Capital, LLC PENN Capital Management Company, Inc. Braver Capital Management Quantitative Management Associates LLC Distribution of by Firm Location Portfolio Managers & Analysts 103 71.5% 31 Strategists & Economists 6 4.2% 36 Risk Management & Due Diligence 3 2.1% 24 Investor Relations & Marketing 8 5.6% 33 Other/Unspecified 24 US Equity 45 US Fixed Income 30 Global Equity 13 Hedge Fund 9 International Equity 9 EAFE Equity 9 Emerging Markets Equity 7 Global Balanced 4 Global Fixed Income 4 Commodities 3 1961-65 0 1966-70 1 35 1971-75 2 29 1976-80 6 20 1981-85 13 20 1986-90 12 30 1991-95 13 33 1996-00 9 40 2001-05 6 45 2006-10 7 27 2011-15 0 Firms Represented: 105 36% evestment - All Rights Reserved 62
Southern Methodist University Dallas, Texas (Private) for Firm Size 110 40 3,278 41 Bachelor's 60 38 1,488 35 Master's excluding MBAs 5 51 1,442 55 Master of Business Admin. 35 35 206 25 Doctorate excluding JD, MD 1 55 348 51 Juris Doctor 6 Other/Unspecified 12 Cushing Asset Management, L. P. Invesco Barrow, Hanley, Mewhinney & Strauss, LLC Schroder Investment Management L&B Realty Advisors, LLP L&B Realty Advisors, LLP Cushing Asset Management, L. P. Green Square Capital Brookmont Capital Management Covenant Capital Group, LLC Distribution of by Firm Location Portfolio Managers & Analysts 68 61.8% 48 Strategists & Economists 5 4.5% 46 Risk Management & Due Diligence 3 2.7% 24 Investor Relations & Marketing 16 14.5% 14 Other/Unspecified 18 US Equity 37 US Fixed Income 16 Global Equity 11 US Balanced 10 Hedge Fund 8 EAFE Equity 5 Emerging Markets Equity 4 Private Real Estate 4 International Equity 4 Global Balanced 2 1961-65 2 12 1966-70 0 1971-75 5 15 1976-80 1 64 1981-85 7 35 1986-90 9 40 1991-95 15 28 1996-00 8 44 2001-05 14 24 2006-10 4 40 2011-15 1 38 Firms Represented: 80 39% evestment - All Rights Reserved 63
Stanford University Stanford, California (Private) for Firm Size 437 6 4,935 13 Bachelor's 142 13 1,690 15 Master's excluding MBAs 80 3 2,234 7 Master of Business Admin. 173 7 825 19 Doctorate excluding JD, MD 33 2 1,011 5 Juris Doctor 14 Doctor of Medicine 2 Other/Unspecified 38 Dodge & Cox PIMCO Kohlberg Kravis Roberts & Co. Franklin Templeton Investments T. Rowe Price Group, Inc. Atlas Capital Advisors, LLC Snyder Capital Management, L.P. Hall Capital Partners LLC HighVista Strategies LLC DoubleLine Distribution of by Firm Location Portfolio Managers & Analysts 337 77.1% 6 Strategists & Economists 28 6.4% 6 Risk Management & Due Diligence 4 0.9% 19 Investor Relations & Marketing 20 4.6% 8 Other/Unspecified 48 US Equity 135 US Fixed Income 50 Global Equity 50 Hedge Fund 33 EAFE Equity 24 International Equity 23 US Balanced 23 Global Fixed Income 16 Emerging Markets Equity 14 Global Balanced 9 1961-65 6 4 1966-70 8 5 1971-75 11 4 1976-80 14 7 1981-85 37 3 1986-90 23 12 1991-95 38 7 1996-00 26 15 2001-05 47 6 2006-10 22 7 2011-15 9 7 Firms Represented: 266 39% evestment - All Rights Reserved 64
Syracuse University Syracuse, New York (Private) for Firm Size 59 57 5,270 71 Bachelor's 40 58 3,074 65 Master's excluding MBAs 5 51 1,855 63 Master of Business Admin. 5 58 73 54 Doctorate excluding JD, MD 2 43 341 36 Juris Doctor 0 Other/Unspecified 8 Thornburg Investment Management, Inc. The Boston Company Asset Management, LLC CBRE Clarion Securities, LLC OFI Global Asset Management Seix Investment Advisors LLC Thornburg Investment Management, Inc. Jamison, Eaton & Wood Inc. CBRE Clarion Securities, LLC HAGIN Capital, LLC ProShare Advisors LLC Distribution of by Firm Location Portfolio Managers & Analysts 40 67.8% 61 Strategists & Economists 2 3.4% 60 Risk Management & Due Diligence 4 6.8% 19 Investor Relations & Marketing 3 5.1% 61 Other/Unspecified 10 US Equity 14 US Fixed Income 12 Global Equity 7 Hedge Fund 5 EAFE Equity 5 Global Fixed Income 4 Emerging Markets Fixed Income 2 Emerging Markets Equity 2 US Balanced 2 International Equity 2 1961-65 1 22 1966-70 2 24 1971-75 0 1976-80 3 41 1981-85 1 76 1986-90 10 36 1991-95 9 45 1996-00 3 74 2001-05 4 56 2006-10 3 46 2011-15 0 Firms Represented: 52 39% evestment - All Rights Reserved 65
Texas A&M University College Station College Station, Texas (Public) for Firm Size 57 61 11,935 88 Bachelor's 44 52 9,024 87 Master's excluding MBAs 11 33 2,122 47 Master of Business Admin. 5 58 113 59 Doctorate excluding JD, MD 0 789 Juris Doctor 0 Other/Unspecified 3 Invesco Frost Investment Advisors, LLC South Texas Money Management American Beacon Advisors, Inc. Chilton Capital Management LLC South Texas Money Management Stephens Investment Management Group Century Management Mercator Asset Management, L.P. Copper Rock Capital Partners, LLC. Distribution of by Firm Location Portfolio Managers & Analysts 44 77.2% 58 Strategists & Economists 0 Risk Management & Due Diligence 2 3.5% 35 Investor Relations & Marketing 7 12.3% 37 Other/Unspecified 4 US Equity 19 US Fixed Income 5 Hedge Fund 4 Global Equity 3 US Balanced 2 EAFE Equity 2 Emerging Markets Equity 2 Commodities 1 Private Real Estate 1 1961-65 0 1966-70 0 1971-75 0 1976-80 1 64 1981-85 2 72 1986-90 2 74 1991-95 11 39 1996-00 8 44 2001-05 7 43 2006-10 1 67 2011-15 1 38 Firms Represented: 44 56% evestment - All Rights Reserved 66
Tufts University Medford, Massachusetts (Private) for Firm Size 113 37 3,069 36 Bachelor's 83 29 1,377 25 Master's excluding MBAs 15 28 1,108 17 Master of Business Admin. 0 Doctorate excluding JD, MD 4 29 584 31 Juris Doctor 0 Doctor of Medicine 2 Other/Unspecified 13 Charles River Realty Investors, LLC MFS Investment Management State Street Global Advisors Pioneer Global Asset Management PanAgora Asset Management, Inc. Charles River Realty Investors, LLC Rhumbline Advisers Corp Trillium Asset Management LLC Turner Investments, L.P. Baker Avenue Asset Management, LP Distribution of by Firm Location Portfolio Managers & Analysts 91 80.5% 34 Strategists & Economists 1 0.9% 73 Risk Management & Due Diligence 2 1.8% 35 Investor Relations & Marketing 4 3.5% 53 Other/Unspecified 15 US Equity 41 Global Equity 19 US Fixed Income 16 EAFE Equity 10 Emerging Markets Equity 9 International Equity 7 Hedge Fund 7 US Balanced 4 Fund of Hedge Funds 4 Global Balanced 3 1961-65 1 22 1966-70 3 15 1971-75 0 1976-80 5 30 1981-85 7 35 1986-90 14 24 1991-95 12 37 1996-00 14 29 2001-05 6 45 2006-10 1 67 2011-15 2 24 Firms Represented: 91 41% evestment - All Rights Reserved 67
Tulane University New Orleans, Louisiana (Private) for Firm Size 72 51 3,473 53 Bachelor's 39 60 1,546 48 Master's excluding MBAs 8 43 1,365 40 Master of Business Admin. 22 45 90 16 Doctorate excluding JD, MD 2 43 562 45 Juris Doctor 0 Other/Unspecified 6 Capital One Asset Management, LLC Grantham, Mayo, Van Otterloo & Co. LLC Orleans Capital Management Corporation Invesco Mesirow Financial Investment Mangement, Inc. Matterhorn Capital Management, LLC Orleans Capital Management Corporation The Roosevelt Investment Group, Inc. Hillswick Asset Management, LLC Stephens Investment Management Group Distribution of by Firm Location Portfolio Managers & Analysts 51 70.8% 52 Strategists & Economists 4 5.6% 52 Risk Management & Due Diligence 2 2.8% 35 Investor Relations & Marketing 5 6.9% 45 Other/Unspecified 10 US Equity 26 US Fixed Income 11 Global Equity 8 Hedge Fund 5 EAFE Equity 5 Global Fixed Income 5 International Equity 3 Emerging Markets Equity 3 Emerging Markets Fixed Income 3 EAFE Fixed Income 2 1961-65 0 1966-70 0 1971-75 2 29 1976-80 1 64 1981-85 8 31 1986-90 2 74 1991-95 4 62 1996-00 8 44 2001-05 4 56 2006-10 5 36 2011-15 0 Firms Represented: 65 25% evestment - All Rights Reserved 68
University of California Berkeley Berkeley, California (Public) for Firm Size 333 11 10,699 43 Bachelor's 164 8 7,315 52 Master's excluding MBAs 34 13 2,120 12 Master of Business Admin. 97 14 503 24 Doctorate excluding JD, MD 19 8 1,264 11 Juris Doctor 4 Other/Unspecified 35 BlackRock PIMCO Wells Capital Management Incorporated American Century Investments Symphony Asset Management LLC Quotient Investors, LLC Piscataqua Capital Management, LLC RBO & Co., LLC Symphony Asset Management LLC Mellon Capital Management Corporation Distribution of by Firm Location Portfolio Managers & Analysts 260 78.1% 11 Strategists & Economists 19 5.7% 12 Risk Management & Due Diligence 5 1.5% 13 Investor Relations & Marketing 20 6. 8 Other/Unspecified 29 US Equity 98 US Fixed Income 57 Global Equity 36 EAFE Equity 24 Emerging Markets Equity 20 Hedge Fund 19 Global Fixed Income 17 International Equity 14 Asia Pacific Equity 11 US Balanced 9 1961-65 2 12 1966-70 3 15 1971-75 6 12 1976-80 8 15 1981-85 19 11 1986-90 25 10 1991-95 26 16 1996-00 32 10 2001-05 26 11 2006-10 5 36 2011-15 12 5 Firms Represented: 201 6 evestment - All Rights Reserved 69
University of California Davis Davis, California (Public) for Firm Size 55 64 8,567 84 Bachelor's 42 56 6,581 83 Master's excluding MBAs 2 67 985 70 Master of Business Admin. 3 63 95 62 Doctorate excluding JD, MD 2 43 1,001 56 Juris Doctor 0 Other/Unspecified 7 Franklin Templeton Investments Wells Capital Management Incorporated Algert Global LLC Saratoga Research & Investment Management TIAA-CREF Asset Management, LLC Algert Global LLC AXA Investment Managers SKBA Capital Management, LLC Callan Associates Inc. Quantum Capital Management Distribution of by Firm Location Portfolio Managers & Analysts 45 81.8% 57 Strategists & Economists 1 1.8% 73 Risk Management & Due Diligence 1 1.8% 53 Investor Relations & Marketing 3 5.5% 61 Other/Unspecified 5 US Equity 17 US Fixed Income 13 Hedge Fund 6 EAFE Equity 5 Global Equity 5 International Equity 4 Emerging Markets Equity 3 Global Fixed Income 2 Global Balanced 2 Asia Pacific Equity 1 1961-65 0 1966-70 0 1971-75 0 1976-80 2 53 1981-85 5 46 1986-90 2 74 1991-95 4 62 1996-00 3 74 2001-05 2 71 2006-10 2 57 2011-15 1 38 Firms Represented: 43 64% evestment - All Rights Reserved 70
University of California Irvine Irvine, California (Public) for Firm Size 57 61 7,741 81 Bachelor's 18 82 6,069 89 Master's excluding MBAs 2 67 1,100 73 Master of Business Admin. 25 43 187 36 Doctorate excluding JD, MD 5 24 572 26 Juris Doctor 0 Other/Unspecified 11 PIMCO Wells Capital Management Incorporated Western Asset Management Company Analytic Investors, LLC Franklin Templeton Investments Anfield Capital Management, LLC DoubleLine Analytic Investors, LLC Hollencrest Capital Management Progress Investment Management Company Distribution of by Firm Location Portfolio Managers & Analysts 36 63.2% 69 Strategists & Economists 3 5.3% 56 Risk Management & Due Diligence 1 1.8% 53 Investor Relations & Marketing 11 19.3% 21 Other/Unspecified 6 US Equity 14 Global Equity 10 Emerging Markets Equity 9 EAFE Equity 8 US Fixed Income 8 Hedge Fund 3 Global Fixed Income 3 International Equity 2 Canada Equity 1 US Balanced 1 1961-65 0 1966-70 0 1971-75 0 1976-80 2 53 1981-85 1 76 1986-90 6 52 1991-95 2 76 1996-00 4 67 2001-05 3 63 2006-10 1 67 2011-15 2 24 Firms Represented: 42 75% evestment - All Rights Reserved 71
University of California Los Angeles Los Angeles, California (Public) for Firm Size 345 9 11,577 45 Bachelor's 129 18 7,342 59 Master's excluding MBAs 26 19 2,909 29 Master of Business Admin. 172 8 708 17 Doctorate excluding JD, MD 12 11 1,326 24 Juris Doctor 14 Other/Unspecified 26 PIMCO Dimensional Fund Advisors, Inc. Research Affiliates, LLC The TCW Group, Inc. Wells Capital Management Incorporated del Rey Global Investors, LLC Santa Barbara Asset Management Pacific Income Advisers, Inc. Atlantic Asset Management, L.L.C. SSI Investment Management Inc. Distribution of by Firm Location Portfolio Managers & Analysts 272 78.8% 9 Strategists & Economists 26 7.5% 8 Risk Management & Due Diligence 5 1.4% 13 Investor Relations & Marketing 19 5.5% 11 Other/Unspecified 23 US Equity 122 US Fixed Income 68 Global Equity 50 EAFE Equity 37 Global Fixed Income 28 International Equity 27 Emerging Markets Equity 25 US Balanced 24 Hedge Fund 23 Asia Pacific Equity 9 1961-65 2 12 1966-70 3 15 1971-75 2 29 1976-80 11 11 1981-85 11 28 1986-90 32 7 1991-95 32 10 1996-00 25 17 2001-05 34 9 2006-10 15 14 2011-15 5 13 Firms Represented: 191 63% evestment - All Rights Reserved 72
University of California San Diego La Jolla, California (Public) for Firm Size 63 56 8,158 80 Bachelor's 47 49 6,336 77 Master's excluding MBAs 9 39 1,106 33 Master of Business Admin. 2 65 102 66 Doctorate excluding JD, MD 4 29 716 37 Juris Doctor 0 Other/Unspecified 5 Brandes Investment Partners, L.P. PIMCO BlackRock Putnam Investments Denali Advisors, LLC Denali Advisors, LLC ClariVest Asset Management LLC Sunrise Capital Partners, LLC del Rey Global Investors, LLC Pacific Global Investment Management Company Distribution of by Firm Location Portfolio Managers & Analysts 44 69.8% 58 Strategists & Economists 6 9.5% 36 Risk Management & Due Diligence 2 3.2% 35 Investor Relations & Marketing 2 3.2% 67 Other/Unspecified 9 US Equity 20 Global Equity 11 Emerging Markets Equity 10 US Fixed Income 8 International Equity 8 EAFE Equity 7 Hedge Fund 5 Canada Equity 3 Fund of Hedge Funds 3 Emerging Markets Fixed Income 3 1961-65 0 1966-70 0 1971-75 0 1976-80 1 64 1981-85 5 46 1986-90 6 52 1991-95 9 45 1996-00 11 36 2001-05 3 63 2006-10 3 46 2011-15 0 Firms Represented: 49 75% evestment - All Rights Reserved 73
University of California Santa Barbara Santa Barbara, California (Public) for Firm Size 71 54 6,303 70 Bachelor's 59 41 5,333 70 Master's excluding MBAs 8 43 624 19 Master of Business Admin. 0 Doctorate excluding JD, MD 1 55 346 50 Juris Doctor 0 Other/Unspecified 5 Pacific Income Advisers, Inc. PIMCO Franklin Templeton Investments Pareto Forvaltning AS HighMark Capital Management, Inc. Churchill Management Group Pacific Income Advisers, Inc. Quotient Investors, LLC Falcon Point Capital LLC Pacific Ridge Capital Partners, LLC Distribution of by Firm Location Portfolio Managers & Analysts 44 62. 58 Strategists & Economists 2 2.8% 60 Risk Management & Due Diligence 2 2.8% 35 Investor Relations & Marketing 9 12.7% 28 Other/Unspecified 14 US Equity 26 US Fixed Income 10 Hedge Fund 5 Global Equity 5 EAFE Equity 4 Emerging Markets Equity 3 US Balanced 3 Private Real Estate 3 International Equity 2 Global Fixed Income 2 1961-65 0 1966-70 2 24 1971-75 2 29 1976-80 2 53 1981-85 11 28 1986-90 7 46 1991-95 5 61 1996-00 9 40 2001-05 7 43 2006-10 0 2011-15 0 Firms Represented: 64 64% evestment - All Rights Reserved 74
