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Manager Selection Criteria

The Committee seeks to identify best-in-class professional investment managers on a worldwide basis with demonstrated experience, expertise, and reputation within the investment community. An extensive and rigorous process is employed to assess the fit with the overall endowment portfolio. Numerous qualitative and quantitative factors are reviewed prior to selection, including the following:

Investment Approach
Well defined strategy
Consistent execution
Alignment with BC investment objectives
Fit with existing manager roster

Organization
Depth and breadth of experience: investment team and operational staff
Assets under management and compensation structure
Sophisticated investor base
Established code of ethics & standards of conduct

Performance
Annualized risk adjusted returns, net of fees
Over one, three, five, and ten year periods
Over various market cycles
Relative to benchmarks, peers