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In their first full year of management, Torray and Batterymarch have substantially outperformed the averages, while BEA, primarily because of a lower commitment to equities, has trailed the market. Fiduciary, due to a strong last quarter, also shows better than average results for the year. Almost all additions of new money to Endowments this fiscal year (approximately $2.3 million) have been made to the portfolio managed by Torray in recognition of this firm's superior performance as well as its initially small holdings. A subcommittee of the Investment Policy Committee has been examining the possibility of alternative investments, particularly real estate, and the Committee will discuss this matter at its next meeting in November.