University of Chicago Chicago, Illinois (Private) for Firm Size 769 4 4,663 2 Bachelor's 75 32 1,242 24 Master's excluding MBAs 38 9 2,706 16 Master of Business Admin. 619 1 1,181 2 Doctorate excluding JD, MD 23 5 715 6 Juris Doctor 8 Other/Unspecified 34 PIMCO Wellington Management Company, LLP Northern Trust Columbia Wanger Asset Management, LP Dimensional Fund Advisors, Inc. Advisory Research, Inc. Columbia Wanger Asset Management, LP Kabouter Management LLC Stux Capital Management LLC Institutional Capital LLC Distribution of by Firm Location Portfolio Managers & Analysts 630 81.9% 4 Strategists & Economists 45 5.9% 3 Risk Management & Due Diligence 15 2. 1 Investor Relations & Marketing 27 3.5% 4 Other/Unspecified 52 US Equity 282 Global Equity 122 US Fixed Income 121 EAFE Equity 82 International Equity 56 Emerging Markets Equity 48 Global Fixed Income 45 Hedge Fund 41 US Balanced 22 Global Balanced 18 1961-65 2 12 1966-70 7 8 1971-75 6 12 1976-80 16 4 1981-85 30 4 1986-90 54 3 1991-95 50 5 1996-00 81 2 2001-05 83 2 2006-10 53 2 2011-15 20 3 Firms Represented: 386 25% evestment - All Rights Reserved 75
University of Connecticut Storrs, Connecticut (Public) for Firm Size 94 47 7,336 67 Bachelor's 56 43 4,973 69 Master's excluding MBAs 5 51 1,590 58 Master of Business Admin. 32 38 75 4 Doctorate excluding JD, MD 3 36 773 43 Juris Doctor 4 Other/Unspecified 10 Manulife Asset Management Newfleet Asset Management LLC Columbus Circle Investors Hartford Investment Management Company Harbor Funds Legato Capital Management, LLC Boston Harbor Investment Management Hillswick Asset Management, LLC OPUS INVESTMENT MANAGEMENT, INC Hartford Investment Management Company Distribution of by Firm Location Portfolio Managers & Analysts 69 73.4% 47 Strategists & Economists 1 1.1% 73 Risk Management & Due Diligence 8 8.5% 7 Investor Relations & Marketing 4 4.3% 53 Other/Unspecified 12 US Fixed Income 27 US Equity 25 Global Fixed Income 6 Emerging Markets Equity 3 Hedge Fund 2 Emerging Markets Fixed Income 2 EAFE Fixed Income 2 International Equity 2 Global Equity 2 EAFE Equity 2 1961-65 2 12 1966-70 0 1971-75 1 47 1976-80 5 30 1981-85 7 35 1986-90 7 46 1991-95 9 45 1996-00 5 60 2001-05 6 45 2006-10 6 30 2011-15 0 Firms Represented: 77 28% evestment - All Rights Reserved 76
University of Florida Gainesville, Florida (Public) for Firm Size 73 50 14,136 86 Bachelor's 50 47 8,286 84 Master's excluding MBAs 11 33 3,896 61 Master of Business Admin. 11 52 117 49 Doctorate excluding JD, MD 1 55 1,954 61 Juris Doctor 1 Other/Unspecified 10 Community Capital Management, Inc. Eagle Asset Management, Inc. Lord, Abbett & Co. LLC River Road Asset Management, LLC Invesco Mercator Asset Management, L.P. Community Capital Management, Inc. Asset Preservation Advisors, Inc Matarin Capital Management, LLC Ceredex Value Advisors LLC Distribution of by Firm Location Portfolio Managers & Analysts 62 84.9% 50 Strategists & Economists 2 2.7% 60 Risk Management & Due Diligence 1 1.4% 53 Investor Relations & Marketing 5 6.8% 45 Other/Unspecified 3 US Equity 27 Global Equity 11 US Fixed Income 11 EAFE Equity 5 Emerging Markets Equity 5 US Balanced 4 International Equity 4 Global Fixed Income 3 Hedge Fund 3 Global Balanced 2 1961-65 0 1966-70 2 24 1971-75 0 1976-80 2 53 1981-85 5 46 1986-90 12 30 1991-95 1 81 1996-00 8 44 2001-05 11 32 2006-10 2 57 2011-15 0 Firms Represented: 60 27% evestment - All Rights Reserved 77
University of Georgia Athens, Georgia (Public) for Firm Size 59 57 8,936 83 Bachelor's 34 62 6,360 86 Master's excluding MBAs 5 51 1,675 60 Master of Business Admin. 9 54 95 48 Doctorate excluding JD, MD 2 43 901 55 Juris Doctor 2 Other/Unspecified 11 Voya Investment Management Co. LLC Rock & Water Capital Partners Shapiro Capital Management LLC Windham Capital Management, LLC Montag & Caldwell, LLC Windham Capital Management, LLC Montag & Caldwell, LLC McClain Value Management, LLC Cumberland Advisors Real Estate Management Services Group, LLC Distribution of by Firm Location Portfolio Managers & Analysts 40 67.8% 61 Strategists & Economists 4 6.8% 52 Risk Management & Due Diligence 4 6.8% 19 Investor Relations & Marketing 4 6.8% 53 Other/Unspecified 7 US Equity 16 US Fixed Income 10 US Balanced 3 Global Equity 3 Private Real Estate 2 EAFE Equity 2 Global Fixed Income 2 Hedge Fund 2 Fund of Hedge Funds 1 Commodities 1 1961-65 1 22 1966-70 0 1971-75 1 47 1976-80 4 36 1981-85 3 62 1986-90 2 74 1991-95 3 68 1996-00 6 55 2001-05 2 71 2006-10 6 30 2011-15 0 Firms Represented: 47 44% evestment - All Rights Reserved 78
University of Illinois Urbana-Champaign Champaign, Illinois (Public) for Firm Size 226 22 11,926 57 Bachelor's 147 11 7,533 53 Master's excluding MBAs 38 9 3,183 20 Master of Business Admin. 22 45 169 38 Doctorate excluding JD, MD 13 9 1,210 19 Juris Doctor 3 Other/Unspecified 25 Northern Trust Cozad Asset Management, Inc. BMO Asset Management Inc. LSV Asset Management Oberweis Asset Management, Inc. Cozad Asset Management, Inc. LSV Asset Management Trigran Investments, Inc. Geneva Advisors Cedar Hill Associates, LLC Distribution of by Firm Location Portfolio Managers & Analysts 182 80.5% 20 Strategists & Economists 9 4. 24 Risk Management & Due Diligence 6 2.7% 12 Investor Relations & Marketing 12 5.3% 19 Other/Unspecified 17 US Equity 104 US Fixed Income 37 Global Equity 27 EAFE Equity 23 Emerging Markets Equity 16 International Equity 15 Asia Pacific Equity 7 Global Fixed Income 6 Europe Equity 6 Hedge Fund 6 1961-65 4 6 1966-70 1 35 1971-75 8 8 1976-80 12 10 1981-85 11 28 1986-90 26 9 1991-95 30 13 1996-00 25 17 2001-05 12 29 2006-10 4 40 2011-15 0 Firms Represented: 145 49% evestment - All Rights Reserved 79
University of Iowa Iowa City, Iowa (Public) for Firm Size 102 44 6,627 59 Bachelor's 60 38 4,237 63 Master's excluding MBAs 9 39 1,452 38 Master of Business Admin. 43 27 118 8 Doctorate excluding JD, MD 4 29 938 42 Juris Doctor 1 Other/Unspecified 3 Aegon USA Investment Management, LLC Aviva Investors Principal Global Fixed Income Principal Global Equities McDonnell Investment Management, LLC Aegon USA Investment Management, LLC Principal Global Fixed Income Trigran Investments, Inc. Ceredex Value Advisors LLC Chautauqua Capital Management, LLC Distribution of by Firm Location Portfolio Managers & Analysts 84 82.4% 38 Strategists & Economists 3 2.9% 56 Risk Management & Due Diligence 2 2. 35 Investor Relations & Marketing 1 1. 74 Other/Unspecified 12 US Fixed Income 30 US Equity 28 Global Equity 9 EAFE Equity 6 International Equity 5 Global Fixed Income 5 Emerging Markets Equity 5 US Balanced 3 Asia Pacific Equity 2 Hedge Fund 2 1961-65 2 12 1966-70 0 1971-75 1 47 1976-80 4 36 1981-85 5 46 1986-90 8 44 1991-95 14 30 1996-00 14 29 2001-05 2 71 2006-10 3 46 2011-15 0 Firms Represented: 64 36% evestment - All Rights Reserved 80
