尤物视频

Q1: How do university investments and endowments work?

Rhave: Most university endowments are externally managed, but SFU stands out by dedicating a portion to student management. SIAS handles approximately $30 million of SFU's endowment as part of the MSC Finance Program. The most important thing about university endowments is that these are extremely long-term investments. Any investment we make has to have a minimum investment horizon of at least five years.

Artin: A big part of managing an endowment fund is balancing risk and return. Specifically, the client has a defined risk tolerance they're comfortable with. It's crucial for us, as portfolio managers and analysts, to understand that risk profile and strictly adhere to it.

Ruben: BEAM  is a student run investment fund operated within the Beedie School of Business, managing about $10 million of investments within fixed income Canadian and global equities on behalf of the university. What makes BEAM unique from endowment funds at other universities, is that BEAM is completely student led. We have full discretionary control over investment decisions, providing us with hands-on portfolio management experience while ensuring responsible financial stewardship.

Q2: What have you learned from managing SIAS/BEAM?

Artin: What we don't get to see in textbooks or in the classroom is how a fund is actually managed. For example, we have to follow the client's investment policy statement (IPS), which specifies risk levels and allocation across different types of assets.

Rhave adds that the experience has enhanced his leadership skills: Being a portfolio manager has been really good for my leadership skills because it's not just a solo act. You're managing nearly 13 million in global equities spread across 10 sectors, with 37 stocks compared to a 2,500-stock benchmark. This requires teamwork, building trust and ensuring everyone works effectively together.

Ruben: Managing BEAM has been a steep learning curve. Making real-world investment decisions, while balancing academic commitments and exploring the job market has been challenging but rewarding. This experience not only teaches skills like investment analysis, financial metrics and research, it also trains us to pay close attention to detail, work under pressure, meet tight deadlines, and develop the endurance and character required to work long hours.

Q3: How would you define SFU's investment approach?

Artin highlights two key points: the fund focuses on value investing by identifying the difference between a company's price and intrinsic value with a long-term approach. Additionally, sustainable investing is a priority, emphasizing how investments can positively impact the environment, support innovation, and promote sustainable living.

Rhave explains their approach to investments: We review a company鈥檚 business structure and revenue streams. ESG considerations are part of the process, particularly social and governance aspects like board equality, female representation, and pay equality, which are examples of factors reviewed when relevant.

Ruben: Our investments are a reflection of the values that have been instilled in us since the first day we've been at SFU. We uphold the university's policy of responsible investing by not being involved in any companies dominated by revenue coming from fossil fuels, oil and gas and weapons manufacturing. BEAM focuses on companies that are responsible with the climate and in general with their operations.  

Q4: : How do you balance returns with ethics?

Artin: There's a misconception that doing the ethical thing produces less returns than doing the unethical thing. In my experience, that's not true. If you study the market, you'll see that sustainable investments in the S&P 500 have outperformed fossil fuel companies over the last 10 years. Investing in energy companies allows shareholders to use proxy voting to influence and drive positive changes within the company toward sustainability.

Rhave describes SFU鈥檚 commitment to sustainability: In 2021, following a community-led mandate, the SFU Board decided to divest from investments contributing to climate change. The fund now avoids companies generating 30% or more of their revenues from fossil fuels. Most investments now have no fossil fuel exposure. As fiduciary stewards, the fund ensures investments are used responsibly, avoiding negative environmental impacts and aligning with SFU's institutional values.

Ruben: All our investments are guided by SFU鈥檚 clear ethical framework, ensuring our decisions align with the university鈥檚 values and provide strong financial performance. Our internal guidelines help us evaluate whether a company is operating ethically. We also value our role in proxy voting, which allows us to advocate for sustainable business practices from within the companies we invest in. Ethics and business integrity are fundamental to our fund, a core requirement that must be met before we consider any investment decisions.  

Q5: How does SIAS/BEAM support SFU's financial goals?

Artin:  A big part of SFU's mission is driving innovation for a sustainable future. At SIAS, we鈥檝e adopted this philosophy by divesting from energy companies and maintaining a fossil fuel-free mandate. Despite the potential drag this creates, we still beat the benchmark last quarter by 66* basis points, achieving our client鈥檚 goal to outperform.

*Correction: Artin states '66 basis points' in the video, but the correct figure is 64 basis points.

Rhave highlights the strategic shift: We divested from ETFs and are now at a position where we manage 35 individual securities and only two exchange-traded funds (ETFs), which we are also going to divest from.

Note: ETFs are investment funds that combine multiple assets, such as stocks or bonds, and trade like individual stocks.

Ruben: We adhere to SFU鈥檚 responsible investment policies, including divesting from fossil fuel-related revenues and companies. We have moved away from benchmark ETFs to actively manage a portfolio of high-quality companies that align with SFU鈥檚 financial and ethical goals. We don't engage in derivatives, commodities, or private investments and invest only in equities and fixed income. Our goal is long-term growth and preserving the inflation-adjusted capital, while providing stable returns for the university.