PT - JOURNAL ARTICLE AU - Steve P. Fraser AU - William W. Jennings TI - Behavioral Asset Allocation for Foundations and Endowments AID - 10.3905/jwm.2006.661431 DP - 2006 Oct 31 TA - The Journal of Wealth Management PG - 38--50 VI - 9 IP - 3 4099 - https://pm-research.com/content/9/3/38.short 4100 - https://pm-research.com/content/9/3/38.full AB - The behavioral asset allocation framework developed for individual investors can help foundation and endowment trustees become more comfortable with “uncomfortable” asset classes that would help overall portfolio efficiency. Eleemosynary investment, particularly at smaller charities, is typified by convention and conservatism. The behavioral asset allocation approach helps overcome this tendency by decomposing the total portfolio into timeline-based sub-portfolios that look to secure the nonprofit's payouts for many years and isolates the “uncomfortable” assets in the longest-term sub-portfolios. We advance and apply the behavioral asset allocation framework in a new context, yet one relevant for high-net-worth individuals with charitable intent.TOPICS: Foundations & endowments, wealth management, in portfolio management, portfolio construction