Sandra Robertson – Oxford’s Queen of Endowment Management (Capital Allocators, EP.130)

Oxford Setup

Sandra Robertson's arrival at Oxford in 2007 marked a pivotal moment for the university's endowment management. She was tasked with transforming a modest £400 million portfolio into a robust investment entity. Sandra's initial steps involved setting up a separate investment management company and hiring a trusted chief operating officer from the Wellcome Trust. This move was crucial in establishing a solid foundation for Oxford's endowment management. "We had to put a custodian in place, we had to put a separate banker in place, and we were starting all of that," she recalls 1. Her vision was to create a simple, concentrated portfolio focused on absolute returns and equities, leveraging her experience in private equity and venture capital 2.

   

Crisis Strategies

During the 2008 financial crisis, Sandra Robertson demonstrated remarkable resilience and strategic foresight. Despite inheriting a portfolio heavily reliant on UK index tracking funds, she managed to pivot towards cash and secure the endowment's stability. "Going into September 2008, we were mainly in cash," she notes, highlighting her strategic shift amidst market turmoil 3. Sandra's approach to crisis management involved maintaining open communication with managers and trimming the number of equity managers to ensure agility and responsiveness 4. Her ability to navigate these challenges underscored her commitment to safeguarding Oxford's financial future.

   

Investment Philosophy

Sandra Robertson's investment philosophy at Oxford is characterized by a focus on absolute returns and a preference for equities. She emphasizes the importance of aligning with smart managers and maintaining a holistic view of the portfolio. "We manage the portfolio what we would call holistically as one," she explains, underscoring her strategic approach to asset allocation 2. The investment team at Oxford is structured to foster open dialogue and responsibility, with a regulated management framework that empowers directors to make informed decisions 5. This dynamic approach ensures that Oxford's endowment is well-positioned to capitalize on investment opportunities.