What We Do

Whatever your investment or asset management need, the HighGround Advisors investment team offers comprehensive products and services tailored to protect, strengthen and grow the assets of our nonprofit clients and charitably minded individuals. HighGround Advisors has developed a flexible investment model designed specifically for nonprofits by leveraging the expertise of over 30 world-class, institutional investment firms and a dedicated team of 9 internal investment professionals.

And as a part of our due diligence, we are always looking for opportunities to create efficiencies and to reduce cost through investment manager fee negotiations and potential new investment manager strategies. Following our latest fee review, we obtained fee concessions from several of our investment managers, which resulted in fee savings. We are confident that our investment managers' fees are highly competitive and, in some cases, more competitive than the market. 

Services

Financial Assets Portfolio Management

  • Manage endowment, corporate assets, operating reserves, working capital, building funds and short-term liquidity needs
  • Construct multi-asset class funds utilizing a manager of managers approach
  • Develop portfolios, which range from fully outsourced, turnkey investment offerings to customized solutions tailored to your unique governance oversight
  • Advise and consult to design investment solutions that are responsive to and highly integrated into your organization's financial objectives
  • Implement portfolios using HighGround’s investment funds, third party, externally managed funds or a combination of the two
  • Provide performance reporting quarterly (customized performance reporting can be developed for separate accounts)

Minerals Management

HighGround’s Minerals Management team manages over 2 million gross mineral acres, with more than 5,000 producing properties located in 27 states and Canada (80% located in Texas and Oklahoma) for over 70 clients.

  • Monitor agreement terms for both non-producing and producing properties
  • Negotiate leases for the maximum lease bonus and royalty
  • Receive, analyze and execute division orders
  • Standard lease form preparation and legal review
  • Receive and process royalty payments (both checks and electronic transfers)
  • Ensure surface rights are protected and compensated
  • Maintain a complete inventory of all oil and gas assets for clients

Real Estate Management

HighGround’s Real Estate Management team sold 47 properties across the U.S. in the past five years ranging in price from $5,000 to $4 million and totaling $27.6 million. We consult and advise donors on the acquisition, sale and management of gifts of agricultural, residential and commercial real estate to nonprofit organizations.

  • Property inspection
  • Analysis (including preliminary environmental assessment)
  • Determination of approximate Fair Market Value (FMV)
  • Property management (mowing, maintenance, leasing, note receivables, trash removal)
  • Marketing and selling of property
  • Document preparation (real estate legal services)

 

flexible investment platform

HighGround is an experienced provider of nonprofit investment management, offering a range of different solutions based on each client’s needs and resources. Our comprehensive approach takes into consideration factors that extend well beyond portfolio management. We take the time to gain insight into how your organization functions and what is critical to your success. Our platform can be explained as a fully discretionary, open architecture, manager of managers structure implemented through the use of proprietary investment funds, mutual funds or a combination of the two.

LEVEL 1: HighGround Chief Investment Officer (OCIO model)

How does it work?

This solution is specific to endowment clients and is offered in two forms — a commingled fund (HighGround Capstone, Keystone and Cornerstone Endowment Funds) or a customized separate account. In either case, this represents the most comprehensive array of service offerings provided by HighGround, including account support services and all aspects of investment management. The HighGround Capstone Endowment Fund is constructed using our most advanced portfolio design techniques and is designed to meet investment objectives and risk profiles that are common to most endowments. For separate accounts, we utilize our investment funds, mutual funds, commingled pools or a combination of these to create a customized solution just for you.

This service level is most suitable for an organization that wishes to grow its assets but does not have the resources housed internally to achieve growth on its own. HighGround will serve as your total outsourced investment solution.  

LEVEL 2: Direct Investment + HighGround Advisory Services

How does it work?

We work with clients to identify and set their investment objectives and risk tolerances and determine any unique investment preferences they may desire in the portfolio. We then design and implement a portfolio to meet those specific needs. We invest directly into one or more of our investment funds, mutual funds, commingled pools or a combination of these to create a customized solution just for you. HighGround provides full investment advisory functions at the client’s desired level of discretion.

This service level is most suitable for assets such as general operating reserves, working capital, insurance reserves, building funds, single-purpose endowment accounts that do not require customized administrative services and other single-purpose accounts.

