Assets of The Christensen Fund are invested to provide long-term total return and growth and a consistent income stream subject to prudent investment practice, spending requirements and seeking to incorporate an impact investment philosophy including mission related investments (MRIs) and program related investments (PRIs). MRIs and PRIs seek biocultural impacts with explicit expectation of either market or below-market risk-adjusted returns (to Christensen). Assets consist of equities, bonds, cash and cash equivalents and a variety of commingled and other investments.
The primary financial investment objectives for the Portfolio are to earn an average annual real total return of 5.0% net of investment costs over rolling ten- and fifteen-year periods; to achieve regularly equal or better performance net of fees when compared with institutional funds with broadly similar investment objectives, policies and asset size; and to outperform consistently a composite of passive market indices net of fees with less downside volatility.
Return objectives on MRIs have two components: financial returns and program returns. Financial returns for impact investments are the same as above. Financial returns for PRIs will be established on an individual case basis with a general goal to match inflation plus a below-market return. Program returns are measured in terms of progress toward achieving a set of regionally shared outcomes which form the basis of our programmatic learning strategy.
Public record documents related to the finances of The Christensen Fund may be accessed at Guidestar.org, by clicking here. To download the most recent Independent Auditors’ Report and 990PF, click on these links: