This material is neither an offer to sell nor a solicitation of an offer to buy interests in any investment fund managed by Spider Management Company, LLC (“Spider Management”) or its affiliates. Any such offering can be made only in accordance with the terms of the private placement memorandum and other governing documents. This is for informational purposes only. More information about Spider Management, its investment strategies, objectives and expenses can be found in Form ADV Part 2, which is available upon request.
There can be no assurance that the investment objectives of any account or fund managed by Spider Management will be achieved or that its historical performance is indicative of the performance it will achieve in the future. Spider Management does not warrant the accuracy, adequacy, completeness, timeliness or availability of any information provided by non-Spider Management sources. All market outlooks, themes, strategies, allocations and holdings discussed herein are subject to change.
Information shown is as of 6/30/2023 unless otherwise noted. Historical performance has been audited through 6/30/2023. Past performance is not indicative of future results.
*References to top-tier performance are based on Spider Management’s top quartile annualized net performance over the 10 year time period ending 6/30/2023 according to Investment Metrics Endowments & Foundations Index. Spider Management's net return is the actual return of the entire Spider Management investment portfolio net of partnership expenses, management fees, and performance allocation for the investment fund limited partner class taken as a whole. Returns reflect the equalized return per the Rate of Return Agreement between the investment fund and the University of Richmond's endowment managed by Spider Management. Information regarding the Rate of Return Agreement is in the investment fund documents. An individual limited partner's return may vary based on the timing of capital transactions and different management fee and performance allocation levels per the terms of the governing documents. Investment Metrics data is based on net returns for the top quartile performers of all endowment and foundation accounts (over 1,000 total) that participate in Investment Metrics Plan Universe. References to volatility are based on standard deviation, which is calculated using quarterly net returns for Spider Management and 70% MSCI AC World/30% Bloomberg US Bond Aggregate for the period from 2/1/2008 (inception date of the investment fund) through 6/30/2023. Index information is provided for comparative purposes only. The volatility and performance of these indices could be materially different from that of Spider Management. The index information is included to show the general trends in certain markets in the periods indicated and is not intended to imply that the portfolio of any fund managed by Spider Management was similar to the indices in composition or element of risk. A variety of factors may cause an index to be an inaccurate benchmark for a particular portfolio and an index does not necessarily reflect the actual investment strategy of any portfolio. The indices are unmanaged, not investable, have no expenses and reflect reinvestment of dividends and distributions. Information about each referenced index, including regarding component selection and weighting methodologies, is available from its respective owner. Bloomberg US Aggregate Index is a broad-based benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. MSCI AC World Index (MSCI AC World) is a market capitalization weighted index designed to provide a broad measure of equity market performance throughout the world, including both developed and emerging markets. Current value of University of Richmond's endowment is inclusive of gifts, spending, and other historical cash flows and it should not be implied that the growth in the endowment is a result of the investment performance solely.
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