 

LEVEL 3: Build Your Own Investment Portfolio –  Direct Investment 

How does it work?

Clients set their investment objectives and risk tolerances. Then they invest directly into one or more of HighGround’s investment funds to meet or fulfill all or a portion of their investment program. HighGround serves to help you achieve your objective. 

This service level is most suitable for assets such as general operating reserves, working capital, building funds or other special-purpose accounts that do not require complex multi-asset class portfolio structures to meet investment and risk objectives and do not require customized administrative services.

OUR PHILOSOPHY

Our highly disciplined investment program is based on our belief that fundamentally sound investment and risk management practices when applied consistently, improve the ability to meet your investment objectives. At the heart of our investment philosophy is our belief that capital markets typically reward investors over time. Investors with well-diversified portfolios realize these rewards when market risk exposures are properly aligned with investment time horizons and risk tolerances.

The portfolio construction process is built on our belief that asset allocation is the single largest driver of investment risk and performance. We advocate for diversification across the full, global opportunity set of investments in both public and private markets to improve risk-adjusted performance. HighGround utilizes active management extensively with the objective to increase economic value over passive investment options.

Our philosophy centers around five tenets:

  • Asset Allocation
  • Long-term focus
  • Global diversification
  • Active management
  • Disciplined process

Our Process

HighGround Advisors uses a disciplined, ethical and highly transparent approach that safeguards and balances your short-term financial needs with long-term objectives. Our process involves developing all of the following steps to ensure we deliver for you: 

  • Define investment objectives, risk tolerance and time horizons
  • Identify any investment constraints or limitations
  • Formulate strategy
  • Perform asset allocation analysis
  • Create or modify Investment Policy Statement (IPS)

  • Develop asset class and sub-asset class strategy
  • Manager research and selection
  • Manager due diligence
  • Portfolio construction within risk parameters
  • Implement approved strategies and managers

  • Performance measurement
  • Risk management
  • Provide ongoing management of portfolios and managers
  • Evaluate, monitor and interpret results

  • Capital market dynamics
  • Investment opportunity set
  • Global diversification
  • Portfolio optimization
  • Ongoing manager research

Investment Funds

X

HighGround Capstone Endowment Fund

  • Total assets: $1.5 billion
  • Inception date: July 1991
  • Subadvisors: n/a
  • Strategy: HighGround Capstone Endowment Fund is HighGround’s primary commingled investment fund designed for long-term endowment assets, offering a fully outsourced investment solution for endowed nonprofit organizations. The Fund employs a globally diversified multi-asset class strategy with a risk and return profile that aligns with the perpetual investment horizon and long-term objectives of endowment assets. The Fund is managed as a fund-of-funds and constructed using HighGround’s asset class funds including public equity and fixed income, as well as illiquid and semi-liquid alternative investments to reduce portfolio risk and enhance long-term investment performance.
X

HighGround Domestic Equity Fund

  • Total assets: $391.4 million
  • Inception date: April 1995
  • Subadvisors:
    • HighGround Large Cap Equity Fund
      • Blackrock Systematic Active Equity Core
      • Loomis Sayles (Growth)
    • HighGround Equity Index Fund
      • Northern Trust Asset Management (S&P 500® Index)
    • HighGround Mid Cap Equity Index Fund
      • Northern Trust Asset Management (S&P 400® Index)
    • HighGround Small Cap Equity Fund
      • Boston Partners (Value)
      • Westfield Capital Management (Growth)
    • Arrowstreet Capital
      • Broad Market
  • Strategy: HighGround Domestic Equity Fund provides well-diversified investment exposure to the broad U.S. public equity market. The Fund is constructed using multiple external investment managers with complementary investment strategies. The Fund’s strategy relies on stock selection as the primary source of added value above the return of the benchmark, with capitalization, economic sector and style exposures similar to those of the benchmark.
X

HighGround Equity Index Fund

  • Total assets: $307.9 million
  • Inception date: April 1995
  • Subadvisor:
    • Northern Trust Asset Management (S&P 500® Index)
  • Strategy: HighGround Equity Index Fund is passively managed and seeks to replicate the investment return of the S&P 500® Index.
X

