A Summary from Cambridge Associates

The Foundation’s investment strategy is firmly rooted in the long-term compounding power of equities—across both public stocks and private investments—which has historically outpaced inflation and spending. This growth-orientation is complemented by broad diversification, not only across asset classes (including high-quality sovereign bonds, cash, and alternative assets) but also within asset classes, such as non-US equities and varied investment approaches and styles. Ample portfolio liquidity ensures the ability to rebalance and meet spending obligations, even during adverse economic scenarios. The investment philosophy is to maintain a steady, long-term allocation rather than making frequent tactical shifts. This discipline is supported by evidence that market timing often leads to missing the best periods for returns, ultimately harming long-term performance. Instead, we focus on consistent implementation and integrated risk management. The strategy has proven resilient, weathering recent market drawdowns—including those during COVID-19, the 2022 inflationary period, and the recent volatility in 2025 —while compounding at +7.7% net-of-fees over the last eight years and eight months. Since Cambridge Associates became the investment manager in 2016, the portfolio has grown from $64 million to approximately $170 million, driven by both inflows and strong investment results.

In today’s uncertain markets, this long-term, disciplined approach remains highly relevant. It positions the Montana Community Foundation to achieve its mission and support the community for generations, regardless of short-term market fluctuations.