University of Maryland College Park College Park, Maryland (Public) for Firm Size 122 33 10,140 68 Bachelor's 67 35 7,043 72 Master's excluding MBAs 12 30 2,440 51 Master of Business Admin. 32 38 200 30 Doctorate excluding JD, MD 5 24 657 28 Juris Doctor 2 Other/Unspecified 9 T. Rowe Price Group, Inc. The Ithaka Group, LLC Investment Counselors of Maryland, LLC Wilmington Trust Investment Advisors, Inc. Goldman Sachs Asset Management The Ithaka Group, LLC ProShare Advisors LLC Investment Counselors of Maryland, LLC Lynx Investment Advisory, LLC Montgomery Investment Management, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 89 73. 36 Strategists & Economists 9 7.4% 24 Risk Management & Due Diligence 5 4.1% 13 Investor Relations & Marketing 8 6.6% 33 Other/Unspecified 11 US Equity 34 US Fixed Income 19 Global Equity 11 International Equity 4 EAFE Equity 4 Emerging Markets Fixed Income 4 Hedge Fund 3 Global Fixed Income 3 Global Balanced 2 Asia Pacific Equity 2 1961-65 0 1966-70 2 24 1971-75 1 47 1976-80 3 41 1981-85 5 46 1986-90 6 52 1991-95 16 27 1996-00 9 40 2001-05 10 33 2006-10 5 36 2011-15 2 24 Firms Represented: 98 27% evestment - All Rights Reserved 81
University of Miami Coral Gables, Florida (Private) for Firm Size 44 71 4,284 74 Bachelor's 17 84 2,402 80 Master's excluding MBAs 2 67 971 69 Master of Business Admin. 16 49 187 50 Doctorate excluding JD, MD 0 911 Juris Doctor 5 Other/Unspecified 6 Taplin, Canida & Habacht, LLC Deutsche Asset Management Guggenheim Investments Farr, Miller & Washington LLC Northern Trust Taplin, Canida & Habacht, LLC S. Muoio & Co. LLC D.B. Fitzpatrick & Co., Inc. GAMCO Asset Management Inc. Cooke & Bieler, L.P. Distribution of by Firm Location Portfolio Managers & Analysts 35 79.5% 71 Strategists & Economists 0 Risk Management & Due Diligence 1 2.3% 53 Investor Relations & Marketing 5 11.4% 45 Other/Unspecified 3 US Equity 15 US Fixed Income 10 Global Equity 5 Hedge Fund 5 US Balanced 4 EAFE Equity 3 Global Fixed Income 3 International Equity 2 Emerging Markets Equity 2 Emerging Markets Fixed Income 2 1961-65 0 1966-70 1 35 1971-75 2 29 1976-80 2 53 1981-85 4 58 1986-90 2 74 1991-95 4 62 1996-00 5 60 2001-05 3 63 2006-10 1 67 2011-15 1 38 Firms Represented: 40 25% evestment - All Rights Reserved 82
University of Michigan Ann Arbor Ann Arbor, Michigan (Public) for Firm Size 308 14 11,828 50 Bachelor's 153 9 6,351 49 Master's excluding MBAs 31 17 3,918 34 Master of Business Admin. 112 10 886 42 Doctorate excluding JD, MD 8 16 1,559 38 Juris Doctor 9 Doctor of Medicine 1 Other/Unspecified 13 Wells Capital Management Incorporated Lord, Abbett & Co. LLC TIAA-CREF Asset Management, LLC American Century Investments Fidelity Worldwide Investment Pointe Capital Management LLC Estabrook Capital Management LLC 1492 Capital Management, LLC AXA Investment Managers Algert Global LLC Distribution of by Firm Location Portfolio Managers & Analysts 242 78.6% 14 Strategists & Economists 21 6.8% 9 Risk Management & Due Diligence 4 1.3% 19 Investor Relations & Marketing 12 3.9% 19 Other/Unspecified 29 US Equity 100 US Fixed Income 49 Global Equity 28 Emerging Markets Equity 14 International Equity 14 US Balanced 13 EAFE Equity 10 Fund of Hedge Funds 9 Asia Pacific Equity 8 Hedge Fund 8 1961-65 2 12 1966-70 5 11 1971-75 11 4 1976-80 6 20 1981-85 24 7 1986-90 21 14 1991-95 44 6 1996-00 31 12 2001-05 26 11 2006-10 14 15 2011-15 4 16 Firms Represented: 224 22% evestment - All Rights Reserved 83
University of Minnesota Twin Cities Minneapolis, Minnesota (Public) for Firm Size 183 24 12,529 63 Bachelor's 91 26 7,449 66 Master's excluding MBAs 8 43 3,401 66 Master of Business Admin. 83 18 220 7 Doctorate excluding JD, MD 4 29 1,679 54 Juris Doctor 2 Other/Unspecified 21 Sit Investment Associates, Inc. Columbia Management Investment Advisers, LLC Wells Capital Management Incorporated Galliard Capital Management, Inc. Advantus Capital Management Sit Investment Associates, Inc. White Pine Capital, LLC Galliard Capital Management, Inc. Advantus Capital Management Arbor Capital Management, LLC Distribution of by Firm Location Portfolio Managers & Analysts 144 78.7% 24 Strategists & Economists 6 3.3% 36 Risk Management & Due Diligence 2 1.1% 35 Investor Relations & Marketing 6 3.3% 39 Other/Unspecified 25 US Equity 67 US Fixed Income 62 Global Equity 18 US Balanced 12 Global Fixed Income 8 EAFE Equity 6 International Equity 3 Hedge Fund 3 Fund of Hedge Funds 3 Global Balanced 2 1961-65 0 1966-70 2 24 1971-75 3 23 1976-80 3 41 1981-85 13 20 1986-90 17 21 1991-95 15 28 1996-00 19 23 2001-05 12 29 2006-10 12 18 2011-15 2 24 Firms Represented: 72 47% evestment - All Rights Reserved 84
University of North Carolina Chapel Hill Chapel, Hill, North Carolina (Public) for Firm Size 154 28 7,603 54 Bachelor's 79 31 4,441 58 Master's excluding MBAs 10 37 1,984 49 Master of Business Admin. 55 22 562 47 Doctorate excluding JD, MD 8 16 1,178 32 Juris Doctor 1 Other/Unspecified 12 Guggenheim Investments Bowen, Hanes & Company, Inc. Holderness Investments EARNEST Partners, LLC Private Advisors, LLC Grisanti Capital Management LLC Mountain Pacific Advisors, LLC CornerCap Investment Counsel EARNEST Partners, LLC Agincourt Capital Management LLC Distribution of by Firm Location Portfolio Managers & Analysts 122 79.2% 27 Strategists & Economists 10 6.5% 23 Risk Management & Due Diligence 2 1.3% 35 Investor Relations & Marketing 11 7.1% 21 Other/Unspecified 9 US Equity 49 US Fixed Income 19 Global Equity 11 International Equity 7 EAFE Equity 6 Emerging Markets Equity 6 US Balanced 5 Global Fixed Income 3 Global Balanced 3 Fund of Hedge Funds 2 1961-65 1 22 1966-70 3 15 1971-75 1 47 1976-80 9 13 1981-85 12 22 1986-90 9 40 1991-95 21 20 1996-00 8 44 2001-05 15 22 2006-10 7 27 2011-15 3 21 Firms Represented: 114 2 evestment - All Rights Reserved 85
University of Notre Dame Notre Dame, Indiana (Private) for Firm Size 216 23 3,356 21 Bachelor's 143 12 2,058 23 Master's excluding MBAs 5 51 891 41 Master of Business Admin. 53 24 323 29 Doctorate excluding JD, MD 2 43 407 39 Juris Doctor 3 Other/Unspecified 18 CastleArk Management, LLC Diamond Hill Capital Management, Inc. Wells Capital Management Incorporated Aviva Investors RBC Global Asset Management Sorin Capital Management Nelson Capital Management Turner Investment Partners, Inc. CastleArk Management, LLC Stux Capital Management LLC Distribution of by Firm Location Portfolio Managers & Analysts 172 79.6% 23 Strategists & Economists 7 3.2% 32 Risk Management & Due Diligence 2 0.9% 35 Investor Relations & Marketing 13 6. 18 Other/Unspecified 22 US Equity 84 US Fixed Income 38 Global Equity 22 EAFE Equity 14 US Balanced 9 Hedge Fund 8 Global Balanced 5 International Equity 5 Global Fixed Income 4 Fund of Hedge Funds 4 1961-65 1 22 1966-70 8 5 1971-75 3 23 1976-80 5 30 1981-85 16 13 1986-90 20 17 1991-95 20 22 1996-00 21 22 2001-05 18 19 2006-10 18 11 2011-15 5 13 Firms Represented: 170 18% evestment - All Rights Reserved 86