HighGround Large Cap Equity Fund

  • Total assets: $167.1 million
  • Inception date: July 1991
  • Subadvisors:
    • Blackrock Systematic Active Equity Core
    • Loomis Sayles (Growth)
    • Northern Trust Asset Management (S&P 500® Index)
  • Strategy: HighGround Large Cap Equity Fund provides diversified investment exposure to large and mid-size companies publicly traded on U.S. stock exchanges. The Fund is constructed using multiple external investment managers with complementary investment strategies. The Fund’s strategy relies on stock selection as the primary source of added value above the return of the benchmark, with capitalization, economic sector and style exposures similar to those of the benchmark.
X

HighGround Mid Cap Equity Fund

  • Total assets: $10.6 million
  • Inception date: December 2016
  • Subadvisor:
    • Northern Trust Asset Management (S&P 400® Index)
  • Strategy: HighGround Mid Cap Equity Index Fund is passively managed and seeks to replicate the investment return of the S&P 400® Index.
X

HighGround Small Cap Equity Fund

  • Total assets: $50.8 million
  • Inception date: May 1997
  • Subadvisors:
    • Boston Partners (Value)
    • Westfield Capital Management (Growth)
  • Strategy: HighGround Small Cap Equity Fund provides diversified investment exposure to small cap companies publicly traded on U.S. stock exchanges. The Fund is constructed using multiple external investment managers with complementary investment strategies. The Fund’s strategy relies on stock selection as the primary source of added value above the return of the benchmark, with capitalization, economic sector and style exposures similar to those of the benchmark.
X

HighGround International Equity Fund

  • Total assets: $351.9 million
  • Inception date: May 1995
  • Subadvisors:
    • Developed Markets
      • JO Hambro Capital Management (Growth)
      • Kabouter Management (Small Cap)
      • MFS Institutional Advisors (Market-Growth)
      • Mondrian Investment Partners (Value)
      • Trinity Street Asset Management (Market)
    • Emerging Markets
      • City of London Investment Management (Market)
      • Harding Loevner (Market-Growth)
      • Arrowstreet Capital Market
      • Wellington Management (Market)
    • Strategy: HighGround International Equity Fund provides well-diversified investment exposure to the broad non-U.S. public equity markets, including developed and emerging market countries. The Fund is constructed using multiple external investment managers with complementary investment strategies. The Fund’s strategy relies on stock selection as the primary source of added value above the return of the benchmark, with capitalization, regional, economic sector and style exposures similar to those of the benchmark.
X

HighGround Global Equity Fund

  • Total assets: $55.7 million
  • Inception date: January 1991
  • Subadvisors:
    • Domestic All Cap
      • Arrowstreet Capital
    • Domestic Large Cap
      • Blackrock Systematic Active Equity
      • Loomis Sayles 
    • Domestic Small Cap 
      • Boston Partners 
      • Westfield Capital Management 
    • Domestic Passive
      • Northern Trust Asset Management
    • International Developed Markets 
      • J O Hambro Capital Management 
      • Kaubouter Management 
      • MFS Institutional Advisors 
      • Mondrian Investment Partners 
      • Trinity Street Asset Management 
    • International Emerging Markets 
      • City of London Investment Management 
      • Harding Loevner 
      • Lazard Asset Management 
      • Wellington Management 
    • Strategy: HighGround Global Equity Fund provides well-diversified, broad investment exposure to global public equity markets. The Fund is managed as a fund-of-funds and constructed using HighGround’s Domestic Equity Fund and International Equity Fund and is employed primarily in planned giving portfolios (e.g. charitable remainder trusts and gift annuities) to gain exposure to global public equity markets. The Fund’s strategy relies on stock selection as the primary source of added value above the return of the benchmark, with capitalization, regional, economic sector and style exposures similar to those of the benchmark.

