The Oxford Endowment Fund

The specific investment objective of the Oxford Endowment Fund is to grow our investors’ capital by an average of 5% per annum in real terms, and to achieve this at a lower volatility than would be experienced by investing solely in the public equity markets. This investment objective is long term and not a year by year measure.

The specific distribution policy is to distribute 4.25% of the average of the past 20 quarters’ NAV, subject to a cap of 10% increase and a floor of the last year’s distribution. This formula has the benefit of providing a more predictable stream of income.