University of Pennsylvania Philadelphia, Pennsylvania (Ivy) for Firm Size 974 1 7,308 4 Bachelor's 391 1 2,636 2 Master's excluding MBAs 33 14 3,483 27 Master of Business Admin. 494 2 1,711 13 Doctorate excluding JD, MD 20 7 1,189 9 Juris Doctor 4 Other/Unspecified 88 PIMCO Wellington Management Company, LLP Morgan Stanley IM & AIP MFS Investment Management BlackRock Ortus Capital Management Limited Sanders Capital, LLC Cooke & Bieler, L.P. Philadelphia International Advisors Donald Smith & Co., Inc. Distribution of by Firm Location Portfolio Managers & Analysts 795 81.6% 1 Strategists & Economists 43 4.4% 4 Risk Management & Due Diligence 12 1.2% 5 Investor Relations & Marketing 44 4.5% 1 Other/Unspecified 80 US Equity 293 US Fixed Income 129 Global Equity 126 International Equity 63 Hedge Fund 62 EAFE Equity 58 Emerging Markets Equity 57 Global Fixed Income 33 US Balanced 31 Emerging Markets Fixed Income 25 1961-65 4 6 1966-70 20 1 1971-75 18 2 1976-80 35 1 1981-85 57 1 1986-90 61 2 1991-95 86 2 1996-00 92 1 2001-05 93 1 2006-10 48 3 2011-15 24 1 Firms Represented: 515 33% evestment - All Rights Reserved 87
University of Pittsburgh Pittsburgh, Pennsylvania (Public) for Firm Size 84 49 7,580 72 Bachelor's 31 68 4,165 76 Master's excluding MBAs 6 48 2,356 65 Master of Business Admin. 41 28 161 14 Doctorate excluding JD, MD 1 55 1,059 60 Juris Doctor 3 Other/Unspecified 7 Federated Investors, Inc. Snow Capital Management, LP Standish Mellon Asset Management Company LLC Symons Capital Management, Inc. PNC Capital Advisors, LLC Snow Capital Management, LP Symons Capital Management, Inc. Mellon Capital Management Corporation Partnervest Advisory Services LLC Lattice Strategies Distribution of by Firm Location Portfolio Managers & Analysts 65 77.4% 49 Strategists & Economists 0 Risk Management & Due Diligence 1 1.2% 53 Investor Relations & Marketing 9 10.7% 28 Other/Unspecified 9 US Equity 26 US Fixed Income 22 Global Fixed Income 7 Global Equity 6 US Balanced 6 Emerging Markets Fixed Income 6 Europe Fixed Income 4 International Equity 3 Hedge Fund 3 EAFE Equity 3 1961-65 1 22 1966-70 1 35 1971-75 1 47 1976-80 1 64 1981-85 7 35 1986-90 7 46 1991-95 8 51 1996-00 4 67 2001-05 9 36 2006-10 4 40 2011-15 0 Firms Represented: 46 44% evestment - All Rights Reserved 88
University of Rochester Rochester, New York (Private) for Firm Size 117 34 2,939 35 Bachelor's 40 58 1,462 44 Master's excluding MBAs 11 33 1,103 26 Master of Business Admin. 62 21 213 12 Doctorate excluding JD, MD 6 21 374 10 Juris Doctor 0 Other/Unspecified 6 OFI Global Asset Management Broadstone Real Estate, LLC Manning & Napier Advisors, LLC State Street Global Advisors Federated Investors, Inc. Broadstone Real Estate, LLC Manning & Napier Advisors, LLC Fuller & Thaler Asset Management, Inc. Howe & Rusling Hillcrest Asset Management, LLC Distribution of by Firm Location Portfolio Managers & Analysts 91 77.8% 34 Strategists & Economists 9 7.7% 24 Risk Management & Due Diligence 2 1.7% 35 Investor Relations & Marketing 6 5.1% 39 Other/Unspecified 9 US Equity 35 Emerging Markets Equity 17 Global Equity 17 US Fixed Income 17 International Equity 11 EAFE Equity 11 US REIT 7 Hedge Fund 5 US Balanced 4 Global Fixed Income 3 1961-65 0 1966-70 1 35 1971-75 5 15 1976-80 1 64 1981-85 5 46 1986-90 5 56 1991-95 8 51 1996-00 8 44 2001-05 5 50 2006-10 2 57 2011-15 2 24 Firms Represented: 76 5 evestment - All Rights Reserved 89
University of Southern California Los Angeles, California (Private) for Firm Size 241 20 11,963 55 Bachelor's 101 22 4,363 51 Master's excluding MBAs 32 15 6,082 44 Master of Business Admin. 108 11 431 15 Doctorate excluding JD, MD 2 43 1,518 59 Juris Doctor 4 Other/Unspecified 24 PIMCO First Pacific Advisors, LLC Bradford & Marzec, LLC Whittier Trust Company American Realty Advisors Whittier Trust Company First Western Capital Management Pacific Global Investment Management Company DoubleLine American Realty Advisors Distribution of by Firm Location Portfolio Managers & Analysts 178 73.9% 21 Strategists & Economists 18 7.5% 15 Risk Management & Due Diligence 7 2.9% 8 Investor Relations & Marketing 19 7.9% 11 Other/Unspecified 19 US Equity 81 US Fixed Income 45 Global Equity 32 EAFE Equity 19 Emerging Markets Equity 18 International Equity 14 Hedge Fund 12 Global Fixed Income 12 US Balanced 10 Private Real Estate 10 1961-65 1 22 1966-70 4 12 1971-75 7 10 1976-80 4 36 1981-85 14 17 1986-90 13 27 1991-95 14 30 1996-00 26 15 2001-05 20 17 2006-10 13 17 2011-15 6 11 Firms Represented: 148 68% evestment - All Rights Reserved 90
University of Texas Austin Austin, Texas (Public) for Firm Size 112 38 12,830 76 Bachelor's 60 38 8,374 79 Master's excluding MBAs 12 30 3,084 54 Master of Business Admin. 39 31 551 53 Doctorate excluding JD, MD 4 29 1,372 49 Juris Doctor 3 Other/Unspecified 5 Invesco Frost Investment Advisors, LLC Luther King Capital Management Corporation Allianz Global Investors Goshawk Global Investments LLC Matterhorn Capital Management, LLC INTECH Investment Management LLC Adelante Capital Management LLC Stephens Investment Management Group Frost Investment Advisors, LLC Distribution of by Firm Location Portfolio Managers & Analysts 93 83. 33 Strategists & Economists 6 5.4% 36 Risk Management & Due Diligence 3 2.7% 24 Investor Relations & Marketing 3 2.7% 61 Other/Unspecified 7 US Equity 41 US Fixed Income 11 Global Equity 11 EAFE Equity 10 Hedge Fund 8 International Equity 7 Emerging Markets Equity 5 Europe Equity 2 Global Balanced 2 US Balanced 2 1961-65 0 1966-70 2 24 1971-75 1 47 1976-80 3 41 1981-85 1 76 1986-90 5 56 1991-95 13 33 1996-00 15 28 2001-05 8 38 2006-10 6 30 2011-15 1 38 Firms Represented: 79 37% evestment - All Rights Reserved 91
University of Virginia Charlottesville, Virginia (Public) for Firm Size 318 12 6,369 31 Bachelor's 195 3 3,726 30 Master's excluding MBAs 20 23 1,740 22 Master of Business Admin. 85 17 633 35 Doctorate excluding JD, MD 6 21 903 33 Juris Doctor 9 Other/Unspecified 33 T. Rowe Price Group, Inc. Thompson, Siegel & Walmsley LLC Investment Management of Virginia, LLC Wells Capital Management Incorporated Lowe, Brockenbrough & Company, Inc. The Capital Management Corporation Investment Management of Virginia, LLC Lowe, Brockenbrough & Company, Inc. Wilkinson OGrady & Co., Inc. Davenport Asset Management Distribution of by Firm Location Portfolio Managers & Analysts 256 80.5% 12 Strategists & Economists 11 3.5% 21 Risk Management & Due Diligence 3 0.9% 24 Investor Relations & Marketing 20 6.3% 8 Other/Unspecified 28 US Equity 117 US Fixed Income 41 Global Equity 31 US Balanced 17 EAFE Equity 13 International Equity 13 Emerging Markets Equity 10 Hedge Fund 10 Global Fixed Income 7 Global Balanced 6 1961-65 5 5 1966-70 8 5 1971-75 7 10 1976-80 13 8 1981-85 30 4 1986-90 30 8 1991-95 31 12 1996-00 22 21 2001-05 23 16 2006-10 11 20 2011-15 4 16 Firms Represented: 206 2 evestment - All Rights Reserved 92
University of Washington Seattle, Washington (Public) for Firm Size 104 42 11,305 75 Bachelor's 65 36 7,048 73 Master's excluding MBAs 8 43 3,036 64 Master of Business Admin. 26 42 248 46 Doctorate excluding JD, MD 0 1,221 Juris Doctor 1 Other/Unspecified 13 Washington Capital Management, Inc. Zevenbergen Capital Investments LLC Davidson Investment Advisors Edge Asset Management, Inc. Pugh Capital Management, Inc. Zevenbergen Capital Investments LLC Davidson Investment Advisors Badgley, Phelps and Bell, Inc. CWC Advisors, LLC Washington Capital Management, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 75 72.1% 44 Strategists & Economists 8 7.7% 31 Risk Management & Due Diligence 3 2.9% 24 Investor Relations & Marketing 6 5.8% 39 Other/Unspecified 12 US Equity 33 US Fixed Income 20 US Balanced 9 Emerging Markets Equity 7 EAFE Equity 7 Private Real Estate 4 Global Fixed Income 3 Global Equity 3 Commodities 2 Hedge Fund 2 1961-65 0 1966-70 1 35 1971-75 0 1976-80 7 18 1981-85 12 22 1986-90 15 23 1991-95 10 42 1996-00 8 44 2001-05 4 56 2006-10 5 36 2011-15 0 Firms Represented: 64 51% evestment - All Rights Reserved 93
University of Wisconsin Madison Madison, Wisconsin (Public) for Firm Size 145 29 9,982 64 Bachelor's 91 26 6,416 62 Master's excluding MBAs 27 18 2,052 18 Master of Business Admin. 33 37 199 28 Doctorate excluding JD, MD 4 29 1,514 52 Juris Doctor 4 Other/Unspecified 16 Wells Capital Management Incorporated Heartland Advisors, Inc. BMO Asset Management Inc. Artisan Partners Limited Partnership Ziegler Capital Management LLC Heartland Advisors, Inc. Baird - HGMR Investment Management Broadview Advisors LLC Marietta Investment Partners LLC Cortina Asset Management, LLC Distribution of by Firm Location Portfolio Managers & Analysts 125 86.2% 25 Strategists & Economists 5 3.4% 46 Risk Management & Due Diligence 1 0.7% 53 Investor Relations & Marketing 5 3.4% 45 Other/Unspecified 9 US Equity 79 US Fixed Income 26 Global Equity 21 US Balanced 10 EAFE Equity 10 Emerging Markets Equity 6 Global Fixed Income 5 International Equity 5 Hedge Fund 4 Asia Pacific Equity 2 1961-65 2 12 1966-70 1 35 1971-75 1 47 1976-80 6 20 1981-85 7 35 1986-90 11 33 1991-95 14 30 1996-00 12 33 2001-05 12 29 2006-10 14 15 2011-15 4 16 Firms Represented: 89 28% evestment - All Rights Reserved 94
Vanderbilt University Nashville, Tennessee (Private) for Firm Size 130 32 3,716 40 Bachelor's 73 33 1,673 33 Master's excluding MBAs 3 59 1,431 68 Master of Business Admin. 46 26 334 33 Doctorate excluding JD, MD 3 36 612 40 Juris Doctor 2 Doctor of Medicine 1 Other/Unspecified 8 Fayez Sarofim & Co. Wells Capital Management Incorporated Weaver C. Barksdale & Associates, Inc. WEDGE Capital Management, L.L.P. Invesco Mastrapasqua Asset Management, Inc. Weaver C. Barksdale & Associates, Inc. Covenant Capital Group, LLC Green Square Capital Vulcan Value Partners LLC Distribution of by Firm Location Portfolio Managers & Analysts 101 77.7% 32 Strategists & Economists 6 4.6% 36 Risk Management & Due Diligence 2 1.5% 35 Investor Relations & Marketing 11 8.5% 21 Other/Unspecified 10 US Equity 63 US Fixed Income 18 Global Equity 17 US Balanced 6 Emerging Markets Equity 6 EAFE Equity 5 International Equity 4 Hedge Fund 4 Fund of Hedge Funds 2 Private Real Estate 2 1961-65 0 1966-70 1 35 1971-75 6 12 1976-80 2 53 1981-85 8 31 1986-90 13 27 1991-95 20 22 1996-00 17 25 2001-05 6 45 2006-10 6 30 2011-15 0 Firms Represented: 104 17% evestment - All Rights Reserved 95
Virginia Polytechnic Institute and State University Blacksburg, Virginia (Public) for Firm Size 38 74 7,635 87 Bachelor's 32 66 5,486 85 Master's excluding MBAs 3 59 1,589 72 Master of Business Admin. 2 65 65 64 Doctorate excluding JD, MD 2 43 560 44 Juris Doctor 0 Other/Unspecified 2 1607 Capital Partners, LLC DuPont Capital Management Corporation Hahn Capital Management, LLC Fidelity Worldwide Investment Agincourt Capital Management LLC 1607 Capital Partners, LLC Quotient Investors, LLC Agincourt Capital Management LLC Valley Forge Asset Management Hahn Capital Management, LLC Distribution of by Firm Location Portfolio Managers & Analysts 31 81.6% 73 Strategists & Economists 2 5.3% 60 Risk Management & Due Diligence 1 2.6% 53 Investor Relations & Marketing 1 2.6% 74 Other/Unspecified 3 US Equity 16 EAFE Equity 7 US Fixed Income 6 US Balanced 4 Global Equity 3 Emerging Markets Equity 3 International Equity 2 Hedge Fund 2 Global Balanced 1 Asia Pacific Equity 1 1961-65 0 1966-70 0 1971-75 1 47 1976-80 6 20 1981-85 7 35 1986-90 4 63 1991-95 3 68 1996-00 2 81 2001-05 3 63 2006-10 1 67 2011-15 0 Firms Represented: 35 22% evestment - All Rights Reserved 96
Wake Forest University Winston-Salem, North Carolina (Private) for Firm Size 46 68 2,110 51 Bachelor's 26 74 1,112 50 Master's excluding MBAs 1 73 673 74 Master of Business Admin. 13 50 95 34 Doctorate excluding JD, MD 0 325 Juris Doctor 1 Other/Unspecified 7 Babson Capital Management Golden Capital Management, LLC Cassia Capital Partners LLC Wells Capital Management Incorporated WEDGE Capital Management, L.L.P. Friess Associates Alpha Omega Wealth Management, LLC Sasco Capital, Inc. Montag & Caldwell, LLC Maryland Capital Management, LLC Distribution of by Firm Location Portfolio Managers & Analysts 38 82.6% 66 Strategists & Economists 1 2.2% 73 Risk Management & Due Diligence 0 Investor Relations & Marketing 4 8.7% 53 Other/Unspecified 3 US Equity 19 US Fixed Income 11 US Balanced 9 Global Fixed Income 5 EAFE Equity 3 Global Balanced 2 Commodities 2 Emerging Markets Fixed Income 1 EAFE Fixed Income 1 Global Equity 1 1961-65 0 1966-70 0 1971-75 1 47 1976-80 3 41 1981-85 2 72 1986-90 3 70 1991-95 4 62 1996-00 2 81 2001-05 8 38 2006-10 3 46 2011-15 0 Firms Represented: 40 21% evestment - All Rights Reserved 97
Washington University in St. Louis St. Louis, Missouri (Private) for Firm Size 103 43 3,867 47 Bachelor's 56 43 1,642 39 Master's excluding MBAs 9 39 1,442 37 Master of Business Admin. 36 33 281 39 Doctorate excluding JD, MD 5 24 783 35 Juris Doctor 0 Other/Unspecified 4 NISA Investment Advisors, L.L.C. Wells Capital Management Incorporated Waddell & Reed Financial, Inc. Advisory Research, Inc. Lord, Abbett & Co. LLC NISA Investment Advisors, L.L.C. Towle & Co. Rockwood Capital Advisors, LLC Denali Advisors, LLC Zacks Investment Management Distribution of by Firm Location Portfolio Managers & Analysts 80 77.7% 41 Strategists & Economists 7 6.8% 32 Risk Management & Due Diligence 1 1. 53 Investor Relations & Marketing 5 4.9% 45 Other/Unspecified 10 US Fixed Income 32 US Equity 26 EAFE Equity 9 Global Equity 9 Canada Fixed Income 6 Hedge Fund 6 International Equity 6 Global Fixed Income 4 Global Balanced 4 Emerging Markets Equity 3 1961-65 0 1966-70 3 15 1971-75 1 47 1976-80 3 41 1981-85 6 43 1986-90 7 46 1991-95 9 45 1996-00 14 29 2001-05 5 50 2006-10 8 26 2011-15 1 38 Firms Represented: 75 2 evestment - All Rights Reserved 98
Worcester Polytechnic Institute Worcester, Massachusetts (Private) for Firm Size 11 90 1,406 79 Bachelor's 7 90 823 75 Master's excluding MBAs 3 59 549 43 Master of Business Admin. 0 Doctorate excluding JD, MD 0 34 Juris Doctor 0 Other/Unspecified 1 Putnam Investments Perseus Realty Partners, LLC F-Squared Investments Inc Conning Inc Highland Capital Management, LLC F-Squared Investments Inc Perseus Realty Partners, LLC Braver Capital Management Conning Inc Putnam Investments Distribution of by Firm Location Portfolio Managers & Analysts 9 81.8% 90 Strategists & Economists 0 Risk Management & Due Diligence 0 Investor Relations & Marketing 1 9.1% 74 Other/Unspecified 1 US Equity 4 US Fixed Income 2 Global Equity 2 1961-65 0 1966-70 0 1971-75 0 1976-80 0 1981-85 1 76 1986-90 1 83 1991-95 0 1996-00 1 86 2001-05 3 63 2006-10 0 2011-15 0 Firms Represented: 10 5 evestment - All Rights Reserved 99