 

X

HighGround Private Equity Fund

  • Total assets: $240.5 million
  • Inception date: December 2007
  • Strategy: HighGround Private Equity Fund provides investment exposure to private companies diversified across global regions and economic sectors. Investments are made through private limited liability investment vehicles (e.g. limited partnerships) sponsored by external investment managers that specialize in corporate buy-out, venture capital, and distressed and special situation investment opportunities. The Fund’s strategy seeks to earn an illiquidity return premium over the returns of public equity.
X

HighGround Bond Fund

  • Total assets: $281.8 million
  • Inception date: April 1995
  • Subadvisors:
    • Dodge & Cox
    • PIMCO
  • Strategy: HighGround Bond Fund provides diversified investment exposure to primarily U.S. investment grade fixed income securities, including U.S. Treasury, mortgage and corporate debt, but may also have limited exposure to high yield and non-dollar fixed income securities. The Fund is constructed using multiple external investment managers with complementary investment strategies. The Fund’s strategy relies on sector rotation, duration management and security selection to add value above the return of the benchmark, with credit quality, duration and sector exposures that are similar to those of the benchmark.

 

X

HighGround Enhanced Cash Fund

  • Yield as of 10/07/2024: 3.67%
  • Total assets: $228.4 million
  • Inception date: April 2005
  • Subadvisors:
    • Northern Trust Asset Management U.S. Government Fund
    • Caprin Asset Management
    • BlackRock TempCash Fund
  • Strategy: HighGround Enhanced Cash Fund provides diversified investment exposure to U.S. investment grade money market and short to medium-term fixed income securities, including U.S. Treasury, mortgage, corporate and municipal bonds. The Fund is managed as a fund-of-funds and seeks to earn current yields in excess of money market rates, while also providing preservation of principal, daily liquidity and a constant net asset value. The Fund is constructed by combining government and prime money market funds with a high quality, higher yielding low duration fixed income portfolio. The fixed income portfolio has credit quality, duration and sector exposures similar to the ICE BofAML Corporate & Government 1-3 Year Index.
X

Please add content under Blog in CMS.

X

HighGround Real Estate Fund

  • Total assets: $105.3 million
  • Inception date: May 2006
  • Advisor:
    • The Townsend Group

Strategy: HighGround Real Estate Fund provides investment exposure to institutional quality real estate assets, diversified across all commercial property types (e.g. office, retail, multi-family) and geographic regions, including investments outside the U.S. Investments may include “operating” assets, characterized by high occupancy levels, low leverage, high quality credit tenants, and strong cash flow, as well as higher risk, higher return “value added” and “opportunistic” assets (non-core). Investments are primarily made through private limited liability investment vehicles (e.g. limited partnerships) sponsored by external investment managers that specialize in real estate, but may also include investments in equity-oriented credit and mortgage related assets, as well as public sector investments (e.g. REITs).

X

HighGround Marketable Alternatives Fund

  • Total assets: $107.4 million
  • Inception date: May 2014
  • Subadvisors:
    • Evanston Capital Management
    • Forester Capital
    • PIMCO
  • Strategy: HighGround Marketable Alternatives Fund provides semi-liquid investment exposure to a diversified portfolio of hedge fund strategies that may include long/short equity, long/short credit, event driven, distressed, global macro, relative value or other hedging strategies consisting of marketable securities. The Fund seeks to generate returns with low correlation to the returns of the public equity and fixed income markets and is employed in endowment portfolios to reduce volatility and provide downside protection during periods of stress in the capital markets. Investments are made through private limited liability investment vehicles (e.g. limited partnerships) sponsored by external investment managers specializing in one or more hedge fund strategies and are diversified by strategy, sectors and geography, including some non-U.S. investments.
X

HighGround Keystone Endowment Fund

  • Total assets: $5.9 million
  • Inception date: November 2019
  • Strategy: HighGround Keystone Endowment Fund is designed for long-term endowment assets, offering a fully outsourced investment solution for endowed organizations. The Fund employs a globally diversified multi-asset class strategy with a risk and return profile that aligns with the perpetual investment horizon and long-term objectives of endowment assets. The Fund is managed as a fund-of-funds and is constructed using HighGround public equity and fixed income funds. The Fund has no exposure to illiquid or semi-liquid alternative investments.

