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Williams College Investment Report 2010 GO TO THE INVESTMENT OFFICE WEBSITE

Summary: PAGE 1
Williams College Investment Report 2010
Responsibly Navigating an Emerging Recovery
Fiscal year 2010 saw early, though uncertain, signs of financial and economic recovery. With discipline and patience,
the Investment Committee of the College's Board of Trustees, its Investment Advisory Committees, and the Investment
Office managed Williams' $1.5 billion endowment to seek long-term growth while maintaining uninterrupted availability
of funding for the College.
In addition to presenting fiscal year 2010 returns in larger economic and historical contexts, this year's report pays
particular attention to the increasingly close relationship between Williams' investment management and financial
practices. The College's investors and fiscal managers work together to serve the needs of today's students while
sustaining the value of the endowment for future generations.
Fiscal Year 2010
Publicly traded financial assets of all kinds--especially more risky assets-- performed very well in FY 2010, after many
apparently overshot to the downside in FY09. Global equity and credit markets, which gained 13.1% (MSCI All
Country World Index IMI) and 11.4% (Barclays Capital Global Corporate Index) respectively during the year, were
bolstered by strongly recovering corporate profits, depressed valuations and much improved economic activity--albeit
off of a very low base. Fiscal year 2010's final quarter, which was marked by double digit losses in global equities, mod-
erated the year's returns. During that quarter, concerns over European sovereign debt, monetary tightening in China,
signs that the economic recovery was losing steam, and recognition that the developed world continued to face many


Source: Aalberts, Daniel P. - Department of Physics, Williams College


Collections: Physics