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David Miller of Denver, president The Denver Foundation, writes:
I’m writing to address an article about the Denver Foundation that appeared on August 7. Despite the dire headline, the article described a loss of less than 2% in the Foundation’s $530 million in charitable assets. Given our commitment to careful stewardship of these assets for the good of the Metro Denver community, I believe it is important to expand upon the information contained in the article.
A few important points:
The Foundation’s diversified investment strategy is designed to perform solidly over the long-term. The Foundation’s assets have increased from less than $60 million in 1996 to over $530 million today. For the last seven years, the Foundation’s investments have grown 8.18% per year, while the S&P 500 has grown only 2.16% per year. Our performance ranks in the top 10% of all portfolios for both the past seven years and the past ten years.
The Foundation’s investments remain strong for 2007. Our investments grew about 9% from the beginning of 2007 through June. Through July—including the investment loss described in the article—our investments have grown 7% for the year. This is twice the growth of the S&P 500 and 8% more than the Russell 2000 Index.
The Denver Foundation’s Investment Committee is confident that our investment strategy is sound. The Committee continues to scrutinize our entire investment portfolio carefully. Our extremely diverse portfolio is structured so that when one investment is weak, others are strong. For example, one of our 40 investment managers produced a gain of 8.21% just in the month of July.
We hope that anyone with questions about this situation will call and speak with us at The Denver Foundation. This letter has not been edited.
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