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ASUH reports Stadium Stock Fund hovering near $12 million; Morgan Stanley Greystone takes over stewardship
Summary
Student government (ASUH) reported the Stadium Stock Fund market value near $12 million as of Dec. 31 and described how the fund supports scholarships and student programming; Morgan Stanley Greystone noted continuity after Peter Backus's retirement.
Student government leaders and fund managers told Regents the ASUH Stadium Stock Fund's market value was about $11.8 million on Dec. 31 and has since hovered just above $12 million, and explained how the fund is governed and spent.
Brandon Reed, ASUH president, presented the semiannual report and said the fund originated from shares sold in 1976 and has been reinvested since. "Market value of our Fund on 06/30/2024 was $11,400,000. December 31 was $11,811,000," Reed said. He summarized the fund's legislative and student-government approval process for allocating proceeds and cited recipient programs including scholarships for high‑need students, graduate test-prep, student research awards, a Hawaiian Place of Learning fund and registered independent organization funding.
Morgan Stanley Greystone's representative said Peter Backus retired on Jan. 31 after 40-plus years and that local stewardship continues through other partners and a local representative. The manager described recent tactical changes mirroring the legacy endowment approach: taking profits in advance of expected volatility rather than selling into downturns.
Regents asked about whether ASUH monitors student demand tied to current executive orders and about why expenditures are lower than income in some years. Reed said ASUH's programs remain open to students regardless of race and that legislative timing and the ASUH internal approval process can delay spending; unclaimed allocations to registered organizations and the multi-step legislative process account for year-to-year underspending.
Regents also asked that the fund convey appreciation to long-serving Backus; ASUH managers said they would. No formal board action was recorded; the presentation was informational.
