I N V E S T M E N T R E P O R T 2 0 1 1
Williams College Investment Report 2011
The Williams College Investment Pool ended a turbulent year on a high note with a return of 20.2%. As of June 30,
2011, the Investment Pool stood at $1.8 billion, and our actively managed portfolio outperformed our policy portfolio
benchmark (described below) and peer averages.
Over the past five years, the Williams Investment Pool posted a 6.1% annualized return during a period when
U.S. stocks earned a return of 2.9% and a traditional 60/40 stock/bond portfolio earned 4.8%. It is worth noting that
we generated this return with significantly lower volatility than the markets in general or a 60/40 portfolio.
These recent gains, however, do not diminish the work that lies ahead. Market volatility has continued, and indeed
increased in recent months, and the need for constant, active management of the college's resources has never been
Notable Events during Fiscal Year 2011
· The most notable event for fiscal year 2011 is, of course, an investment return of over 20%. As a result, we recovered
a significant portion of our previous losses and moved our 10-year return closer to our long-term return objective.
· We continued to diversify the portfolio. During fiscal year 2011, Chief Investment Officer Collette Chilton and
Trustee Emeritus Jack Wadsworth '61 traveled to Asia to visit some of the region's more interesting investment
managers. During the visit, Chilton and Wadsworth met with other Williams alumni and friends to learn more about