They have a lot of external managers to manage. Supposedly, the current CEO has slashed the number of external managers and reduced the number of internal employees.
About 20 of the staff are considered investment managers.
From their 2021 report:
Beginning in mid-2015, SMC initiated a substantial and ongoing effort to consolidate and upgrade
its external partner roster to enhance performance relative to benchmark results. Our efforts include
building fewer, more substantial positions with partners that demonstrate superior investment
judgment, thorough processes, sound ethics, and a strong alignment of interests with the
University. A concentrated set of investment partners brings the additional benefit of more frequent
communication, leading to more fruitful and trustful partnerships. A better understanding of our
partners’ work allows us to invest with conviction and contrarianism. These efforts have added
greatly to results in the last six years, and we believe they will continue to do so into the future.
About 20 of the staff are considered investment managers.
From their 2021 report:
Beginning in mid-2015, SMC initiated a substantial and ongoing effort to consolidate and upgrade
its external partner roster to enhance performance relative to benchmark results. Our efforts include
building fewer, more substantial positions with partners that demonstrate superior investment
judgment, thorough processes, sound ethics, and a strong alignment of interests with the
University. A concentrated set of investment partners brings the additional benefit of more frequent
communication, leading to more fruitful and trustful partnerships. A better understanding of our
partners’ work allows us to invest with conviction and contrarianism. These efforts have added
greatly to results in the last six years, and we believe they will continue to do so into the future.