X

HighGround Cornerstone Endowment Fund

  • Total assets: $26.2 million
  • Inception date: August 2019
  • Strategy: HighGround Cornerstone Endowment Fund is designed for long-term endowment assets, offering a fully outsourced investment solution for endowed organizations. The Fund employs a globally diversified multi-asset class strategy with a risk and return profile that aligns with the perpetual investment horizon and long-term objectives of endowment assets. The Fund is managed as a fund-of-funds and constructed using HighGround public equity funds, as well as third-party mutual funds. The Fund employs only passively managed strategies and has no exposure to illiquid or semi-liquid alternative investments.

X

HighGround Growth Fund

  • Total assets: $283.3 thousand
  • Inception date: March 2019
  • Strategy: The Fund seeks to employ a globally diversified multi-asset class strategy with a risk and return profile that aligns with a grant-making time horizon of more than 10 years. The Fund’s investments typically include U.S. domestic and international equities, U.S. domestic and global fixed income and cash. The Fund will generally have the following key strategic attributes:
    • Significant allocation to equity which acts as the Fund’s main growth driver
    • Precautionary investments expected to protect against macroeconomic shocks of inflation and deflation
    • Broad diversification by asset class, geography and sector
    • Daily liquidity to fund the donor’s charitable grants
X

HighGround Balanced Fund

  • Total assets: $2.1 million
  • Inception date: March 2019
  • Strategy: The Fund seeks to employ a globally diversified multi-asset class strategy with a risk and return profile that aligns with a grant-making time horizon of five to ten years. The Fund’s investments typically will include a balanced portfolio of U.S. domestic and international equities, U.S. domestic fixed income, and cash. The Fund will generally have the following key attributes:
    • Allocation to equity which acts as the Fund’s main growth driver
    • Allocation to precautionary investments expected to protect against macroeconomic shocks of inflation and deflation
    • Broad diversification by asset class, geography and sector
    • Daily liquidity to fund the donor’s charitable grants
X

HighGround Conservative Fund

  • Total assets: $2.0 million
  • Inception date: March 2019
  • Strategy: The Fund seeks to employ a diversified multi-asset class strategy with a risk and return profile that aligns with a short-term grant-making time horizon of five years or less. The Fund’s investments typically include U.S. domestic equities, U.S. domestic fixed income and cash. The Fund will generally have the following key strategic attributes:
    • Significant allocation to precautionary investments expected to protect against macroeconomic shocks of inflation and deflation
    • Small allocation to equity which acts as the Fund’s main growth driver
    • Broad diversification by asset class, geography and sector
    • Daily liquidity to fund the donor’s charitable grants
X

HighGround Liquid Real Assets Fund

  • Total assets: $56.9 million
  • Inception date: January 2021
  • Subadvisors:
    • CBRE Investment Management Global Infrastructure Equity
      Global Infrastructure Equity
    • Dimensional Fund Advisors
      U.S. REITs and U.S. Inflation Protected Bonds (TIPs)
    • DoubleLine
      Global Infrastructure Fixed Income
    • Newton Investment Management Global Natural Resources Equity
  • Strategy: HighGround Liquid Real Assets Fund provides investment exposure to a portfolio of publicly-traded real asset securities, diversified across investment strategies (e.g. listed global real estate and infrastructure securities, other publicly-traded equities including natural resources related equities, MLPs, plus TIPS and global infrastructure fixed income securities) and geographic regions, including investments outside the U.S. The Fund is constructed using multiple external investment managers with focused, complementary investment strategies. The Fund’s strategy relies on security selection plus industry and sector rotation to add value above the return of the benchmark.

