Small-cap equity has long been a part of nearly every nonprofit’s portfolio, but some sub-sectors sectors, particularly international stocks, are becoming more attractive. To delve into the universe, FEMM Contributing Reporter Joe D’Allegro queried Richard Shuster, portfolio manager at Robeco Weiss Peck & Greer; Kelly Cliff, senior v.p. and cio of public markets at Callan Associates; Matthew Rothman, senior v.p. at Acadian Asset Management; Michael McCarthy, senior v.p., portfolio manager and director of research for Franklin Equity Group; Timothy Schwartz, v.p., cfo and portfolio manager at Schwartz Investment Counsel; and Michael Welz, v.p. and senior investment strategist at USI Consulting Group.  KellyCliff  MatthewRothman  MichaelWelz  MichaelMcCarthy TimothySchwartz   RichardShusterFEMM: How much of their portfolios should endowments and foundations invest in small-caps?McCarthy: How much an endowment or foundation should invest in small-caps is dependent on the correlation with other investments in the portfolio and the overall risk tolerance of the plan. Given the volatility of small-cap stocks, they generally ....

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