Yale University New Haven, Connecticut (Ivy) for Firm Size 280 15 3,500 15 Bachelor's 184 5 1,285 4 Master's excluding MBAs 17 26 1,505 23 Master of Business Admin. 53 24 625 51 Doctorate excluding JD, MD 10 12 710 13 Juris Doctor 5 Other/Unspecified 18 Morgan Stanley IM & AIP Grantham, Mayo, Van Otterloo & Co. LLC Wells Capital Management Incorporated PIMCO Nomura Asset Management Global Whitebox Advisors LLC Hamlin Capital Management, LLC Emerson Investment Management, LLC Montgomery Investment Management, Inc. Barrow Street Advisors Distribution of by Firm Location Portfolio Managers & Analysts 218 77.9% 16 Strategists & Economists 19 6.8% 12 Risk Management & Due Diligence 4 1.4% 19 Investor Relations & Marketing 11 3.9% 21 Other/Unspecified 28 US Equity 89 US Fixed Income 45 Global Equity 31 Hedge Fund 20 EAFE Equity 15 International Equity 12 Global Fixed Income 10 Emerging Markets Equity 10 US Balanced 9 Fund of Hedge Funds 7 1961-65 10 1 1966-70 6 9 1971-75 9 6 1976-80 6 20 1981-85 20 10 1986-90 16 22 1991-95 32 10 1996-00 25 17 2001-05 15 22 2006-10 9 24 2011-15 0 Firms Represented: 210 32% evestment - All Rights Reserved 100
Yeshiva University New York, New York (Private) for Firm Size 19 88 1,673 69 Bachelor's 11 87 588 56 Master's excluding MBAs 0 401 Master of Business Admin. 0 Doctorate excluding JD, MD 0 684 Juris Doctor 3 Other/Unspecified 5 Baron Capital Victory Capital Management Inc. Columbus Circle Investors Neuberger Berman Hamilton Lane Optima Fund Management LLC Force Capital Management, LLC Lyrical Asset Management, L.P. Pzena Investment Management, LLC Hereford Funds Distribution of by Firm Location Portfolio Managers & Analysts 16 84.2% 86 Strategists & Economists 0 Risk Management & Due Diligence 0 Investor Relations & Marketing 1 5.3% 74 Other/Unspecified 2 US Equity 5 Global Equity 4 Emerging Markets Equity 2 International Equity 2 Hedge Fund 2 EAFE Equity 2 Asia Pacific Equity 1 Europe Equity 1 Fund of Hedge Funds 1 US Balanced 1 1961-65 0 1966-70 0 1971-75 0 1976-80 0 1981-85 1 76 1986-90 0 1991-95 6 57 1996-00 3 74 2001-05 0 2006-10 0 2011-15 0 Firms Represented: 19 5 evestment - All Rights Reserved 101
Amherst College Amherst, Massachusetts (Liberal Arts College) for Firm Size 37 75 442 14 Bachelor's 33 63 442 19 Master's excluding MBAs 0 Master of Business Admin. 0 Doctorate excluding JD, MD 0 Juris Doctor 0 Other/Unspecified 4 Income Research & Management SKY Harbor Capital Management, LLC Wellington Management Company, LLP Columbia Management Investment Advisers, LLC Granite Point Capital Vulcan Value Partners LLC Income Research & Management SKY Harbor Capital Management, LLC Mount Lucas Management LP Granite Point Capital Distribution of by Firm Location Portfolio Managers & Analysts 30 81.1% 74 Strategists & Economists 2 5.4% 60 Risk Management & Due Diligence 0 Investor Relations & Marketing 2 5.4% 67 Other/Unspecified 3 US Equity 13 US Fixed Income 9 Global Equity 3 International Equity 2 Global Fixed Income 2 Hedge Fund 1 Europe Equity 1 Emerging Markets Equity 1 US Balanced 1 Fund of Hedge Funds 1 1961-65 1 22 1966-70 0 1971-75 1 47 1976-80 1 64 1981-85 6 43 1986-90 5 56 1991-95 3 68 1996-00 2 81 2001-05 3 63 2006-10 0 2011-15 2 24 Firms Represented: 34 33% evestment - All Rights Reserved 102
Bowdoin College Brunswick, Maine (Liberal Arts College) for Firm Size 46 68 452 9 Bachelor's 44 52 452 10 Master's excluding MBAs 0 Master of Business Admin. 0 Doctorate excluding JD, MD 0 Juris Doctor 0 Other/Unspecified 2 Guggenheim Investments Wellington Management Company, LLP MFS Investment Management Jennison Associates LLC Timucuan Asset Management, Inc. Main Management LLC Thomas J. Herzfeld Advisors, Inc. Osterweis Capital Management F.L.Putnam Investment Management Company Stralem & Company Incorporated Distribution of by Firm Location Portfolio Managers & Analysts 36 78.3% 69 Strategists & Economists 2 4.3% 60 Risk Management & Due Diligence 1 2.2% 53 Investor Relations & Marketing 5 10.9% 45 Other/Unspecified 2 US Equity 12 US Fixed Income 5 Global Equity 4 International Equity 3 EAFE Equity 2 US Balanced 2 Global Fixed Income 2 Hedge Fund 1 Fund of Hedge Funds 1 Global Balanced 1 1961-65 1 22 1966-70 0 1971-75 2 29 1976-80 3 41 1981-85 5 46 1986-90 5 56 1991-95 3 68 1996-00 4 67 2001-05 2 71 2006-10 2 57 2011-15 2 24 Firms Represented: 40 38% evestment - All Rights Reserved 103
Carleton College Northfield, Minnesota (Liberal Arts College) for Firm Size 23 83 472 32 Bachelor's 19 80 472 36 Master's excluding MBAs 0 Master of Business Admin. 0 Doctorate excluding JD, MD 0 Juris Doctor 0 Other/Unspecified 4 Franklin Templeton Investments Cornerstone Capital Management Grantham, Mayo, Van Otterloo & Co. LLC Trilogy Global Advisors Becker Capital Pier Capital, LLC Punch & Associates Investment Management, Inc. Mellon Capital Management Corporation Marvin & Palmer Associates, Inc. Weitz Investment Management, Inc. Distribution of by Firm Location Portfolio Managers & Analysts 20 87. 82 Strategists & Economists 2 8.7% 60 Risk Management & Due Diligence 0 Investor Relations & Marketing 0 Other/Unspecified 1 US Equity 11 Global Equity 5 US Balanced 3 International Equity 3 US Fixed Income 3 Emerging Markets Equity 2 Other Alternatives 1 Global Balanced 1 Hedge Fund 1 Commodities 1 1961-65 0 1966-70 1 35 1971-75 0 1976-80 0 1981-85 3 62 1986-90 3 70 1991-95 4 62 1996-00 1 86 2001-05 2 71 2006-10 3 46 2011-15 0 Firms Represented: 21 22% evestment - All Rights Reserved 104
Claremont McKenna College Claremont, California (Liberal Arts College) for Firm Size 35 76 341 8 Bachelor's 33 63 317 9 Master's excluding MBAs 1 73 24 5 Master of Business Admin. 0 Doctorate excluding JD, MD 0 Juris Doctor 0 Other/Unspecified 2 PIMCO Lombardia Capital Partners, LLC Pugh Capital Management, Inc. Kohlberg Kravis Roberts & Co. Santa Barbara Asset Management del Rey Global Investors, LLC Lombardia Capital Partners, LLC Santa Barbara Asset Management Dalton, Greiner, Hartman, Maher and Co., LLC Double Haven Capital (Hong Kong) Limited Distribution of by Firm Location Portfolio Managers & Analysts 24 68.6% 77 Strategists & Economists 4 11.4% 52 Risk Management & Due Diligence 0 Investor Relations & Marketing 4 11.4% 53 Other/Unspecified 3 US Equity 13 US Fixed Income 6 Global Equity 6 EAFE Equity 6 US Balanced 2 Emerging Markets Equity 2 Global Balanced 2 Japan Equity 2 North America Fixed Income 1 Hedge Fund 1 1961-65 0 1966-70 0 1971-75 0 1976-80 0 1981-85 0 1986-90 1 83 1991-95 3 68 1996-00 5 60 2001-05 3 63 2006-10 2 57 2011-15 1 38 Firms Represented: 29 62% evestment - All Rights Reserved 105
Colby College Waterville, Maine (Liberal Arts College) for Firm Size 48 67 472 10 Bachelor's 44 52 472 13 Master's excluding MBAs 0 Master of Business Admin. 0 Doctorate excluding JD, MD 0 Juris Doctor 0 Other/Unspecified 4 MFS Investment Management Westfield Capital Management Company, LP Manulife Asset Management Wells Capital Management Incorporated T. Rowe Price Group, Inc. Westfield Capital Management Company, LP Forum Asset Management, LLC Charles River Realty Investors, LLC Beck, Mack & Oliver LLC BPV Capital Management, LLC Distribution of by Firm Location Portfolio Managers & Analysts 38 79.2% 66 Strategists & Economists 2 4.2% 60 Risk Management & Due Diligence 0 Investor Relations & Marketing 1 2.1% 74 Other/Unspecified 7 US Equity 20 Global Equity 9 EAFE Equity 5 International Equity 4 US Fixed Income 4 Global Fixed Income 3 Global Balanced 3 Emerging Markets Equity 3 US Balanced 2 EAFE Fixed Income 2 1961-65 0 1966-70 1 35 1971-75 2 29 1976-80 2 53 1981-85 4 58 1986-90 1 83 1991-95 8 51 1996-00 8 44 2001-05 4 56 2006-10 1 67 2011-15 1 38 Firms Represented: 39 49% evestment - All Rights Reserved 106
