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Focuses on strategic approaches of nonprofit organizations to ensure returns on endowment investments through increase exposure to alternative investments including private equity and hedge funds. Increase in proportion of endowment assets committed to hedge funds from 2003 to 2004 based on an annual survey conducted by the Commonfund Institute; Risks associated with investments in hedge funds; Effectiveness of the portable alpha strategy in ensuring investment returns according to Strategic Investment Group president Hilda Ochoa-Brillembourg.

Focuses on how Harvey Mudd College in Claremont, California manages its endowment. Value of the endowment at the end of March 2004; Percentage of the college's annual operating budget taken from the endowment; Type of stocks in which the endowment is invested; Comment from Barry C. Olsan, assistant treasurer for the college.