For more information contact: emailus@marcusevans.com An interview with Rosalind M. Hewsenian who is the Chief Investment Officer at The Leona M. and Harry B. Helmsley Charitable Trust and a speaker at the marcus evans Foundations & Endowments Investment Summit. She shares her experiences in the institutional investment space. Join the 2014 North American Summit along with 60 CIO’s and top decision makers from North America’s largest corporate and public pension funds as well as foundations, endowments and those offering the latest investment strategies on the marketing For more information contact: emailus@marcusevans.com

1. What CIOs of Foundations & Endowments Need to Monitor
Interview with: Rosalind M.
Hewsenian, Chief Investment
Officer, The Leona M. and Harry B.
Helmsley Charitable Trust
Quantitative easing is what is
supporting equity prices right now, so
Chief Investment Officers (CIOs)
need to be cautious of when and how
that is unwound, advises Rosalind M.
Hewsenian, Chief Investment Officer,
The Leona M. and Harry B. Helmsley
Charitable Trust. CIOs need to monitor
this global phenomenon, she adds.
Hewsenian is a speaker at the marcus
evans Foundations & Endowments
Investment Summit 2013, in
Wheeling, Illinois, July 22-24.
What global factors are impacting
the investment space today?
The biggest factor is the quantitative
easing being conducted by every major
central bank of developed countries,
and the Eurozone. That is what is
supporting equity prices right now.
What CIOs of foundations and
endowments should be cautious of is
when and how that is unwound. We saw
the markets drop sharply in early June
because there was some concern that
the US may decrease quantitative
easing, and about the jobs report. It
just goes to show that absent the
stimulus, there is not a whole lot
holding up equity markets.
Thus, CIOs need to be mindful of
monitoring this global phenomenon.
Could CIOs achieve a perfect mix of
liquidity and safety in this
landscape?
That is quite difficult to do, but there
are a few things that can be done in
such an environment. First, CIOs must
be well aware of the risk profile they
want to assume and stick to it, because
when this quantitative easing is
unwound, stocks could end up selling off
sharply in the short-run, until the
marketplace adjusts to the next new
norm. Measuring and monitoring risk,
and maintaining the risk profile is
exceedingly important.
Second, having a source of liquidity
available is important. CIOs need to
know where they can get their hands on
some money, so that they do not
liquidate investments they really want
to keep for the long-term, just to meet
short-term funding needs.
At Helmsley we have a liquidity reserve
that we maintain in order to dampen
volatility and have a ready source of
liquidity, so that when markets do sell
off, we can quickly rebalance and have
some dry powder to invest during
market opportunities.
To hedge against volatility and low
return, what asset classes would
you point investors to? Why?
To hedge against both volatility and low
return is a bit difficult, because by
definition lowering volatility potentially
lowers return. However, some well
executed hedge funds could be the
answer to that, As it is very difficult to
find hedge funds that are executed well,
due diligence is critical.
At our trust, we have begun following
key second lieutenants at larger funds
to see if they move out on their own
and form hedge funds. We have been
investing in the spin-outs from large
funds because the newer funds do not
have the capacity constraints the larger
ones do, and as a result, can execute
more acutely than multi-billion dollar
hedge funds.
How do you choose investment
managers?
We have a due diligence policy that
outlines several factors but what I find
critically important is meeting with the
head of the firm. It is the head of the
firm who sets the tone for the entire
organization, in terms of culture,
expectations, risk tolerance and
management style. To look at the
product in isolation without meeting him
or her is a big mistake.
CIOs
must be
well aware
of the
risk profile
they want
to assume
and stick
to it

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