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Article: MacArthur's investing genius; Diversified mix yields 26% return in '03, a $914 million gain.(News)(Catherine T. MacArthur Foundation)(Column)
- Article from:
- Crain's Chicago Business
- Article date:
- October 11, 2004
- Author:
CopyrightCOPYRIGHT 2004 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: JEREMY MULLMAN
The John D. and Catherine T. MacArthur Foundation, long an investment laggard, has diversified its portfolio and morphed into a money-managing juggernaut.
The $4.4-billion foundation made $914 million on its investments last year, according to its recently available annual report. At 26%, MacArthur's return outpaced the national foundation average of 17%. 2003 also was the fifth straight year the institution best known for "genius grants'' either matched or outperformed the Standard & Poor's 500 index.
The trend appears to be continuing. As of Aug. 31, MacArthur's investments were up 4.5% for 2004, vs. a 1.2% loss for the ...