The Five Core Principles of Asset Allocation and Implementation

Larry Kochard is the CEO and CIO of the University of Virginia Investment Management Company (UVIMCO), where he provides leadership, connectivity to the University, and responsibility for the University's $8.5 billion long-term investment pool. Before joining UVIMCO in 2011, he served as Georgetown University's first in-house CIO. Prior to that, he was Managing Director of Equity and Hedge Fund investments for the Virginia Retirement System. From 1997-2004, Larry was an adjunct, and later full-time, professor at Virginia's McIntire School of Commerce. He spent his formative professional years in debt capital markets at Goldman Sachs, and corporate finance at Fannie Mae and DuPont. Larry received his B.A. in Economics from William & Mary, an MBA from the University of Rochester, and an MA and PhD in Economics from the University of Virginia.

Our conversation covers tricky issues involving the internal management of portfolios alongside external manager allocations, UVIMCO's five core principals, and the consideration of absolute and relative metrics in asset allocation and performance. Our deep dive on UVIMCO's core principals and asset allocation provides an inside look at the subtleties required to maintain seemingly simple tenants. I'm quite sure everyone that touches the University of Virginia will come away thrilled that Larry is the steward of their capital.

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