2022 Atlanta Board of Trustees Meeting

7173 S. Havana St #600-130 Centennial, CO 80112 P: 303.770.2526 | F: 303.779.4834 obesitymedicine.org

investment reports and reporting to the Board on a minimum of a semi-annual basis.

II. INVESTMENT PROGRAM AND FINANCIAL TRANSACTIONS

A. The primary financial goal of the OMA is to maintain a reserve in excess of six months of operating expenses in cash and cash equivalents with FDIC-insured banks and accounts. Once this goal is achieved, excess funds may be invested as described below.

B. Investment Guidelines

A. Diversification of Risk: TheFund strives tominimizemany investment risks through diversification of asset classes. Such asset class diversification should reflect an attention to portfolio volatility, interest rate fluctuation, limited liquidity or transparency, sector or security concentration, currencyand othermacro- economic factors, and geopolitical and catastrophic event risk.

TheFund shall not attempt to time themarket. Thus, generally investment policy decisionswill bemade with a five (5) – ten (10) year time horizon.

Any changes in asset allocationwill bemade in phases over time tominimize the effects of inadvertent market timing. The number of phases and time between themshall be coordinated between the Investment Committee and the Investment Adviser.

C. Asset AllocationAsset Bands: TheFund and itsAdvisers shall respect the asset class constraints described below for each broad asset class.

Asset AllocationBands (as a%of the entire Fund portfolio)

Asset Class

Minimum%

Maximum%

Global Equities (USand Intl.)

20%

70%

Global Fixed Income (>1 year)

20%

60%

Alternative Investments

0%

35%

Cash (<1 year)

5%

20%

D. Asset Mix: Investments will be made for the purpose of providing the maximum return within the constraints described. The assets must be invested in a financially prudent manner. All investments will be made within the guidelines of quality, marketability and diversification mandated by OMA. The manager is to implement these policies so to achieve a return, after fees, superior to return of the target asset mix, without additional risk

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