The Chief Investment Officer of the Regents, Jagdeep Singh Bachher, released a 50-page annual report for the fiscal year 2019-2020 (ending June 30, 2020). You would never know from its title -
Made for This Moment - that it was a financial report. It is filled with impressive words such as pillar, alignment, transformational, and creativity and has reference to Nobel prizes at UC and the like. Also impressive are the high-quality black and white photos of Bachher, Napolitano, and others,
Then there are quotes of wisdom from various folks not linked to UC from the world of management and finance such as Jack Welch (a former CEO of General Electric noted for firing people). Welch is quoted as saying "If you don't have competitive advantage, don't compete." Presumably, that means something profound, although yours truly isn't quite sure what.
Anyway, if you keep scrolling through the report, passing through the photos, the verbiage, and the quotes, you eventually do get to the issue at hand which is how the various UC funds performed during the fiscal year 2019-2020. The results, once you get there, don't look so hot. The key funds are the pension, the endowment, and TRIP (Total Return Investment Pool). Results are reproduced below:
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| [Click on images to clarify.] |
Both the pension and TRIP showed relatively low returns, including relative to benchmarks (hence the negative "value added"). Note that once you get into returns beyond the 5-year mark shown, you are looking at pre-Bachher periods. (He came to UC in 2014.)
Note: It's not exactly clear when the report appeared on the UCOP website, but it began to be noticed by financial newsletters recently. Yours truly believes that the underlying numbers on the tables above were made public at Regents meetings earlier.
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