Investment Performance

ANNUALIZED PERIODS ENDING JUNE 30, 2024 CALENDAR YEAR HISTORY
  Quarter 1 Year 3 Years 5 Years 10 Years Since Inception  2023 2022 2021 2020 2019 2018
HG Capstone Endowment Fund - Apex 1.26% 10.16% 3.23% 7.61% 6.15% 7.33% Jul-91 10.59% -10.98% 17.14% 12.34% 15.06% -4.14%
HG Capstone Endowment Fund - Peak 1.24% 10.07% 3.14% 7.52% 6.10% 7.32% Jul-91 10.51% -11.06% 17.04% 12.26% 14.96% -4.19%
HG Capstone Endowment Fund - Summit 1.22% 10.00% 3.07% 7.45% 6.03% 7.30% Jul-91 10.43% -11.13% 16.96% 12.18% 14.89% -4.29%
HG Keystone Endowment Fund - Peak 1.33% 12.46% - - - 2.65% Oct-21 15.33% -16.19% - - - -
HG Keystone Endowment Fund - Summit 1.31% 12.40% 2.17% - - 6.58% Nov-19 15.23% -16.25% 12.72% 11.88% - -
HG Cornerstone Endowment Fund 1.44% 12.44% 2.50% - - 7.06% Aug-19 15.67% -16.14% 14.08% 11.93% - -
HG Domestic Equity Fund 1.94% 21.35% 7.41% 13.26% 10.91% 9.50% Apr-95 26.03% -19.27% 25.29% 20.16% 29.73% -6.77%
HG Equity Index Fund 4.20% 24.41% 9.88% 14.84% 12.74% 10.41% Apr-95 26.12% -18.24% 28.72% 17.92% 31.36% -4.08%
HG Large Cap Equity Fund (Gross) 1.72% 21.40% 7.57% 13.61% 11.70% 10.32% Jul-91 30.37% -21.69% 25.84% 23.14% 28.49% -6.40%
HG Mid Cap Equity Index Fund -3.48% 13.53% 4.42% 10.10% - 9.63% Dec-16 16.38% -13.00% 24.43% 13.23% 25.99% -11.17%
HG Small Cap Equity Fund (Gross) -3.91% 12.65% 1.73% 10.42% 9.21% 10.36%  May-97 20.21% -17.67% 18.71% 21.77% 35.99% -12.60%
HG International Equity Fund 0.67% 11.20% -1.55% 4.68% 3.33% 5.24%  May-95 15.98% -20.63% 7.16% 11.89% 17.86% -12.52%
HG Global Equity Fund 1.35% 16.27% 2.97% 9.01% 7.16% 8.49%  Jan-91 20.83% -19.96% 16.32% 16.07% 23.65% -9.62%
HG Bond Fund 0.08% 3.89% -1.91% 0.81% 1.88% 5.19%  Apr-95 6.82% -11.55% -0.86% 8.76% 7.99% -0.10%
HG Enhanced Cash Fund 0.95% 3.81% 2.35% 1.93% 1.52% 1.89%  Apr-05 3.41% 1.40% 0.58% 1.21% 2.21% 1.65%
HG Liquid Real Assets Fund -0.31% 4.11% 0.57% - - 2.93% Jan-21 5.45% -10.02% 16.06% - - -
HG Marketable Alternatives Fund 3.84% 11.58% 0.53% 6.18% 4.29% 4.30%  May-14 3.87% -9.57% 10.01% 16.61% 6.10% -0.21%
HG Real Estate Fund - -7.56% 5.41% 4.03% 6.54% 5.10%  May-06 -8.32% 21.65% 13.80% -1.77% 5.28% 7.82%
HG Private Equity Fund - 5.50% 9.22% 16.82% 15.86% 9.09%  Dec-07 1.23% -2.24% 65.02% 22.21% 14.30% 21.11%
HG Conservative Fund 0.92% 7.45% 1.49% 3.90% - 4.10% Mar-19 9.31% -9.12% 4.75% 9.01% - -
HG Balanced Fund 1.41% 11.69% 2.67% 6.64% - 6.82% Mar-19 14.21% -13.80% 10.68% 12.73% - -
HG Growth Fund 1.04% 12.46% 1.64% 6.69% - 6.85% Mar-19 16.29% -16.85% 10.92% 14.03% - -
 

Data Sources: © 2024 Northern Trust

All performance is shown net of fees except for HG Large Cap Equity Fund and HG Small Cap Equity Fund.

Asset Management Experts

Helge Rokenes, CFA, CAIA
Vice President and Chief Investment Officer
Kellie Morrison, CFA
Senior Director of Client Investment Solutions
Carol A. Kilman
Senior Director of Investment Analysis and Due Diligence
Philip Godfrey
Director of Private Markets
Steven Thieme, CFA, CAIA
Director of Public Markets
Peter Case, CFA, CIPM, CAIA
Director of Fixed Income and Performance Reporting
Michael Duncan
Investment Analyst
Will Francis, CPL
Minerals Management Manager
Mark Carey
Real Estate Manager