Davidson College Davidson, North Carolina (Liberal Arts College) for Firm Size 22 84 463 33 Bachelor's 20 78 463 34 Master's excluding MBAs 0 Master of Business Admin. 0 Doctorate excluding JD, MD 0 Juris Doctor 0 Other/Unspecified 2 Cooke & Bieler, L.P. Wellington Management Company, LLP Sterling Capital Management LLC Tocqueville Asset Management L.P. Sheets Smith Wealth Management Main Management LLC Montag & Caldwell, LLC Sheets Smith Wealth Management Cooke & Bieler, L.P. Investment Management of Virginia, LLC Distribution of by Firm Location Portfolio Managers & Analysts 17 77.3% 84 Strategists & Economists 2 9.1% 60 Risk Management & Due Diligence 0 Investor Relations & Marketing 1 4.5% 74 Other/Unspecified 2 US Equity 11 US Fixed Income 4 US Balanced 4 Global Fixed Income 2 Global Equity 2 Hedge Fund 2 Emerging Markets Fixed Income 1 Europe Fixed Income 1 Private Real Estate 1 EAFE Equity 1 1961-65 0 1966-70 0 1971-75 0 1976-80 1 64 1981-85 3 62 1986-90 2 74 1991-95 2 76 1996-00 4 67 2001-05 2 71 2006-10 3 46 2011-15 0 Firms Represented: 22 23% evestment - All Rights Reserved 107
Haverford College Haverford, Pennsylvania (Liberal Arts College) for Firm Size 21 86 307 19 Bachelor's 18 82 307 26 Master's excluding MBAs 0 Master of Business Admin. 0 Doctorate excluding JD, MD 0 Juris Doctor 0 Other/Unspecified 3 ASB Capital Management, LLC. Flaherty & Crumrine Incorporated Ironwood Investment Management, LLC Goldman Sachs Asset Management State Street Global Advisors Pekin Singer Strauss Asset Management Copeland Capital Management, LLC Flaherty & Crumrine Incorporated Ironwood Investment Management, LLC ASB Capital Management, LLC. Distribution of by Firm Location Portfolio Managers & Analysts 16 76.2% 86 Strategists & Economists 0 Risk Management & Due Diligence 0 Investor Relations & Marketing 1 4.8% 74 Other/Unspecified 4 US Equity 5 Global Equity 3 International Equity 3 US Fixed Income 3 Private Real Estate 1 Hedge Fund 1 Emerging Markets Fixed Income 1 1961-65 0 1966-70 0 1971-75 1 47 1976-80 1 64 1981-85 2 72 1986-90 0 1991-95 1 81 1996-00 3 74 2001-05 1 81 2006-10 1 67 2011-15 1 38 Firms Represented: 21 3 evestment - All Rights Reserved 108
Middlebury College Middlebury, Vermont (Liberal Arts College) for Firm Size 72 51 907 16 Bachelor's 63 37 674 12 Master's excluding MBAs 2 67 231 30 Master of Business Admin. 0 Doctorate excluding JD, MD 0 2 Juris Doctor 0 Other/Unspecified 7 Wellington Management Company, LLP Eaton Vance Management Loomis, Sayles & Company, L.P. Columbia Wanger Asset Management, LP Acadian Asset Management, LLC Stanton Asset Management DDJ Capital Management, LLC CBRE Clarion Securities, LLC Marietta Investment Partners LLC Gramercy Distribution of by Firm Location Portfolio Managers & Analysts 46 63.9% 55 Strategists & Economists 5 6.9% 46 Risk Management & Due Diligence 1 1.4% 53 Investor Relations & Marketing 11 15.3% 21 Other/Unspecified 9 US Equity 19 Global Equity 15 EAFE Equity 10 US Fixed Income 9 International Equity 7 Global Fixed Income 3 Hedge Fund 3 Emerging Markets Fixed Income 3 Canada Fixed Income 3 Emerging Markets Equity 3 1961-65 0 1966-70 0 1971-75 2 29 1976-80 3 41 1981-85 7 35 1986-90 5 56 1991-95 3 68 1996-00 5 60 2001-05 5 50 2006-10 3 46 2011-15 2 24 Firms Represented: 60 36% evestment - All Rights Reserved 109
Pomona College Claremont, California (Liberal Arts College) for Firm Size 22 84 362 26 Bachelor's 19 80 362 29 Master's excluding MBAs 0 Master of Business Admin. 0 Doctorate excluding JD, MD 0 Juris Doctor 0 Other/Unspecified 3 Wasatch Advisors, Inc. RCM Capital Management LLC Sit Investment Associates, Inc. Spinnaker Capital Kabouter Management LLC Kabouter Management LLC SSI Investment Management Inc. Genesis Asset Managers, LLP Wasatch Advisors, Inc. Bradford & Marzec, LLC Distribution of by Firm Location Portfolio Managers & Analysts 22 100. 78 Strategists & Economists 0 Risk Management & Due Diligence 0 Investor Relations & Marketing 0 Other/Unspecified 0 US Equity 4 US Fixed Income 4 EAFE Equity 3 Global Fixed Income 3 Emerging Markets Equity 2 Global Equity 2 International Equity 2 Africa Equity 1 US Balanced 1 Emerging Markets Fixed Income 1 1961-65 0 1966-70 0 1971-75 0 1976-80 1 64 1981-85 2 72 1986-90 0 1991-95 1 81 1996-00 1 86 2001-05 1 81 2006-10 2 57 2011-15 0 Firms Represented: 20 44% evestment - All Rights Reserved 110
Swarthmore College Swarthmore, Pennsylvania (Liberal Arts College) for Firm Size 29 80 369 17 Bachelor's 27 71 369 21 Master's excluding MBAs 0 Master of Business Admin. 0 Doctorate excluding JD, MD 0 Juris Doctor 0 Other/Unspecified 2 Marshfield Associates AXA Investment Managers Cheswold Lane Asset Management, LLC Boston Common Asset Management, LLC 3i Debt Management US, LLC Marshfield Associates 3i Debt Management US, LLC Glenmede Investment Management LP SKY Harbor Capital Management, LLC Columbia Partners, L.L.C. Investment Management Distribution of by Firm Location Portfolio Managers & Analysts 22 75.9% 78 Strategists & Economists 4 13.8% 52 Risk Management & Due Diligence 0 Investor Relations & Marketing 1 3.4% 74 Other/Unspecified 2 US Equity 11 US Fixed Income 6 Global Equity 5 EAFE Equity 3 Global Fixed Income 3 Emerging Markets Equity 1 International Equity 1 Emerging Markets Fixed Income 1 Japan Equity 1 Global Balanced 1 1961-65 0 1966-70 0 1971-75 2 29 1976-80 5 30 1981-85 3 62 1986-90 2 74 1991-95 3 68 1996-00 4 67 2001-05 2 71 2006-10 1 67 2011-15 0 Firms Represented: 26 21% evestment - All Rights Reserved 111
United States Naval Academy Annapolis, Maryland (Liberal Arts College) for Firm Size 24 82 1,109 52 Bachelor's 21 77 1,109 55 Master's excluding MBAs 0 Master of Business Admin. 0 Doctorate excluding JD, MD 0 Juris Doctor 0 Other/Unspecified 3 LM Capital Group, LLC Dodge & Cox Artisan Partners Limited Partnership T. Rowe Price Group, Inc. Federated Investors, Inc. LM Capital Group, LLC The Killen Group Polen Capital Management, LLC Davidson Investment Advisors Westwood Global Investments, LLC Distribution of by Firm Location Portfolio Managers & Analysts 17 70.8% 84 Strategists & Economists 1 4.2% 73 Risk Management & Due Diligence 0 Investor Relations & Marketing 1 4.2% 74 Other/Unspecified 5 US Equity 7 US Fixed Income 4 US Balanced 3 Global Equity 2 EAFE Equity 1 International Fixed Income 1 Emerging Markets Equity 1 Global Fixed Income 1 International Equity 1 Emerging Markets Fixed Income 1 1961-65 1 22 1966-70 0 1971-75 1 47 1976-80 0 1981-85 1 76 1986-90 2 74 1991-95 3 68 1996-00 3 74 2001-05 3 63 2006-10 0 2011-15 0 Firms Represented: 24 17% evestment - All Rights Reserved 112