How do we ensure that there is funding to advance medicine? It starts bold vision and is catalyzed by the generosity of donors, but sustaining support for the critical work of our health care leaders requires expertise in stewarding those donations within an investment portfolio. Sarah Fletcher, CFO of Southwestern Medical Foundation, leads a conversation with investment leaders David Haley and Andrew Zach as they explore how the Foundation responsibly manages $1.2 billion in total pooled assets. From navigating market volatility to aligning strategy with mission, this episode offers an inside look at the disciplined approach, long-term vision, and local stewardship driving impact in North Texas and beyond.
Listeners will gain insight into how a carefully structured governance model enables strategic oversight, how private capital and diversification have played a role in endowment growth, and how investment decisions are made with the Foundation’s enduring health care mission in mind.
Whether you're a donor, board member, or fellow steward of philanthropic assets, this conversation underscores the value of intentional, strategic investing.
Chapters:
00:00 – Teaser
00:31 – Introduction to the Episode and Guests
01:27 – The Role of the Foundation's Endowment
02:32 – Guest Backgrounds: David Haley and Andrew Zach
05:05 – Evolution of the Endowment and Growth Strategy
07:25 – Navigating Market Volatility
09:12 – The Shift from a 60/40 Portfolio
11:09 – Governance Without a CIO
13:52 – Lessons from Downturns and Rebalancing Strategy
15:40 – The Role of Alternative Asset Classes
18:09 – How Success is Measured: Benchmarks and Peer Groups
21:14 – Aligning Investment Strategy with Mission
22:53 – Principles Behind Manager Selection
24:06 – Local Insight: Carbon and Energy Investments
25:34 – Takeaways for Trustees and Donors
27:15 – Trends and Growth in North Texas
28:04 – AI, Biotech, and Innovation Opportunities
29:25 – Staying Disciplined Amid Investment Fads
31:00 – Site Visits and Hands-On Engagement
33:16 – Avoiding Investment Pitfalls: China and Risk
35:27 – Final Reflections and Key Takeaways
37:48 – Outro and Invitation to Subscribe
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Episode Details:
Episode 6, Season 2
Host: Sarah Fletcher | CFO, Southwestern Medical Foundation
Guests: David C. Haley | President Emeritus of HBK Capital & Investment Committee Chair of Southwestern Medical Foundation
Andrew M. Zach | Sr. Vice President, FEG Investment Advisors
Producer: Dustin Magwire | Digital Media Senior Manager, Southwestern Medical Foundation
Videography: Aristoi Media - www.ianvanalan.com and Brazos Film & Video - www.brazosfilms.com
Disclaimer:
The Southwestern Medical Foundation Podcast is intended solely for educational purposes. Nothing contained therein constitutes, nor should be interpreted as medical, healthcare, financial or legal advice.
Southwestern Medical Foundation strives for accuracy in its publications, including the Podcast. However, due to the nature of the topics discussed, there frequently is not a clear-cut “right answer.” Consequently, Southwestern Medical Foundation cannot guarantee the accuracy or sufficiency of any information presented.
The views of the hosts and guests are their own and do not necessarily represent the views or opinions of their employers or affiliated organizations, nor Southwestern Medical Foundation, the University of Texas Southwestern Medical Center or the University of Texas System. The inclusion of any guest or mention of any product or service does not constitute an endorsement thereof, nor of any company, employer, or organization with which the guest, product, or service is affiliated.
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