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Porter County Foundation hears Capital Cities analysis showing portfolio growth, trade‑offs of higher spending
Summary
Capital Cities consultant John Williams told the Porter County Foundation board the fund’s $196.2 million portfolio has returned 9.7% trailing 12 months and, under current policy (3.25% spending, 2.5% inflation), is projected to preserve purchasing power; a permanent 5% spending rate would erode real assets over 50 years, the firm warned.
The Porter County Foundation board on an unspecified date heard a presentation from Capital Cities consultant John Williams on the foundation’s investment performance and the effects of possible changes to its spending policy.
Williams told the board the portfolio’s market value is about $196,204,000 and that performance for the most recent quarter was roughly +5%, year-to-date +6.5% and +9.7% over the trailing 12 months. He said the firm projects a long‑term expected return of about 6.56% for the current asset mix and contrasted that with the foundation’s current spending policy and several alternative distribution scenarios.
“The way your spending is constructed today, you’re absolutely expected to preserve purchasing power in the future and experience real growth of these assets,” Williams said, summarizing the analysis that underlies the recommendation to keep the investment policy statement up to date.
Why it matters: the consultant ran Monte Carlo scenarios showing three…
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